12 2 STA T . 1 5 15 PUBLIC LA W 11 0– 2 34—M A Y 22 , 200 8(3)thedom e s t ic e f fects of an inc r ease in b iof u e l s p roduction le v els , includin g the effects of such levels on — ( A ) the price of fuel, ( B ) the price of land in rural and suburban commu - nities, ( C ) crop acreage, forest acreage, and other land use, ( D ) the environment, due to changes in crop acreage, fertili z er use, runoff, w ater use, emissions from vehicles utilizing biofuels, and other factors, ( E ) the price of feed, ( F ) the selling price of grain crops and forest products, ( G )e x ports and imports of grains and forest products, ( H ) taxpa y ers, through cost or savings to commodity crop payments, and ( I ) the expansion of refinery capacity, ( 4 ) the ability to convert corn ethanol plants for other uses, such as cellulosic ethanol or biodiesel, ( 5 ) a comparative analysis of corn ethanol versus other biofuels and renewable energy sources, considering cost, energy output, and ease of implementation, ( 6 ) the impact of the tax credit established by this subpart on the regional agricultural and silvicultural capabilities of commercially available forest inventories, and ( 7 ) the need for additional scientific in q uiry, and specific areas of interest for future research . (b) REPORT .— T he S ecretary of the Treasury shall submit an initial report of the findings of the study required under subsection (a) to Congress not later than 6 months after the date of the enactment of this Act (36 months after such date in the case of the information required by subsection (a)(6)), and a final report not later than 12 months after such date (42 months after such date in the case of the information required by subsection (a)(6)). SubpartB—Rev e n ue P r o v is ions SEC.153 31. MODIF IC AT IO N OFA L CO H OLC R EDIT. (a) I NC O M ET AX CRE DI T.— (1) IN G ENERA L .—The table in paragraph (2) of section 4 0 (h) is amended— (A) by stri k ing ‘ ‘through 2010 ’ ’ in the first column and inserting ‘‘, 2006, 2007, or 200 8 ’’, (B) by striking the period at the end of the third row, and (C) by adding at the end the following new row
‘‘200 9 through 2010 45 cents .................... 33.33 cents.’’. (2) EXCEPTION.—Section 40(h) is amended by adding at the end the following new paragraph: ‘‘(3) RED U CTION DELA Y ED UNTIL ANNUAL PRODUCTION OR IMPORTATION O F7 , 50 0,000,000 GALLON S .— ‘‘(A) IN GENERAL.—In the case of any calendar year beginning after 2008, if the Secretary makes a determina- tion described in subparagraph (B) with respect to all pre- ceding calendar years beginning after 2007, the last row in the table in paragraph (2) shall be applied by sub- stituting ‘51 cents’ for ‘45 cents’. Ap p licab ili ty.26USC40 .
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