119 STAT. 1004
PUBLIC LAW 109–58—AUG. 8, 2005
be considered to indicate that the technology or performance level is— ‘‘(1) adequately demonstrated for purposes of section 111 of the Clean Air Act (42 U.S.C. 7411); ‘‘(2) achievable for purposes of section 169 of that Act (42 U.S.C. 7479); or ‘‘(3) achievable in practice for purposes of section 171 of such Act (42 U.S.C. 7501). ‘‘SEC. 48B. QUALIFYING GASIFICATION PROJECT CREDIT.
‘‘(a) IN GENERAL.—For purposes of section 46, the qualifying gasification project credit for any taxable year is an amount equal to 20 percent of the qualified investment for such taxable year. ‘‘(b) QUALIFIED INVESTMENT.— ‘‘(1) IN GENERAL.—For purposes of subsection (a), the qualified investment for any taxable year is the basis of eligible property placed in service by the taxpayer during such taxable year which is part of a qualifying gasification project— ‘‘(A)(i) the construction, reconstruction, or erection of which is completed by the taxpayer, or ‘‘(ii) which is acquired by the taxpayer if the original use of such property commences with the taxpayer, and ‘‘(B) with respect to which depreciation (or amortization in lieu of depreciation) is allowable. ‘‘(2) SPECIAL RULE FOR CERTAIN SUBSIDIZED PROPERTY.— Rules similar to section 48(a)(4) shall apply for purposes of this section. ‘‘(3) CERTAIN QUALIFIED PROGRESS EXPENDITURES RULES MADE APPLICABLE.—Rules similar to the rules of subsections (c)(4) and (d) of section 46 (as in effect on the day before the enactment of the Revenue Reconciliation Act of 1990) shall apply for purposes of this section. ‘‘(c) DEFINITIONS.—For purposes of this section— ‘‘(1) QUALIFYING GASIFICATION PROJECT.—The term ‘qualifying gasification project’ means any project which— ‘‘(A) employs gasification technology, ‘‘(B) will be carried out by an eligible entity, and ‘‘(C) any portion of the qualified investment of which is certified under the qualifying gasification program as eligible for credit under this section in an amount (not to exceed $650,000,000) determined by the Secretary. ‘‘(2) GASIFICATION TECHNOLOGY.—The term ‘gasification technology’ means any process which converts a solid or liquid product from coal, petroleum residue, biomass, or other materials which are recovered for their energy or feedstock value into a synthesis gas composed primarily of carbon monoxide and hydrogen for direct use or subsequent chemical or physical conversion. ‘‘(3) ELIGIBLE PROPERTY.—The term ‘eligible property’ means any property which is a part of a qualifying gasification project and is necessary for the gasification technology of such project. ‘‘(4) BIOMASS.— ‘‘(A) IN GENERAL.—The term ‘biomass’ means any— ‘‘(i) agricultural or plant waste, ‘‘(ii) byproduct of wood or paper mill operations, including lignin in spent pulping liquors, and
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