Page:United States Statutes at Large Volume 118.djvu/1587

 118 STAT. 1557 PUBLIC LAW 108–357—OCT. 22, 2004 (e) COORDINATION WITH SECTION 48.—Section 48(a)(3) (defining energy property) is amended by adding at the end the following new sentence: ‘‘Such term shall not include any property which is part of a facility the production from which is allowed as a credit under section 45 for the taxable year or any prior taxable year.’’. (f) ELIMINATION OF CERTAIN CREDIT REDUCTIONS.—Section 45(b)(3) (relating to credit reduced for grants, tax exempt bonds, subsidized energy financing, and other credits) is amended— (1) by inserting ‘‘the lesser of 1 2 or’’ before ‘‘a fraction’’ in the matter preceding subparagraph (A), and (2) by adding at the end the following new sentence: ‘‘This paragraph shall not apply with respect to any facility described in subsection (d)(2)(A)(ii).’’. (g) EFFECTIVE DATES.— (1) IN GENERAL.—Except as otherwise provided in this sub section, the amendments made by this section shall apply to electricity produced and sold after the date of the enactment of this Act, in taxable years ending after such date. (2) CERTAIN BIOMASS FACILITIES.—With respect to any facility described in section 45(d)(3)(A)(ii) of the Internal Rev enue Code of 1986, as added by subsection (b)(1), which is placed in service before the date of the enactment of this Act, the amendments made by this section shall apply to elec tricity produced and sold after December 31, 2004, in taxable years ending after such date. (3) CREDIT RATE AND PERIOD FOR NEW FACILITIES.—The amendments made by subsection (c) shall apply to electricity produced and sold after December 31, 2004, in taxable years ending after such date. (4) NONAPPLICATION OF AMENDMENTS TO PREEFFECTIVE DATE POULTRY WASTE FACILITIES.—The amendments made by this section shall not apply with respect to any poultry waste facility (within the meaning of section 45(c)(3)(C), as in effect on the day before the date of the enactment of this Act) placed in service before January 1, 2004. (5) REFINED COAL PRODUCTION FACILITIES.—Section 45(e)(8) of the Internal Revenue Code of 1986, as added by this section, shall apply to refined coal produced and sold after the date of the enactment of this Act. SEC. 711. CERTAIN BUSINESS RELATED CREDITS ALLOWED AGAINST REGULAR AND MINIMUM TAX. (a) IN GENERAL.—Subsection (c) of section 38 (relating to limita tion based on amount of tax) is amended by redesignating paragraph (4) as paragraph (5) and by inserting after paragraph (3) the fol lowing new paragraph: ‘‘(4) SPECIAL RULES FOR SPECIFIED CREDITS.— ‘‘(A) IN GENERAL.—In the case of specified credits— ‘‘(i) this section and section 39 shall be applied separately with respect to such credits, and ‘‘(ii) in applying paragraph (1) to such credits— ‘‘(I) the tentative minimum tax shall be treated as being zero, and ‘‘(II) the limitation under paragraph (1) (as modified by subclause (I)) shall be reduced by the 26 USC 45 note.

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