Page:United States Statutes at Large Volume 98 Part 1.djvu/653

 PUBLIC LAW 98-369—JULY 18, 1984

98 STAT. 605

"(1) the amount of nuclear decommissioning costs allocable to the Fund which is included in the taxpayer's cost of service for ratemaking purposes for such taxable year, or "(2) the ruling amount applicable to such taxable year. "(c) INCOME AND DEDUCTIONS OF THE TAXPAYER.— "(1) INCLUSION OF AMOUNTS DISTRIBUTED.—There

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shall be includible in the gross income of the taxpayer for any taxable year— "(A) any amount distributed from the Fund during such taxable year, other than any amount distributed to pay costs described in subsection (e)(2)(B), and "(B) except to the extent provided in regulations, amounts properly includible in gross income in the case of any deemed distribution under subsection (e)(6), any termination under subsection (e)(7), or the disposition of any interest in the nuclear powerplant. "(2) DEDUCTION WHEN ECONOMIC PERFORMANCE OCCURS.—In

addition to any deduction under subsection (a), there shall be allowable as a deduction for any taxable year the amount of the nuclear decommissioning costs with respect to which economic performance (within the meaning of section 461(h)(2)) occurs Ante, p. 598. during such taxable year. f "(d) RuuNG AMOUNT.—For purposes of this subsection— "(1) REQUEST REQUIRED.—No deduction shall be allowed for any payment to the Fund unless the taxpayer requests, and receives, from the Secretary a schedule of ruling amounts. "(2) RuuNG AMOUNT.—The term 'ruling amount' means, with respect to any taxable year, the amount which the Secretary determines under paragraph (1) to be necessary to— "(A) fund that portion of the nuclear decommissioning costs of the taxpayer with respect to the nuclear power-^ * plant which bears the same ratio to the total nuclear decommissioning costs with respect to such nuclear powerplant as the period for which the Fund is in effect bears to -sQ the estimated useful life of such nuclear powerplant, and "(B) prevent any excessive funding of such costs or the r funding of such costs at a rate more rapid than level ^: JJ- i funding, taking into account such discount rates as the Secretary deems appropriate. •; "(3) REVIEW OF AMOUNT.—The Secretary shall at least once during the useful life of the nuclear powerplant (or, more frequently, upon the request of the taxpayer) review, and revise if necessary, the schedule of ruling amounts determined under paragraph (1). '

"(e) NUCLEAR DECOMMISSIONING TRUST FUND.—

"(1) IN GENERAL.—Each taxpayer who elects the application of this subsection shall establish a Nuclear Decommissioning Trust Fund with respect to each nuclear powerplant to which such election applies. "(2) TAXATION OF FUND.—There is imposed on the gross income of the Fund for any taxable year a tax at a rate equal to the maximum rate in effect under section 11(b), except that— "(A) there shall not be included in the gross income of the Fund any payment to the Fund with respect to which a deduction is allowable under subsection (a), and

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