I.R.C. § 45K(a) Allowance Of Credit —
For purposes of section 38,
the nonconventional source production credit determined under this
section for the taxable year is an amount equal to—
I.R.C. § 45K(a)(1) —
$3, multiplied by
I.R.C. § 45K(a)(2) —
the barrel-of-oil equivalent of qualified
fuels—
I.R.C. § 45K(a)(2)(A) —
sold by the taxpayer to an unrelated
person during the taxable year, and
I.R.C. § 45K(a)(2)(B) —
the production of which is attributable
to the taxpayer.
I.R.C. § 45K(b) Limitations And Adjustments
I.R.C. § 45K(b)(1) Phaseout Of Credit —
The amount of the credit allowable under subsection (a) shall be reduced by an
amount which bears the same ratio to the amount of the credit (determined
without regard to this paragraph) as—
I.R.C. § 45K(b)(1)(A) —
the amount by which the reference price
for the calendar year in which the sale occurs exceeds $23.50, bears
to
I.R.C. § 45K(b)(1)(B) —
$6.
I.R.C. § 45K(b)(2) Credit And Phaseout Adjustment Based On Inflation —
The $3 amount in subsection (a) and the $23.50 and $6 amounts
in paragraph (1)
shall each be adjusted by multiplying such amount by the inflation
adjustment factor for the calendar year in which the sale occurs.
In the case of gas from a tight formation, the $3 amount in subsection (a) shall not be adjusted.
I.R.C. § 45K(b)(3) Credit Reduced For Grants, Tax-Exempt Bonds, And Subsidized
Energy Financing
I.R.C. § 45K(b)(3)(A) In General —
The amount of the credit allowable under subsection (a) with respect to any project
for any taxable year (determined after the application of paragraphs (1) and (2)) shall be reduced by
the amount which is the product of the amount so determined for such
year and a fraction—
I.R.C. § 45K(b)(3)(A)(i) —
the numerator of which is the sum,
for the taxable year and all prior taxable years, of—
I.R.C. § 45K(b)(3)(A)(i)(I) —
grants provided by the United States,
a State, or a political subdivision of a State for use in connection
with the project,
I.R.C. § 45K(b)(3)(A)(i)(II) —
proceeds of any issue of State or
local government obligations used to provide financing for the project
the interest on which is exempt from tax under section 103, and
I.R.C. § 45K(b)(3)(A)(i)(III) —
the aggregate amount of subsidized
energy financing (within the meaning of section 48(a)(4)(C)) provided in
connection with the project, and
I.R.C. § 45K(b)(3)(A)(ii) —
the denominator of which is the aggregate
amount of additions to the capital account for the project for the
taxable year and all prior taxable years.
I.R.C. § 45K(b)(3)(B) Amounts Determined At Close Of Year —
The amounts under subparagraph (A) for any taxable year
shall be determined as of the close of the taxable year.
I.R.C. § 45K(b)(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—
I.R.C. § 45K(b)(4)(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
I.R.C. § 45K(b)(4)(B) —
the aggregate amount recaptured with
respect to the amount described in subparagraph (A)—
I.R.C. § 45K(b)(4)(B)(ii) —
under this paragraph for any prior
taxable year.
I.R.C. § 45K(b)(5) Credit Reduced For Enhanced Oil Recovery Credit —
The amount allowable as a credit under subsection (a) with respect to any project
for any taxable year (determined after application of paragraphs (1), (2), (3), and (4)) shall be reduced by
the excess (if any) of—
I.R.C. § 45K(b)(5)(B) —
the aggregate amount recaptured with
respect to the amount described in subparagraph (A) under this paragraph
for any prior taxable year.
I.R.C. § 45K(c) Definition Of Qualified Fuels —
For purposes of this section—
I.R.C. § 45K(c)(1) In General —
The term “qualified fuels” means—
I.R.C. § 45K(c)(1)(A) —
oil produced from shale and tar sands,
I.R.C. § 45K(c)(1)(B) —
gas produced from—
I.R.C. § 45K(c)(1)(B)(i) —
geopressured brine, Devonian shale,
coal seams, or a tight formation, or
I.R.C. § 45K(c)(1)(B)(ii) —
biomass, and
I.R.C. § 45K(c)(1)(C) —
liquid, gaseous, or solid synthetic
fuels produced from coal (including lignite), including such fuels
when used as feedstocks.
I.R.C. § 45K(c)(2) Gas From Geopressured Brine, Etc.
I.R.C. § 45K(c)(2)(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 (as in effect
before the repeal of such section).
I.R.C. § 45K(c)(2)(B) Special Rules For Gas From Tight Formations —
The term “gas produced from a tight formation”
shall only include gas from a tight formation—
I.R.C. § 45K(c)(2)(B)(i) —
which, as of April 20, 1977, was committed
or dedicated to interstate commerce (as defined in section 2(18)
of the Natural Gas Policy Act of 1978, as in effect on the date of
the enactment of this clause), or
I.R.C. § 45K(c)(2)(B)(ii) —
which is produced from a well drilled
after such date of enactment.
I.R.C. § 45K(c)(3) Biomass —
The term “biomass” means any organic material
other than—
I.R.C. § 45K(c)(3)(A) —
oil and natural gas (or any product
thereof), and
I.R.C. § 45K(c)(3)(B) —
coal (including lignite) or any product
thereof.
I.R.C. § 45K(d) Other Definitions And Special Rules —
For purposes of this section—
I.R.C. § 45K(d)(1) Only Production Within The United States Taken Into Account —
Sales shall be taken into account under this section
only with respect to qualified fuels the production of which is within—
I.R.C. § 45K(d)(1)(A) —
the United States (within the meaning
of section 638(1)),
or
I.R.C. § 45K(d)(1)(B) —
a possession of the United States (within
the meaning of section 638(2)).
I.R.C. § 45K(d)(2) Computation Of Inflation Adjustment Factor And Reference Price
I.R.C. § 45K(d)(2)(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.
I.R.C. § 45K(d)(2)(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.
I.R.C. § 45K(d)(2)(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.
I.R.C. § 45K(d)(3) Production Attributable To The Taxpayer —
In the case of a property or facility in which more
than 1 person has an interest, except to the extent provided in regulations
prescribed by the Secretary, production from the property or facility
(as the case may be) shall be allocated among such persons in proportion
to their respective interests in the gross sales from such property
or facility.
I.R.C. § 45K(d)(4) Gas From Geopressured Brine, Devonian Shale, Coal Seams, Or
A Tight Formation —
The amount of the credit allowable under subsection (a) shall be determined without
regard to any production attributable to a property from which gas
from Devonian shale, coal seams, geopressured brine, or a tight formation
was produced in marketable quantities before January 1, 1980.
I.R.C. § 45K(d)(5) Barrel-Of-Oil Equivalent —
The term “barrel-of-oil equivalent” with
respect to any fuel means that amount of such fuel which has a Btu
content of 5.8 million; except that in the case of qualified fuels
described in subparagraph (C) of
subsection (c)(1),
the Btu content shall be determined without regard to any material
from a source not described in such subparagraph.
I.R.C. § 45K(d)(7) Related Persons —
Persons shall be treated as related to each other if
such persons would be treated as a single employer under the regulations
prescribed under section 52(b).
In the case of a corporation which is a member of an affiliated group
of corporations filing a consolidated return, such corporation shall
be treated as selling qualified fuels to an unrelated person if such
fuels are sold to such a person by another member of such group.
I.R.C. § 45K(d)(8) Pass-Thru In The Case Of Estates And Trusts —
Under regulations prescribed by the Secretary, rules
similar to the rules of subsection (d) of
section 52 shall
apply.
I.R.C. § 45K(e) Application Of Section —
This section shall apply with respect to qualified
fuels—
I.R.C. § 45K(e)(1) —
which are —
I.R.C. § 45K(e)(1)(A) —
produced from a well drilled after
December 31, 1979, and before January 1, 1993, or
I.R.C. § 45K(e)(1)(B) —
produced in a facility placed in service
after December 31, 1979, and before January 1, 1993, and
I.R.C. § 45K(e)(2) —
which are sold before January 1, 2003.
I.R.C. § 45K(f) Extension For Certain Facilities
I.R.C. § 45K(f)(1) In General —
In the case of a facility for producing qualified fuels
described in subparagraph (B)(ii) or (C) of subsection (c)(1)—
I.R.C. § 45K(f)(1)(A) —
for purposes of subsection (e)(1)(B), such facility
shall be treated as being placed in service before January 1, 1993,
if such facility is placed in service before July 1, 1998 pursuant
to a binding written contract in effect before January 1, 1997,
and
I.R.C. § 45K(f)(1)(B) —
if such facility is originally placed
in service after December 31, 1992, paragraph (2) of subsection (e) shall be applied with respect
to such facility by substituting “January 1, 2008” for
“January 1, 2003”.
I.R.C. § 45K(f)(2) Special Rule —
Paragraph (1) shall
not apply to any facility which produces coke or coke gas unless
the original use of the facility commences with the taxpayer.
I.R.C. § 45K(g) Extension For Facilities Producing Coke Or Coke Gas —
Notwithstanding subsection (e)—
I.R.C. § 45K(g)(1) In General —
In the case of a facility for producing coke or coke
gas (other than from petroleum based products) which was placed
in service before January 1, 1993, or after June 30, 1998, and before
January 1, 2010, this section shall apply with respect to coke and
coke gas produced in such facility and sold during the period—
I.R.C. § 45K(g)(1)(A) —
beginning on the later of January
1, 2006, or the date that such facility is placed in service, and
I.R.C. § 45K(g)(1)(B) —
ending on the date which is 4 years
after the date such period began.
I.R.C. § 45K(g)(2) Special Rules —
In determining the amount of credit allowable under
this section solely by reason of this subsection—
I.R.C. § 45K(g)(2)(A) Daily Limit —
The amount of qualified fuels sold during any taxable
year which may be taken into account by reason of this subsection
with respect to any facility shall not exceed an average barrel-of-oil
equivalent of 4,000 barrels per day. Days before the date the facility
is placed in service shall not be taken into account in determining
such average.
I.R.C. § 45K(g)(2)(B) Extension Period To Commence With Unadjusted Credit Amount —
For purposes of applying subsection (b)(2) to the $3 amount in
subsection (a),
in the case of fuels sold after 2005, subsection (d)(2)(B) shall be applied
by substituting “2004” for “1979”.
I.R.C. § 45K(g)(2)(C) Denial Of Double Benefit —
This subsection shall not apply to any facility producing
qualified fuels for which a credit was allowed under this section
for the taxable year or any preceding taxable year by reason of
subsection (f).
I.R.C. § 45K(g)(2)(E) Coordination With Section 45 —
(Added by Pub. L. 96-223,
title II, Sec. 231(a), Apr. 2, 1980, 94 Stat. 268, Sec. 44D, and
amended Pub. L. 97-34,
title VI Sec. 611(a), Aug. 13, 1981, 95 Stat. 339; Pub. L. 97-354, Sec. 5(a)(1),
Oct. 19, 1982, 96 Stat. 1692; Pub.
L. 97-448, title II, Sec. 202(a), Jan. 12, 1983,
96 Stat. 2396; renumbered Sec. 29 and amended Pub. L. 98-369, div. A, title IV,
Sec. 471(c), 474(h), title VI, Sec. 612(e)(1), title VII, Sec. 722(d)(1),
(2), July 18, 1984, 98 Stat. 826, 831, 912, 973; Pub. L. 99-514, title VII, Sec.
701(c)(3), title XVIII, Sec. 1879(c)(1), Oct. 22, 1986, 100 Stat.
2340, 2906; Pub. L. 100-647,
title VI, Sec. 6302, Nov. 10, 1988, 102 Stat. 3755; Pub. L. 101-508, title XI, Sec.
11501(a), (b)(1), (c)(1), 11813(b)(1), 11816, Nov. 5, 1990, 104 Stat.
1388-479, 1388-550, 1388-558; Pub.
L. 102-486, title XIX, Sec. 1918, Oct. 24, 1992,
106 Stat. 2776 ; Pub. L. 104-188,
title I, Sec. 1205(d)(3), 1207(a), Aug. 20, 1996, 110 Stat. 1755;
amended and redesignated by Pub. L.
109-58, title XIII, Sec. 1322, Aug. 8, 2005, 119
Stat. 594; Pub. L. 109-135,
title IV, Sec. 402(g), 412(l), Dec. 21, 2005, 119 Stat. 2577; Pub. L. 109-432, div. A, title
II, Sec. 211, Dec. 20, 2006, 120 Stat. 2922; Pub. L. 110-343, div. B, Sec. 108(d)(2),
Oct. 3, 2008, 122 Stat. 3765; Pub.
L. 113-295, Div. A, title II, Sec. 210(a), Dec. 19,
2014.)
BACKGROUND NOTES
AMENDMENTS
2014 - Subsec. (g)(2)(E). Pub. L. 113-295, Div. A, Sec, 210(a),
amended subpar. (E). Before amendment, it read as follows:
“(E) Coordination With Section 45.—No
credit shall be allowed with respect to any qualified fuel which is
steel industry fuel (as defined in section 45(c)(7)) if a credit is
allowed to the taxpayer for such fuel under section 45.”
2008 - Subsec. (g)(2)(E). Pub. L. 110-343, Div. B, Sec. 108(d)(2),
amended par. (2) by adding subpar. (E).
2006 - Subsec. (g)(1). Pub. L. 109-432, Sec. 211(b),
amended par. (1) by inserting “(other than from petroleum based
products)” after “coke or coke gas”.
Subsec. (g)(2)(D). Pub. L. 109-432, Sec. 211(a),
amended par. (2) by adding subpar. (D).
2005 - Subsec. (a). Pub. L. 109-135, Sec. 402(g),
amended subsec. (a) by striking “if the taxpayer elects to have
this section apply” after “section 38,”.
Subsec. (g). Pub. L. 109-135, Sec. 412(l)(1),
amended subsec. (g) by substituting “subsection (e)” for “subsection
(f)” in the matter preceding par. (1).
Subsec. (g)(2)(C). Pub. L. 109-135, Sec. 412(l)(2),
amended subpar. (C) by substituting “subsection (f)” for “subsection
(g)”.
Sec. 29. Pub.
L. 109-58, Sec. 1322(a), redesignated Sec. 29 as
Sec. 45K.
Subsec. (a) (after redesignation as Sec. 45K). Pub. L. 109-58, Sec. 1322(a)(3)(E),
amended subsec. (a) by substituting “For purposes of section
38, if the taxpayer elects to have this section apply, the nonconventional
source production credit determined under this section for the taxable
year is” for “There shall be allowed as a credit against the
tax imposed by this chapter for the taxable year”.
Subsec. (b)(6) (after redesignation as Sec. 45K). Pub. L. 109-58, Sec. 1322(a)(3)(F),
struck par. (6). Before being struck, it read as follows:
“(6) Application with other credits
“The credit allowed by subsection (a) for any taxable
year shall not exceed the excess (if any) of--
“(A) the regular tax for the taxable year reduced
by the sum of the credits allowable under subpart A and section 27,
over
“(B) the tentative minimum tax for the taxable
year.”
Subsec. (c)(2)(A). Pub. L. 109-58, Sec. 1322(b)(1)(A),
amended subpar. (A) by inserting “(as in effect before the repeal
of such section)” after “1978”.
Subsec. (e)-(h). Pub. L. 109-58, Sec. 1322(b)(1)(B),
struck subsec. (e) and redesignated subsec. (f)-(h) as subsec. (e)-(g),
respectively. Before being struck, subsec. (e) read as follows:
“(e) Application with the Natural Gas Policy Act
of 1978
“(1) No credit if section 107 of the Natural Gas
Policy Act of 1978 is utilized
“Subsection (a) shall apply with respect to any
natural gas described in subsection (c)(1)(B)(i) which is sold during
the taxable year only if such natural gas is sold at a lawful price
which is determined without regard to the provisions of section 107
of the Natural Gas Policy Act of 1978 and subtitle B of title I of
such Act.
“(2) Treatment of this section
“For purposes of section 107(d) of the Natural
Gas Policy Act of 1978, this section shall not be treated as allowing
any credit, exemption, deduction, or comparable adjustment applicable
to the computation of any Federal tax.”
Subsec. (g)(1)(A), before redesignation as subsec.
(f). Pub. L. 109-58,
Sec. 1322(b)(2)(A), amended subpar. (A) by substituting
“subsection (e)(1)(B)” for “subsection (f)(1)(B)”.
Subsec. (g)(1)(B), before redesignation as subsec.
(f). Pub. L. 109-58,
Sec. 1322(b)(2)(B), amended subpar. (B) by substituting
“subsection (e)” for “subsection (f)”.
Subsec. (h). Pub.
L. 109-58, Sec. 1321(a), added subsec. (h) (which
was then redesignated as subsec. (g) by Pub. L. 109-58, Sec. 1322(d)(1)(B)).
1996 - Subsec. (b)(6)(A). Pub. L. 104-188, Sec. 1205(d)(3),
substituted “section 27” for “sections 27 and 28”.
Subsec. (g)(1)(A). Pub. L. 104-188, Sec. 1207(a),
substituted “July 1, 1998” for “January 1, 1997”, and “January
1,
1997” for “January 1, 1996”.
1992 - Subsec. (g). Pub. L. 102-486, Sec. 1918,
amended section 29 by adding at the end a new subsection (g).
1990 - Subsec. (b)(3)(A)(i)(III). Pub. L. 101-508, Sec. 11813(b)(1)(A),
substituted ‘section 48(a)(4)(C)’ for ‘section 48(l)(11)(C)’.
Subsec. (b)(4). Pub. L. 101-508, Sec. 11813(b)(1)(B),
substituted ‘section 49(b) or 50(a)’ for ‘section 47’ in two
places.
Subsec. (b)(5), (6). Pub. L. 101-508, Sec. 11501(c)(1),
added par. (5) and redesignated former par. (5) as (6).
Subsec. (c)(1)(B) to (E). Pub. L. 101-508, Sec. 11816(a),
inserted ‘and’ at end of subpar. (B), substituted a period for a comma
at end of subpar. (C), and struck out subpar. (D) which related to
qualifying processed wood fuels, and subpar. (E) which related to
steam produced from solid agricultural byproducts (not including timber
byproducts).
Subsec. (c)(2)(B). Pub. L. 101-508, Sec. 11501(b)(1),
amended subpar. (B) generally. Prior to amendment, subpar. (B) read
as follows: ‘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 150 percent of the then applicable price under section 103
of such Act.’
Subsec. (c)(3). Pub. L. 101-508, Sec. 11813(b)(1)(C),
amended par. (3) generally. Prior to amendment, par. (3) read as follows:
‘The term ‘biomass’ means any organic material which is an alternate
substance (as defined in section 48(l)(3)(B)) other than coal (including
lignite) or any product of such coal.'
Subsec. (c)(4). Pub. L. 101-508, Sec. 11816(b)(1),
struck out par. (4) ‘Qualifying processed wood fuel’ which read as
follows:
‘(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.’
Subsec. (c)(5). Pub. L. 101-508, Sec. 11816(b)(1),
struck out par. (5) ‘Agricultural byproduct steam’ which read as follows:
‘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.’
Subsec. (d)(4). Pub. L. 101-508, Sec. 11816(b)(2),
amended par. (4) generally, striking out ‘Special rules applicable
to’ before ‘Gas’ in heading, redesignating former subpar. (A) as
par.
(4), striking out subpar. (B) which related to the reference price
and application of phaseout for Devonian shale, and making minor changes
in phraseology.
Subsec. (d)(5), (6). Pub. L. 101-508, Sec. 11816(b)(3),
(4), redesignated par. (6) as (5), substituted ‘subparagraph (C)’
for ‘subparagraph (C), (D), or (E)’, and struck out former par. (5)
which read as follows: ‘In the case of a facility for the production
of -
‘(A) qualifying processed wood fuel, or
‘(B) steam from solid agricultural byproducts,
paragraph (1) of subsection (b) shall not apply with respect to the
amount of the credit allowable under subsection (a) for fuels sold
during the 3-year period beginning on the date the facility is placed
in service.’
Subsec. (d)(7) to (9). Pub. L. 101-508, Sec. 11816(b)(3),
redesignated pars. (7) to (9) as (6) to (8), respectively.
Subsec. (f). Pub. L. 101-508, Sec. 11816(b)(5),
amended subsec. (f) generally, redesignating former par. (1) as subsec.
(f), making minor changes in phraseology, substituting par. (2) for
former par. (1)(B) which read as follows: ‘which are sold after December
31, 1979, and before January 1, 2003.’, and striking out former par.
(2) which related to special rules applicable to qualified processed
wood and solid agricultural byproduct steam.
Subsec. (f)(1)(A)(i), (ii). Pub. L. 101-508, Sec. 11501(a)(1),
substituted ‘1993’ for ‘1991’.
Subsec. (f)(1)(B). Pub. L. 101-508, Sec. 11501(a)(2),
substituted ‘2003’ for ‘2001’.
1988 - Subsec. (f)(1)(A)(i),
(ii). Pub. L. 100-647, Sec. 6302,
substituted ‘January 1, 1991’ for ‘January 1, 1990’.
1986 - Subsec. (b)(5). Pub. L. 99-514, Sec. 701(c)(3),
amended par. (5) generally. Prior to amendment, par. (5) read as follows:
‘The credit allowed by subsection (a) for a taxable year shall not
exceed the taxpayer's tax liability for the taxable year (as defined
in section 26(b)), reduced by the sum of the credits allowable under
subpart A and sections 27 and 28.'
Subsec. (d)(8). Pub. L. 99-514, Sec. 1879(c)(1),
inserted provision directing that a corporation which is a member
of an affiliated group of corporations filing a consolidated return
shall be treated as selling qualified fuels to an unrelated person
if such fuels are sold to such person by another member of such group.
1984 - Pub. L. 98-369, Sec. 471(c),
renumbered section 44D of this title as this section.
Subsec. (b)(1)(A). Pub. L. 98-369, Sec. 722(d)(1),
substituted ‘in which the sale occurs’ for ‘in which the taxable
year
begins’.
Subsec. (b)(2). Pub. L. 98-369, Sec. 722(d)(2),
substituted ‘in which the sale occurs’ for ‘in which a taxable year
begins’.
Subsec. (b)(5). Pub. L. 98-369, Sec. 612(e)(1),
substituted ‘section 26(b)’ for ‘section 25(b)’.
Pub. L. 98-369,
Sec. 474(h), amended par. (5) generally, substituting
‘shall not exceed the taxpayer's tax liability for the taxable year
(as defined in section 25(b)), reduced by the sum of the credits allowable
under subpart A and sections 27 and 28' for ‘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)'.
1983 - Subsec. (f)(1)(B),
(2)(A)(i). Pub. L. 97-448, Sec.
202(a), substituted ‘December 31, 1979’ for ‘December
3, 1979’.
1982 - Subsec. (d)(9). Pub. L. 97-354, Sec. 5(a), substituted
‘Pass-thru in the case of estates and trusts’ for ‘Pass-through
in
the case of subchapter S corporations, etc.’ in par. heading, and
substituted provisions relating to the applicability of rules similar
to rules of subsec. (d) of section 52 for provisions relating to the
applicability of rules similar to rules of subsecs. (d) and (e) of
section 52.
1981 - Subsec. (e). Pub. L. 97-34, Sec. 611(a),
substituted provisions respecting application with the Natural Gas
Policy Act of 1978 for prior provision reading ‘If the taxpayer makes
an election under section 107(d) of the Natural Gas Policy Act of
1978 to have 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)(1)(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.’
EFFECTIVE DATE OF 2014 AMENDMENT
Amendment by Pub.
L. 113-295, Div. A, Sec. 210(a), effective as if
included in the provision of the Energy Improvement and Extension
Act of 2008 [Pub. L. 110-343,
Div. B, Sec. 108] to which it relates [Effective for fuel produced
and sold after September 30, 2008].
EFFECTIVE
DATE OF 2008 AMENDMENT
Amendment
by Div. B, Section 108(d)(2) of Pub.
L. 110-343 effective for fuel produced and sold after
September 30, 2008.
EFFECTIVE
DATE OF 2006 AMENDMENTS
Amendments by Section 211 of Pub. L. 109-432 effective as if
included in Sec. 1321 of the Energy Policy Act of 2005 [Pub. L. 109-58] [effective for fuel
produced and sold after December 31, 2005, in taxable years ending
after such date].
EFFECTIVE DATE OF 2005 AMENDMENTS
Amendment by Section 402(g) of Pub. L. 109-135 effective as if
included in the provisions of the Energy Policy Act of 2005 [Pub. L. 109-58, Sec. 1322] to
which it relates.
Amendments by Section 412(l) of Pub. L. 109-135 effective on the
date of the enactment of this Act [Enacted: Dec. 21, 2005].
Section 1321(b) of Pub.
L. 109-58 provided that: “The amendment made by this
section shall apply to fuel produced and sold after December 31, 2005,
in taxable years ending after such date.”
Section 1322(c) of Pub.
L. 109-58 provided that:
“(1) IN GENERAL. -- Except as provided in paragraph
(2), the amendments made by this section shall apply to credits determined
under the Internal Revenue Code of 1986 for taxable years ending
after December 31, 2005.
“(2) SUBSECTION (b). -- The amendments made by
subsection (b) shall take effect on the date of the enactment of
this Act [Enacted: Aug. 8, 2005].”
EFFECTIVE DATE OF 1996 AMENDMENT
Section 1205(e) of Pub.
L. 104-188 provided that: “The amendments made by
this section shall apply to amounts paid or incurred in taxable years
ending after June 30, 1996.”
Section 1207(b) of Pub.
L. 104-188 provided that: “The amendment made by
this section shall take effect on the date of the enactment of this
Act.”
EFFECTIVE DATE OF 1990 AMENDMENT
Section 11501(b)(2) of Pub. L. 101-508 provided that: ‘The
amendment made by paragraph (1) (amending this section) shall apply
to gas produced after December 31, 1990.’
Section 11501(c)(2) of Pub. L. 101-508 provided that: ‘The
amendment made by paragraph (1) (amending this section) shall apply
to taxable years beginning after December 31, 1990.’
Section 11813(c) of Pub.
L. 101-508 provided that:
‘(1) In general. - Except as provided in paragraph
(2), the amendments made by this section (enacting section 50 of this
title and amending this section and sections 38, 42, 46 to 49, 52,
55, 108, 145, 147, 168, 170, 179, 196, 280F, 312, 465, 469, 861, 865,
1016, 1033, 1245, 1274A, 1371, 1388 and 1503 of this title) shall
apply to property placed in service after December 31, 1990.
‘(2) Exceptions. - The amendments made by this
section shall not apply to -
‘(A) any transition property
(as defined in section 49(e) of the Internal Revenue Code of 1986
(as in effect on the day before the date of the enactment of this
Act (Nov. 5, 1990)),
‘(B) any property with respect
to which qualified progress expenditures were previously taken into
account under section 46(d) of such Code (as so in effect), and
‘(C) any property described
in section 46(b)(2)(C) of such Code (as so in effect).’
Section 11821(a) of Pub.
L. 101-508 provided that: ‘Except as otherwise provided
in this part, the amendments made by this part (part I (Sec. 11801-11821)
of subtitle H of title XI of Pub.
L. 101-508, see Tables for classification) shall
take effect on the date of the enactment of this Act (Nov. 5, 1990).'
EFFECTIVE DATE OF 1986 AMENDMENT
Amendment by section 701(c)(3) of Pub. L. 99-514 applicable to taxable
years beginning after Dec. 31, 1986, with certain exceptions and qualifications,
see section 701(f) of Pub. L. 99-514,
set out as an Effective Date note under section 55 of this title.
Section 1879(c)(2) of Pub.
L. 99-514 provided that: ‘The amendment made by paragraph
(1) (amending this section) shall take effect as if included in the
amendments made by section 231 of Public
Law 96-223 (see Effective Date note below).'
EFFECTIVE DATE OF 1984 AMENDMENT
Amendment by section 474(h) of Pub. L. 98-369 applicable to taxable
years beginning after Dec. 31, 1983, and to carrybacks from such years,
see section 475(a) of Pub. L. 98-369,
set out as a note under section 21 of this title.
Amendment by section 612(e)(1) of Pub. L. 98-369 applicable to interest
paid or accrued after Dec. 31, 1984, on indebtedness incurred after
Dec. 31, 1984, see section 612(g) of Pub.
L. 98-369, set out as an Effective Date note under
section 25 of this title.
Section 722(d)(3) of Pub.
L. 98-369 provided that: ‘The amendments made by
this subsection (amending this section) shall apply to taxable years
ending after December 31, 1979.’
EFFECTIVE DATE OF 1983 AMENDMENT
Amendment by Pub.
L. 97-448 effective, except as otherwise provided,
as if it had been included in the provision of the Crude Oil Windfall
Profit Tax Act of 1980, Pub. L. 96-223 to
which such amendment relates, see section 203(a) of Pub. L. 97-448, set out as a note
under section 6652 of this title.
EFFECTIVE DATE OF 1982 AMENDMENT
Amendment by Pub.
L. 97-354 applicable to taxable years beginning after
Dec. 31, 1982, see section 6(a) of Pub.
L. 97-354, set out as an Effective Date note under
section 1361 of this title.
EFFECTIVE DATE OF 1981 AMENDMENT
Section 611(b) of Pub.
L. 97-34 provided that: ‘The amendment made by this
section (amending this section) shall apply to taxable years ending
after December 31, 1979.’
EFFECTIVE DATE
Section 231(c) of Pub.
L. 96-223 provided that: ‘The amendments made by
this section (enacting this section and amending section 6096 of this
title) shall apply to taxable years ending after December 31, 1979.’
SAVINGS PROVISION
Section 11821(b) of Pub.
L. 101-508 provided that: ‘If -
‘(1) any provision amended or
repealed by this part (part I (Sec. 11801-11821) of subtitle H of
title XI of Pub. L. 101-508,
see Tables for classification) applied to -
‘(A) any transaction occurring
before the date of the enactment of this Act (Nov. 5, 1990),
‘(B) any property acquired before
such date of enactment, or
‘(C) any item of income, loss,
deduction, or credit taken into account before such date of enactment,
and
‘(2) the treatment of such transaction,
property, or item under such provision would (without regard to the
amendments made by this part) affect liability for tax for periods
ending after such date of enactment, nothing in the amendments made
by this part shall be construed to affect the treatment of such transaction,
property, or item for purposes of determining liability for tax for
periods ending after such date of enactment.’
APPLICABILITY OF CERTAIN AMENDMENTS BY PUB. L. 99-514 IN RELATION TO TREATY
OBLIGATIONS OF UNITED STATES
For applicability of amendment by section 701(c)(3)
of Pub. L. 99-514 notwithstanding
any treaty obligation of the United States in effect on Oct. 22, 1986,
with provision that for such purposes any amendment by title I of Pub. L. 100-647 be treated as if
it had been included in the provision of Pub.
L. 99-514 to which such amendment relates, see section
1012(aa)(2), (4) of Pub. L. 100-647,
set out as a note under section 861 of this title.
PLAN AMENDMENTS NOT REQUIRED UNTIL JANUARY 1,
1989
For provisions directing that if any amendments
made by subtitle A or subtitle C of title XI (Sec. 1101-1147 and 1171-1177)
or title XVIII (Sec. 1800-1899A) of Pub.
L. 99-514 require an amendment to any plan, such
plan amendment shall not be required to be made before the first plan
year beginning on or after Jan. 1, 1989, see section 1140 of Pub. L. 99-514, as amended, set out
as a note under section 401 of this title.
