Page:United States Statutes at Large Volume 122.djvu/1546

 12 2 STA T . 1 5 2 3PUBLIC LA W 11 0– 23 4—M A Y 22, 200 8(B)bysu bs ti tuti ng‘ ‘ Ja nua r y 1,20 0 8’ ’ fo r ‘‘January 1, 200 6 ’’ bot hpl a ce s it appears, an d ( C ) only w ith respect to eligible e m ployers who employed an a v erage of not more than 200 employees on business days during the ta x able year before M ay 4, 200 7. (7) SUSPEN S IO NO FC E RTA IN L I M ITATIONS ON PERSONAL CAS - UALT Y LOSSES. — Section 1400S(b)(1) of the I nternal R evenue Code of 1 9 86, by substituting ‘‘May 4, 2007’’ for ‘‘ A ugust 2 5, 2005’’. (8) EX TENSION OF REPLACEMENT PERIO D FOR NONRECO G NI- TION OF GAIN.—Section 405 of the K atrina Emergency T ax Relief Act of 2005, by substituting ‘‘on or after May 4, 2007’’ for ‘‘on or after August 25, 2005’’. SEC.15346 . C OMP E TI TI V ECE R TI F IC A TIO N A W AR D S MODIFICATION A U T H ORIT Y . (a) IN G ENERAL.—Section 48A (relating to q ualifying advanced coal pro j ect credit) is amended by adding at the end the following new subsection

‘‘(h) COMPETITI V E CERTIFICATION A W ARDS MODIFICATION AUT H ORITY.—In implementing this section or section 48B, the Sec- retary is directed to modify the terms of any competitive certification award and any associated closing agreement where such modifica- tion— ‘‘(1) is consistent with the objectives of such section, ‘‘(2) is requested by the recipient of the competitive certifi- cation award, and ‘‘( 3 ) involves moving the project site to improve the poten- tial to capture and sequester carbon dioxide emissions, reduce costs of transporting feedstoc k , and serve a broader customer base, unless the Secretary determines that the dollar amount of tax credits available to the taxpayer under such section would increase as a result of the modification or such modification would result in such project not being originally certified. In considering any such modification, the Secretary shall consult with other relevant F ederal agencies, including the D epartment of Energy.’’. (b) EFFECTIVE DATE.—The amendment made by this section shall take effect on the date of the enactment of this Act and is applicable to all competitive certification awards entered into under section 48A or 48B of the Internal Revenue Code of 1986, whether such awards were issued before, on, or after such date of enactment. PARTIV—O T HE R REVE NU E PROVI S IONS SEC. 15351. L IMITATION ON E X CESS FARM LOSSES OF CERTAIN TAX - PAYERS. (a) IN GENERAL.—Section 461 (relating to general rule for tax- able year of deduction) is amended by adding at the end the fol- lowing new subsection: ‘‘(j) L IMITATION ON EXCESS FARM LOSSES OF CERTAIN TAX- PAYERS.— ‘‘(1) LIMITATION.—If a taxpayer other than a C corporation receives any applicable subsidy for any taxable year, any excess farm loss of the taxpayer for the taxable year shall not be allowed. Ap p licab ili ty.26USC48 A no t e . 1 1 9 Stat. 2 0 28. 26 USC 1400.

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