Page:United States Statutes at Large Volume 121.djvu/2503

 121 STAT. 2482

26 USC 6501.

dkrause on GSDDPC44 with PUBLAW

Applicability.

VerDate Aug 31 2005

07:12 Jan 26, 2009

PUBLIC LAW 110–172—DEC. 29, 2007

(2)(A) Section 45H, as amended by paragraph (1), is amended by adding at the end the following new subsection: ‘‘(g) ELECTION TO NOT TAKE CREDIT.—No credit shall be determined under subsection (a) for the taxable year if the taxpayer elects not to have subsection (a) apply to such taxable year.’’. (B) Subsection (m) of section 6501 is amended by inserting ‘‘45H(g),’’ after ‘‘45C(d)(4),’’. (3)(A) Subsections (b)(1)(A), (c)(2), (e)(1), and (e)(2) of section 45H (as amended by paragraph (1)) and section 179B(a) are each amended by striking ‘‘qualified capital costs’’ and inserting ‘‘qualified costs’’. (B) The heading of paragraph (2) of section 45H(c) is amended by striking ‘‘CAPITAL’’. (C) Subsection (a) of section 179B is amended by inserting ‘‘and which are properly chargeable to capital account’’ before the period at the end. (b) AMENDMENTS RELATED TO SECTION 710 OF THE ACT.— (1) Clause (ii) of section 45(c)(3)(A) is amended by striking ‘‘which is segregated from other waste materials and’’. (2) Subparagraph (B) of section 45(d)(2) is amended by inserting ‘‘and’’ at the end of clause (i), by striking clause (ii), and by redesignating clause (iii) as clause (ii). (c) AMENDMENTS RELATED TO SECTION 848 OF THE ACT.— (1) Paragraph (2) of section 470(c) is amended to read as follows: ‘‘(2) TAX-EXEMPT USE PROPERTY.— ‘‘(A) IN GENERAL.—The term ‘tax-exempt use property’ has the meaning given to such term by section 168(h), except that such section shall be applied— ‘‘(i) without regard to paragraphs (1)(C) and (3) thereof, and ‘‘(ii) as if section 197 intangible property (as defined in section 197), and property described in paragraph (1)(B) or (2) of section 167(f), were tangible property. ‘‘(B) EXCEPTION FOR PARTNERSHIPS.—Such term shall not include any property which would (but for this subparagraph) be tax-exempt use property solely by reason of section 168(h)(6). ‘‘(C) CROSS REFERENCE.—For treatment of partnerships as leases to which section 168(h) applies, see section 7701(e).’’. (2) Subparagraph (A) of section 470(d)(1) is amended by striking ‘‘(at any time during the lease term)’’ and inserting ‘‘(at all times during the lease term)’’. (d) AMENDMENTS RELATED TO SECTION 888 OF THE ACT.— (1) Subparagraph (A) of section 1092(a)(2) is amended by striking ‘‘and’’ at the end of clause (ii), by redesignating clause (iii) as clause (iv), and by inserting after clause (ii) the following new clause: ‘‘(iii) if the application of clause (ii) does not result in an increase in the basis of any offsetting position in the identified straddle, the basis of each of the offsetting positions in the identified straddle shall be increased in a manner which—

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