Page:United States Statutes at Large Volume 124.djvu/905

 124 STAT. 879 PUBLIC LAW 111–148—MAR. 23, 2010 ‘‘(ii) to reduce long-term health care costs in the United States, or ‘‘(iii) to significantly advance the goal of curing cancer within the 30-year period beginning on the date the Secretary establishes the program under paragraph (1), and ‘‘(B) shall take into consideration which projects have the greatest potential— ‘‘(i) to create and sustain (directly or indirectly) high quality, high-paying jobs in the United States, and ‘‘(ii) to advance United States competitiveness in the fields of life, biological, and medical sciences. ‘‘(4) DISCLOSURE OF ALLOCATIONS.—The Secretary shall, upon making a certification under this subsection, publicly disclose the identity of the applicant and the amount of the credit with respect to such applicant. ‘‘(e) SPECIAL RULES.— ‘‘(1) BASIS ADJUSTMENT.—For purposes of this subtitle, if a credit is allowed under this section for an expenditure related to property of a character subject to an allowance for deprecia- tion, the basis of such property shall be reduced by the amount of such credit. ‘‘(2) DENIAL OF DOUBLE BENEFIT.— ‘‘(A) BONUS DEPRECIATION.—A credit shall not be allowed under this section for any investment for which bonus depreciation is allowed under section 168(k), 1400L(b)(1), or 1400N(d)(1). ‘‘(B) DEDUCTIONS.—No deduction under this subtitle shall be allowed for the portion of the expenses otherwise allowable as a deduction taken into account in determining the credit under this section for the taxable year which is equal to the amount of the credit determined for such taxable year under subsection (a) attributable to such por- tion. This subparagraph shall not apply to expenses related to property of a character subject to an allowance for depre- ciation the basis of which is reduced under paragraph (1), or which are described in section 280C(g). ‘‘(C) CREDIT FOR RESEARCH ACTIVITIES.— ‘‘(i) IN GENERAL.—Except as provided in clause (ii), any expenses taken into account under this section for a taxable year shall not be taken into account for purposes of determining the credit allowable under section 41 or 45C for such taxable year. ‘‘(ii) EXPENSES INCLUDED IN DETERMINING BASE PERIOD RESEARCH EXPENSES.—Any expenses for any taxable year which are qualified research expenses (within the meaning of section 41(b)) shall be taken into account in determining base period research expenses for purposes of applying section 41 to subse- quent taxable years. ‘‘(f) COORDINATION WITH DEPARTMENT OF TREASURY GRANTS.— In the case of any investment with respect to which the Secretary makes a grant under section 9023(e) of the Patient Protection and Affordable Care Act of 2009— ‘‘(1) DENIAL OF CREDIT.—No credit shall be determined under this section with respect to such investment for the Certification. Public information.