Page:United States Statutes at Large Volume 94 Part 1.djvu/322

 94 STAT. 272 26 USC 1371.

26 USC 52. 15 USC 3301 ^^^frco 0O1 7 15 USC 3317. 15 USC 3331.

PUBLIC LAW 96-223—APR. 2, 1980 "(9) PASS-THROUGH IN THE CASE OF SUBCHAPTER S CORPORATIONS,

ETC.—Under regulations prescribed by the Secretary, rules similar to the rules of subsections (d) and (e) of section 52 shall apply. "(e) CREDIT NOT ALLOWABLE I F TAXPAYER MAKES ELECTION UNDER NATURAL GAS POLICY ACT OF 1978.—If the taxpayer makes an

election under section 107(d) of the Natural Gas Policy Act of 1978 to jjg^^g subsections (a) and (b) of section 107 of that Act, and subtitle B of title I of that Act, apply with respect to gas described in subsection (c)(l)(B)(i) produced from any well on a property, then the credit allowable by subsection (a) shall not be allowed with respect to any gas produced on that property. "(f) APPLICATION OF SECTION.—

"(1) IN GENERAL.—Except as provided in paragraph (2), this section shall apply with respect to qualified fuels— "(A) which are— "(i) produced from a well drilled after December 31, 1979, and before January 1, 1990, or "(ii) produced in a facility placed in service after December 31, 1979, and before January 1, 1990, and "(B) which are sold after December 3, 1979, and before January 1, 2001. "(2) SPECIAL RULES APPLICABLE TO QUALIFIED PROCESSED WOOD AND SOUD AGRICULTURAL BYPRODUCT STEAM.— "(A) CREDIT ALLOWED ONLY FOR CERTAIN PRODUCTION.—In

the case of qualifying processed wood fuel and steam from solid agricultural byproducts, this section shall apply only with respect to— "(i) qualifying processed wood fuel produced in facilities placed in service after December 3, 1979, and before January 1, 1982, which is sold before the later of— "(1) October 1, 1983, or "(ID the date which is 3 years after the date on which the facility is placed in service; and "(ii) steam produced in facilities placed in service after December 31, 1979, from solid agricultural bproducts which is sold before January 1, 1985. "(B) EXPANDED PRODUCTION OF STEAM TREATED AS NEW

FACiliTY PRODUCTION.—For purposes of this subsection and subsection (d)(5), in the case of a facility for the production of steam from solid agricultural byproducts which was placed in service before January 1, 1980, any production of steam attributable to an expansion of the capacity of the facility to produce such steam through placing additional or replacement equipment in service after December 31, 1979, shall be treated as if it were produced by a facility placed in service on the date on which such equipment is placed in service." (b) TECHNICAL AND CONFORMING AMENDMENTS.—

(1) The table of sections for subpart A of part IV of subchapter A of chapter 1 is amended by inserting after the item relating to section 44C the following new item: "Sec. 44D. Credit for producing fuel from a nonconventional source."

26 USC 6096.

(2) Subsection (b) of section 6096 (relating to designation of income tax payments to Presidential Election Campaign Fund) is amended by striking out "and 44C" and inserting in lieu thereof "44C,and44D". 26 USC 44D note. (c) EFFECTIVE DATES.—The amendments made by this section shall apply to tgixable years ending after December 31, 1979.

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