106 STAT. 3024 PUBLIC LAW 102-486—OCT. 24, 1992 "(ii) ExcEPnoN FOR INDEPENDENT OIL AND GAS PRODUCERS ASD ROYALTY OWNERS.— In the case of any taxable year beginning after December 31, 1992, clause (i) (and subparagraj^n (C)(i)) shall not apply to anv deduction for depletion computed in accoroance with section 613A(c). (b) INTANGIBLE DRILLING COSTS. — (1) Section 57(a)(2) is amended by adding at the end the following new subparagraph: "(E) EXCEPnON FOR INDEPENDENT PRODUCERS.— In the case of any oil or gas well— "(i) IN GENERAL.—In the case of any taxable year beginning after December 31, 1992, mis paragraph shall not apply to any ta»;>ayer which is not an integrated oil company (as denned in section 291(b)(4)). ^(ii) LIMITATION ON BENEFIT. —The reduction in alternative minimum taxable income by reason of clause (i) for any taxable year shall not exceed 40 percent (30 percent in case of taxable years beginning m 1993) of the alternative minimum taxable income for such year determined without regard to clause (i) and the alternative tax net operating loss deduction under section 56(a)(4). (2) Clause (i) of section 56(g)(4)(D) is amended by adding at the end thereof the folloMdng new sentence: "In the case of a taxpayer other than an integrated oil company (as defined in section 291(b)(4)), in the case of any oil or gas well, this clause shall not apply in the case of amounts paid or incurred in taxable years beginning after December 31, 1992.". (c) CONFORMING AMENDMENTS. — (1) Section 56 is amended by striking subsection (h). (2) Section 56(d)(l)(A) is amended to read as follows: "(A) the amount of such deduction shall not exceed 90 percent of alternate minimum taxable income determined without regard to such deduction, and". (3) Section 59(a)^XAXii) is amended by striking "and the alternative tax energy preference deduction under section 56(h)" and inserting "and section 57(a)(2)(E)". 26 USC 56 note. (4) Sectwn 59A(b)(l) is amended by striking "or the alternative tax energy preference deduction under section 56(h)". (d) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 1992. SEC. 1918. PERMANENT EXTENSION OF ENERGY INVESTMENT CREDIT FOR SOLAR AND GEOTHERMAL PROPERTY. (a) GENERAL RULE. —Paragraph (2) of section 48(a) (defining energy percentage) is amended— (1) by striking "Except as provided in subparagraph (B), the" in subpari^aph (A) and inserting "The", (2) by striking subparagraph (B), and (3) by redesignating subparagraph (C) as subparagraph (B). 26 USC 48 note. (b) EFFECTIVE DATE.—The amendments made by this section shall take effect on June 30, 1992. SEC. 1917. NUCLEAR DECOMMISSIONING FUNDS. (a) REPEAL OF INVESTMENT RESTRICTIONS.— Subparagraph (C) of section 468A(e)(4) (relating to special rules for nuclear aecommis-
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