Page:United States Statutes at Large Volume 122.djvu/2929

 12 2 STA T . 2 906PUBLIC LA W 110 – 2 8 9 —J UL Y3 0, 2008 yearofth e p art n er s h i pinthea m o u nt d etermined under para g raph (3), ( B )inthe c aseofanye l igi b le q ualified property placed in ser v ice by the partnership during any applicable ta x able year — (i) section 168 ( k ) of such C ode shall not apply in determining the amount of the deduction allo w able with respect to such property under section 168 of such Code, (ii) the applicable depreciation method used with respect to such property shall be the straight line method, and (C) the amount of the credit determined under section 4 1 of such Code for any applicable taxable year with respect to the partnership shall be reduced by the amount of the deemed payment under subparagraph ( A ) for the taxable year . ( 2 ) TREATM E N T OFD EEMED P A Y MENT.— (A) I N G ENERA L .— N otwithstanding any other provision of the Internal R evenue Code of 1 9 86, the S ecretary of the Treasury or his delegate shall not use the payment of tax described in paragraph (1) as an offset or credit against any tax liability of the applicable partnership or any partner but shall refund such payment to the applicable partnership. (B) NO I NTERE S T.—The payment described in para - graph (1) shall not be taken into account in determining any amount of interest under such Code. (3) AMO U NT OF DEEMED PAYMENT.—The amount determined under this paragraph for any applicable taxable year shall be the least of the following

(A) The amount which would be determined for the taxable year under section 168(k)(4)(C)(i) of the Internal Revenue Code of 1986 (as added by the amendments made by this section) if an election under section 168(k)(4) of such Code were in effect with respect to the partnership. (B) The amount of the credit determined under section 41 of such Code for the taxable year with respect to the partnership. (C) $ 3 0 ,000,000, reduced by the amount of any pay- ment under this subsection for any preceding taxable year. (4) D EFINITIONS.— F or purposes of this subsection— (A) APPLI C A B LE PARTNERS H IP.—The term ‘ ‘applicable partnership ’ ’ means a domestic partnership that— (i) was formed effective on August 3, 200 7, and (ii) will produce in excess of 67 5 ,000 automobiles during the period beginning on J anuary 1, 2008, and ending on June 30, 2008. (B) APPLICABLE TA X ABLE YEAR.—The term ‘‘applicable taxable year’’ means any taxable year during which eligible qualified property is placed in service. (C) E LIGIBLE Q UALIFIED PROPERTY.—The term ‘‘eligible qualified property’’ has the meaning given such term by section 168(k)(4)(D) of the Internal Revenue Code of 1986 (as added by the amendments made by this section). (c) CONFORMING AMENDMENT.—Section 1324(b)(2) of title 31, U nited States Code, as amended by this Act, is amended—

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