Page:United States Statutes at Large Volume 122.djvu/3860

 12 2 STA T .38 3 7PUBLIC LA W 11 0– 3 4 3 —O CT. 3 , 2008 ‘ ‘ (1)BUSINE SS CR E D I T TRE A TED AS P ART OFG ENERA LB USI - NESS CREDIT .—Somuch o ft h e c r e di t w hich wou l d b e a llowed u n der s ubsection (a) for an y ta x able year (determined without re g ard to this subsection) that is attributable to p roperty of a character sub j ect to an allowance for depreciation shall be treated as a credit listed in section 38 (b) for such taxable year (and not allowed under subsection (a)). ‘‘( 2 ) P ERSONAL CREDIT.— ‘‘( A ) I N GENERAL.— F or purposes of this title , the credit allowed under subsection (a) for any taxable year (deter- mined after application of paragraph (1)) shall be treated as a credit allowable under subpart A for such taxable year. ‘‘(B) L I M ITATION BASED ON AMOUNT OF TA X .—In the case of a taxable year to which section 2 6 (a)(2) does not apply, the credit allowed under subsection (a) for any tax- able year (determined after application of paragraph (1)) shall not exceed the excess of— ‘‘(i) the sum of the regular tax liability (as defined in section 26(b)) plus the tax imposed by section 5 5, o v er ‘‘(ii) the sum of the credits allowable under subpart A (other than this section and sections 23 and 25 D ) and section 2 7 for the taxable year. ‘‘(e) O T H ER DEFINITIONS AND SPECIAL R ULES.—For purposes of this section— ‘‘(1) M OTOR V EHICLE.— T he term ‘motor vehicle ’ has the meaning given such term by section 3 0 (c)(2). ‘‘(2) OTHER TERMS.—The terms ‘passenger automobile’, ‘light truc k ’, and ‘manufacturer’ have the meanings given such terms in regulations prescribed by the Administrator of the E nvironmental Protection Agency for purposes of the adminis- tration of title II of the C lean Air Act ( 4 2 U .S.C. 7521 et se q .). ‘‘(3) TRACTION BATTER Y CAPACITY.—Traction battery capacity shall be measured in kilowatt hours from a 100 percent state of charge to a z ero percent state of charge. ‘‘(4) REDUCTION IN BASIS.—For purposes of this subtitle, the basis of any property for which a credit is allowable under subsection (a) shall be reduced by the amount of such credit so allowed. ‘‘(5) N O DOUBLE BENEFIT.—The amount of any deduction or other credit allowable under this chapter for a new qualified plug-in electric drive motor vehicle shall be reduced by the amount of credit allowed under subsection (a) for such vehicle for the taxable year. ‘‘(6) PROPERTY USED BY TAX-EXEMPT ENTITY.—In the case of a vehicle the use of which is described in paragraph (3) or (4) of section 50(b) and which is not subject to a lease, the person who sold such vehicle to the person or entity using such vehicle shall be treated as the taxpayer that placed such vehicle in service, but only if such person clearly discloses to such person or entity in a document the amount of any credit allowable under subsection (a) with respect to such vehicle (determined without regard to subsection (b)(2)). ‘‘(7) PROPERTY USED OUTSIDE UNITED STATES, ETC., NOT Q UALIFIED.—No credit shall be allowable under subsection (a)

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