Page:United States Statutes at Large Volume 122.djvu/3874

 12 2 STA T .385 1 PUBLIC LA W 11 0– 3 4 3 —O CT. 3 , 2008 ‘ ‘ (I)anyc a thoder ayt ub e ,fl at p anel s creen, ors im ilar v ideo display device w ith a screen si z e g reater than 4 inches measured diagonally, or ‘‘(II) any central processing unit . ‘‘( C ) RECY C LINGOR RECYCLE. —T he term ‘recycling ’ or ‘recycle’ means that process (including sorting) by which worn or superfluous materials are manufactured or proc - essed into specification grade commodities that are suitable for use as a replacement or substitute for virgin materials in manufacturing tangible consumer and commercial prod- ucts, including pac k aging.’’. (b) EF FEC T I V E DA TE.—The amendment made by this section shall apply to property placed in service after A ugust 31, 20 0 8 . TI T LE I V—R EVE NU E P R O VI S IONS SEC.401 . LIM I TA TI ON O FD ED U CTION FO R INCOME ATTRI B UTABLE TO DOMESTIC P RODUCTION OF OIL ,G AS, OR PRIMAR Y PRODUCTS T H EREOF. (a) IN G ENERAL.— S ection 1 9 9(d) is amended by redesignating paragraph (9) as paragraph (10) and by inserting after paragraph (8) the following new paragraph

‘‘(9) S P ECIAL R U LE FOR TA X PAYER SW IT H OIL RELATE DQ UALI- FIED PRODUCTION ACTIVITIES INCO M E.— ‘‘(A) IN GENERAL.—If a ta x payer has oil related q uali- fied production activities income for any taxable year begin- ning after 2009, the amount otherwise allowable as a deduction under subsection (a) shall be reduced by 3 per- cent of the least of— ‘‘(i) the oil related qualified production activities income of the taxpayer for the taxable year, ‘‘(ii) the qualified production activities income of the taxpayer for the taxable year, or ‘‘(iii) taxable income (determined without regard to this section). ‘‘( B ) O IL RELATED QUALIFIED PRODUCTION ACTIVITIES INCOME.— F or purposes of this paragraph, the term ‘oil related qualified production activities income’ means for any taxable year the qualified production activities income which is attributable to the production, refining, processing, transportation, or distribution of oil, gas, or any primary product thereof during such taxable year. ‘‘(C) P RIMARY PRODUCT.—For purposes of this para- graph, the term ‘primary product’ has the same meaning as when used in section 92 7 (a)(2)(C), as in effect before its repeal.’’. (b) CONFORMING AMENDMENT.—Section 199(d)(2) (relating to application to individuals) is amended by striking ‘‘subsection (a)(1)(B)’’ and inserting ‘‘subsections (a)(1)(B) and (d)(9)(A)(iii)’’. (c) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 2008. Ap p licab ili ty.26USC19 9 no t e. 26 USC 199. Applicability. 26 USC 16 8 note.

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