Page:United States Statutes at Large Volume 94 Part 1.djvu/319

 PUBLIC LAW 96-223—APR. 2, 1980 "(B)

94 STAT. 269

AMOUNTS DETERMINED AT CLOSE OP YEAR.—The

amounts under subparagraph (A) for any taxable year shall be determined as of the close of the taxable year. "(4) CREDIT REDUCED FOR ENERGY CREDIT.—The amount allowable as a credit under subsection (a) with respect to any project for any taxable year (determined after the application of paragraphs (1), (2), and (3)) shall be reduced by the excess of— "(A) the aggregate amount allowed under section 38 for the taxable year or any prior taxable year by reason of the energy percentage with respect to property used in the project, over "(B) the aggregate amount recaptured with respect to the amount described in subparagraph (A)— "(i) under section 47 for the taxable year or any prior taxable year, or "(ii) under this paragraph for any prior taxable year. The amount recaptured under section 47 with respect to any property shall be appropriately reduced to take into account any reduction in the credit allowed by this section by reason of the preceding sentence. "(5) APPLICATION WITH OTHER CREDITS.—The credit allowed by subsection (a) for a taxable year shall not exceed the tax imposed by this chapter for such taxable year, reduced by the sum of the credits allowable under a section of this subpart having a lower number or letter designation than this section, other than the credits allowable by sections 31, 39, and 43. For purposes of the preceding sentence, the term 'tax imposed by this chapter' shall not include any tax treated as not imposed by this chapter under the last sentence of section 53(a). "(c) DEFINITION OF QUALIFIED FUELS.—For purposes of this section— "(1) IN GENERAL.—The term 'qualified fuels' means— "(A) oil produced from shale and tar sands, "(B) gas produced from— "(i) geopressured brine, Devonian shale, coal seams, or a tight formation, or "(ii) biomass, "(C) liquid, gaseous, or solid synthetic fuels produced from coal (including lignite), including such fuels when used as feedstocks, "(D) qualifying processed wood fuels, and "(E) steam produced from solid agricultural byproducts (not including timber byproducts).

26 USC 38.

26 USC 47.

26 USC 3i, 39,43. 26 USC 53.

"(2) GAS FROM GEOPRESSURED BRINE, ETC.—

"(A) IN GENERAL.—Except as provided in subparagraph (B), the determination of whether any gas is produced from geopressured brine, Devonian shale, coal seams, or a tight formation shall be made in accordance with section 503 of the Natural Gas Policy Act of 1978. is use 3413. "(B) SPECIAL RULES FOR GAS FROM TIGHT FORMATIONS.—The

term *gas produced from a tight formation' shall only include— "(i) gas the price of which is regulated by the United States, and "(ii) gas for which the maximum lawful price applicable under the Natural Gas Policy Act of 1978 is at least is use 330i 150 percent of the then applicable price under section note. 103 of such Act. 15 USC 3313.

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