Page:United States Statutes at Large Volume 104 Part 2.djvu/891

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PUBLIC LAW 101-508—NOV. 5, 1990 104 STAT. 1388-483 (1) Except as provided in paragraph (2), the amendments made by this section shall apply to alcohol produced, and sold or used, in taxable years beginning after December 81, 1990. (2) The amendments made by subsection (g) shall apply to articles entered or withdrawn from warehouse on or after January 1, 1991. PART II—ENHANCED OIL RECOVERY CREDIT SEC. 11511. TAX CREDIT FOR ENHANCED OIL RECOVERY. (a) IN GENERAL.— Subpart D of part IV of subchapter A of chapter 1 (relating to business related credits) is amended by adding at the end thereof the following new section: "SEC. 43. ENHANCED OIL RECOVERY CREDIT. "(a) GENERAL RULE. —For purposes of section 88, the enhanced oil recovery credit for any taxable year is an amount equal to 15 percent of the taxpayer's qusilified enhanced oil recovery costs for such taxable year. "(b) PHASE-OUT OF CREDIT AS CRUDE OIL PRICES INCREASE. — "(1) IN GENERAL. —The amount of the credit determined under subsection (a) for siny taxable year shall be reduced by an amount which bears the same ratio to the amount of such credit (determined without regard to this paragraph) as— "(A) the amount by which the reference price for the calendar year preceding the calendar year in which the taxable year begins exceeds $28, bears to "(B) $6. "(2) REFERENCE PRICE.— For purposes of this subsection, the term 'reference price' means, with respect to any calendar year, the reference price determined for such calendar year under section 29(d)(2)(C). "(3) INFLATION ADJUSTMENT.— "(A) IN GENERAL.— In the ceise of any taxable year beginning in a calendar year after 1991, there shall be substituted for the $28 amount under paragraph (I)(A) an Eimount equal to the product of— "(i) $28, multiplied by "(ii) the inflation adjustment factor for such calendar year. "(B) INFLATION ADJUSTMENT FACTOR. — The term 'inflation adjustment factor' means, with respect to any calendar year, a fraction the numerator of which is the GNP implicit price deflator for the preceding calendar year and the denominator of which is the GNP implicit price deflator for 1990. For purposes of the preceding sentence, 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 Secretary of Commerce. Not later than April 1 of any calendar year, the Secretary shall publish the inflation adjustment factor for the preceding calendar year. " (c) QUALIFIED ENHANCED OIL RECOVERY COSTS. —For purposes of this section— "(1) IN GENERAL.—The term 'qualified enhginced oil recovery costs' means any of the following: