Page:United States Statutes at Large Volume 94 Part 1.djvu/320

 94 STAT. 270 26 USC 48.

PUBLIC LAW 96-223—APR. 2, 1980 "(3) BiOMASS.—The term 'biomass' means any organic material which is an alternate substance (as defined in section 48(1)(3)(B)) other than coal (including lignite) or any product of such coal. "(4) QUALIFYING PROCESSED WOOD FUEL.—

"(A) IN GENERAL.—The term 'qualifying processed wood fuel' means any processed solid wood fuel (other than charcoal, fireplace products, or a product used for ornamental or recreational purposes) which has a Btu content per unit of volume or weight, determined without regard to any nonwood elements, which is at least 40 percent greater per unit of volume or weight than the Btu content of the wood from which it is produced (determined immediately before the processing). "(B) ELECTION.—A taxpayer shall elect, at such time and in such manner as the Secretary by regulations may prescribe, as to whether Btu content per unit shall be determined for purposes of this paragraph on a volume or weight basis. Any such election— "(i) shall apply to all production from a facility; and "(ii) shall be effective for the taxable year with respect to which it is made and for all subsequent taxable years and, once made, may be revoked only with the consent of the Secretary. "(5) AGRICULTURAL BYPRODUCT STEAM.—Steam produced from solid agricultural byproducts which is used by the taxpayer in his trade or business shall be treated as having been sold by the taxpayer to an unrelated person on the date on which it is used. "(d) OTHER DEFINITIONS AND SPECIAL RULES.—For purposes of this section— "(1) ONLY PRODUCTION WITHIN THE UNITED STATES TAKEN INTO

26 USC 638.

ACCOUNT.—Sales shall be taken into account under this section only with respect to qualified fuels the production of which is within— "(A) the United States (within the meaning of section 638(1)), or "(B) a possession of the United States (within the meaning of section 638(2)). "(2) COMPUTATION OF INFLATION ADJUSTMENT FACTOR AND REFERENCE PRICE.—

Publication in ^^'^^^ ^ ^'

"(A) IN GENERAL.—The Secretary shall, not later than April 1 of each calendar year, determine and publish in the Federal Register the inflation adjustment factor and the reference price for the preceding calendar year in accordance with this paragraph. "(B) INFLATION ADJUSTMENT FACTOR.—The term 'inflation adjustment factor' means, with respect to a calendar year, a fraction the numerator of which is, the GNP implicit price deflator for the calendar year and the denominator of which is the GNP implicit price deflator for calendar year 1979. The term 'GNP implicit price deflator* means the first revision of the implicit price deflator for the gross national product as computed and published by the Department of Commerce. "(C) REFERENCE PRICE.—The term 'reference price' means with respect to a calendar year the Secretary's estimate of the annual average wellhead price per barrel for all domestic crude oil the price of which is not subject to regulation by the United States.

�