Page:United States Statutes at Large Volume 94 Part 1.djvu/316

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PUBLIC LAW 96-000—MMMM. DD, 1980

94 STAT. 266 26 USC 48 note.

26 USC 48.

PUBLIC LAW 96-223—APR. 2, 1980 (j) EFFECTIVE D A T E S. —

(1) IN GENERAL.—Except as provided in paragraph (2), the amendments made by this section shall apply to periods after December 31, 1979, under rules similar to the rules of section 48(m) of the Internal Revenue Code of 1954. (2) ALUMINA ELECTROLYTIC CELLS.—The amendments made by subsection (d)(l) shall apply to periods after September 30, 1978, under rules similar to the rules of section 48(m) of such Code. SEC. 223. OTHER CHANGES WITH RESPECT TO THE INVESTMENT CREDIT FOR INVESTMENT IN ENERGY PROPERTY. (a) BOILERS FUELED BY PETROLEUM COKE OR PETROLEUM PITCH.—

26 USC 48 note.

(1) IN GENERAL.—Paragraph (10) of section 48(a) (relating to boilers fueled by oil or gas) is amended by adding at the end thereof the following new sentence: "For purposes of the preceding sentence, the term 'petroleum or petroleum products' does not include petroleum coke or petroleum pitch." (2) EFFECTIVE DATE.—The amendment made by paragraph (1) shall apply to periods after December 31, 1979, under rules similar to the rules of section 48(m) of the Internal Revenue Code of 1954. (b) REPEAL OF REFUNDABLE CREDIT FOR SOLAR OR WIND PROPERTY.—

26 USC 46.

(1) IN GENERAL.—Paragraph (10) of section 46(a) (relating to special rules in case of energy property) is amended— (A) in subparagraph (A)— (i) by inserting "and" at the end of clause (i), (ii) by striking out "(other than solar or wind energy property), and" and inserting in lieu thereof a period in clause (ii), and (iii) by striking out clause (iii); (B) by striking out "OTHER THAN SOLAR OR WIND ENERGY PROPERTY" in the heading of subparagraph (B); and

(C) by striking out subparagraph (C). 26 USC 6401.

26 USC 46 note.

(2) CONFORMING

AMENDMENT.—Section 6401

(relating

to

amounts treated as overpa3rments) is amended by striking out subsection (d). (3) EFFECTIVE DATE.—The amendments made by this subsection shall apply to qualified investment for taxable years beginning after December 31, 1979. (c) CREDIT TO B E REDUCED WHERE CERTAIN FINANCING IS USED.—

Ante, p. 261.

(1) IN GENERAL.—Paragraph (11) of section 48(1) (relating to special rule for property financed by industrial development bonds), as amended by section 221(b)(2), is amended to read as follows: "(11) SPECIAL RULE FOR PROPERTY FINANCED BY SUBSIDIZED ENERGY FINANCING OR INDUSTRIAL DEVELOPMENT BONDS.— "(A) REDUCTION OF QUALIFIED INVESTMENT.—For purposes

26 USC 103.

of applying the energy percentage to any property, if such property is financed in whole or in part by— "(i) subsidized energy financing, or "(ii) the proceeds of an industrial development bond (within the meaning of section 103(b)(2)) the interest on which is exempt from tax under section 103, the amount taken into account as qualified investment shall not exceed the amount which (but for this subparagraph) would be the qualified investment multiplied by the fraction determined under subparagraph (B).