PUBLIC LAW 102-486—OCT. 24, 1992 106 STAT. 3025 sioning funds) is amended by striking "described in section 501(^21XBXiir. (b) REDUCTION IN RATE OF TAX. —Paragraph (2) of section 468A(e) is amended— (1) by striking "at the rate equal to the highest rate of tax specified in section IKb)" in subparagraph (A) and inserting "at the rate set forth in subparagraph (Br, and (2) by redesignating subparagraphs (B) and (C) as subparagraphs (C) and (D), respectively, and by inserting after subparagraph (A) the following new subparagraph:
- (B) RATE OF TAX. — For purposes of subparagraph (A),
the rate set forth in this subparagraph is— "(i) 22 percent in the case of taxable years beginning in calendar year 1994 or 1995, and "(ii) 20 percent in the case of taxable years beginning after December 31, 1995." (c) EFFECTIVE DATES. — 26 USC 468A (1) SUBSECTION (a). —The amendment made by subsection "°**- (a) shall apply to taxable years beginning after December 31, 1992. (2) SUBSECTION (b).The amendments made by subsection (b) shall apply to taxable years beginning after December 31, 1993. Section 15 of the Internal Revenue Code of 1986 shall not apply to any change in rate resulting from the amendment made by subsection (b). SEC. 1918. EXTENSION OF SECTION 29 CREDIT FOR CERTAIN FACHJ- TEES. Section 29 (relating to credit for producing fiiel from a nonconventional source) is amended by adding at the end thereof the following new subsection: "(g) EXTENSION FOR CERTAIN FACILITIES.— "(1) IN GENERAL. —In the case of a facility for producing qualified fuels described in subparagraph (B)(ii) or (C) of subsection (c)(l)— "(A) for purposes of subsection (f)(l)(B), such facility shall be treated as being placed in service before January 1, 1993, if such facility is placed in service before January 1, 1997, pursuant to a binding written contract in effect before January 1, 1996, and "(B) if such facility is originally placed in service after December 31, 1992, paragraph (2) of subsection (f) shall be applied with respect to such facility by substituting 'January 1, 2008' for VJanuary 1, 2003'. "(2) SPECIAL RULE.— Paragraph (1) shall not apply to any facili^ which produces coke or coke gas unless the original use of the facility commences with the tsucpayer." SEC. 1919. TREATMENT UNDER LOCAL FURNISHING RULES OF CER- TAIN ELECTRICITY TRANSMITTED OUTSIDE LOCAL AREA. (a) IN GENERAL. — Subsection (f) of section 142 (relating to local furnishing of electric energy or gas) is amended to read as follows: "(f) LOCAL FURNISHING OF ELECTRIC ENERGY OR GAS.— For purposes of subsection (a)(8)— "(1) IN GENERAL.— The local furnishing of electric energy or gas from a facility shall only include furnishing solely within the area consisting of— "(A) a city and 1 contiguous county, or 59-194 0—93 10: QL 3 (Pt. 4)
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