Internal Revenue Code:Sec. 29. Credit for producing fuel from a nonconventional source (REDESIGNATED Sec. 45K for tax years ending after 12/31/2005)
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Location in Internal Revenue Code
TITLE 26 - INTERNAL REVENUE CODE
Subtitle A - Income Taxes
CHAPTER 1 - NORMAL TAXES AND SURTAXES
Subchapter A - Determination of Tax Liability
PART IV - CREDITS AGAINST TAX
Subpart B - Other Credits
Statute
Sec. 29. Credit for producing fuel from a nonconventional source
(a) Allowance of credit
There shall be allowed as a credit against the tax imposed by
this chapter for the taxable year an amount equal to -
(1) $3, multiplied by
(2) the barrel-of-oil equivalent of qualified fuels -
(A) sold by the taxpayer to an unrelated person during the
taxable year, and
(B) the production of which is attributable to the taxpayer.
(b) Limitations and adjustments
(1) Phaseout of credit
The amount of the credit allowable under subsection (a) shall
be reduced by an amount which bears the same ratio to the amount
of the credit (determined without regard to this paragraph) as -
(A) the amount by which the reference price for the calendar
year in which the sale occurs exceeds $23.50, bears to
(B) $6.
(2) Credit and phaseout adjustment based on inflation
The $3 amount in subsection (a) and the $23.50 and $6 amounts
in paragraph (1) shall each be adjusted by multiplying such
amount by the inflation adjustment factor for the calendar year
in which the sale occurs. In the case of gas from a tight
formation, the $3 amount in subsection (a) shall not be adjusted.
(3) Credit reduced for grants, tax-exempt bonds, and subsidized
energy financing
(A) In general
The amount of the credit allowable under subsection (a) with
respect to any project for any taxable year (determined after
the application of paragraphs (1) and (2)) shall be reduced by
the amount which is the product of the amount so determined for
such year and a fraction -
(i) the numerator of which is the sum, for the taxable year
and all prior taxable years, of -
(I) grants provided by the United States, a State, or a
political subdivision of a State for use in connection with
the project,
(II) proceeds of any issue of State or local government
obligations used to provide financing for the project the
interest on which is exempt from tax under section 103, and
(III) the aggregate amount of subsidized energy financing
(within the meaning of section 48(a)(4)(C)) provided in
connection with the project, and
(ii) the denominator of which is the aggregate amount of
additions to the capital account for the project for the
taxable year and all prior taxable years.
(B) Amounts determined at close of year
The amounts under subparagraph (A) for any taxable year shall
be determined as of the close of the taxable year.
(4) Credit reduced for energy credit
The amount allowable as a credit under subsection (a) with
respect to any project for any taxable year (determined after the
application of paragraphs (1), (2), and (3)) shall be reduced by
the excess of -
(A) the aggregate amount allowed under section 38 for the
taxable year or any prior taxable year by reason of the energy
percentage with respect to property used in the project, over
(B) the aggregate amount recaptured with respect to the
amount described in subparagraph (A) -
(i) under section 49(b) or 50(a) for the taxable year or
any prior taxable year, or
(ii) under this paragraph for any prior taxable year.
The amount recaptured under section 49(b) or 50(a) with respect
to any property shall be appropriately reduced to take into
account any reduction in the credit allowed by this section by
reason of the preceding sentence.
(5) Credit reduced for enhanced oil recovery credit
The amount allowable as a credit under subsection (a) with
respect to any project for any taxable year (determined after
application of paragraphs (1), (2), (3), and (4)) shall be
reduced by the excess (if any) of -
(A) the aggregate amount allowed under section 38 for the
taxable year and any prior taxable year by reason of any
enhanced oil recovery credit determined under section 43 with
respect to such project, over
(B) the aggregate amount recaptured with respect to the
amount described in subparagraph (A) under this paragraph for
any prior taxable year.
(6) Application with other credits
The credit allowed by subsection (a) for any taxable year shall
not exceed the excess (if any) of -
(A) the regular tax for the taxable year reduced by the sum
of the credits allowable under subpart A and section 27, over
(B) the tentative minimum tax for the taxable year.
(c) Definition of qualified fuels
For purposes of this section -
(1) In general
The term ''qualified fuels'' means -
(A) oil produced from shale and tar sands,
(B) gas produced from -
(i) geopressured brine, Devonian shale, coal seams, or a
tight formation, or
(ii) biomass, and
(C) liquid, gaseous, or solid synthetic fuels produced from
coal (including lignite), including such fuels when used as
feedstocks.
(2) Gas from geopressured brine, etc.
(A) In general
Except as provided in subparagraph (B), the determination of
whether any gas is produced from geopressured brine, Devonian
shale, coal seams, or a tight formation shall be made in
accordance with section 503 of the Natural Gas Policy Act of
1978 (as in effect before the repeal of such section).
(B) Special rules for gas from tight formations
The term ''gas produced from a tight formation'' shall only
include gas from a tight formation -
(i) which, as of April 20, 1977, was committed or dedicated
to interstate commerce (as defined in section 2(18) of the
Natural Gas Policy Act of 1978, as in effect on the date of
the enactment of this clause), or
(ii) which is produced from a well drilled after such date
of enactment.
(3) Biomass
The term ''biomass'' means any organic material other than -
(A) oil and natural gas (or any product thereof), and
(B) coal (including lignite) or any product thereof.
(d) Other definitions and special rules
For purposes of this section -
(1) Only production within the United States taken into account
Sales shall be taken into account under this section only with
respect to qualified fuels the production of which is within -
(A) the United States (within the meaning of section 638(1)),
or
(B) a possession of the United States (within the meaning of
section 638(2)).
(2) Computation of inflation adjustment factor and reference
price
(A) In general
The Secretary shall, not later than April 1 of each calendar
year, determine and publish in the Federal Register the
inflation adjustment factor and the reference price for the
preceding calendar year in accordance with this paragraph.
(B) Inflation adjustment factor
The term ''inflation adjustment factor'' means, with respect
to a calendar year, a fraction the numerator of which is the
GNP implicit price deflator for the calendar year and the
denominator of which is the GNP implicit price deflator for
calendar year 1979. The term ''GNP implicit price deflator''
means the first revision of the implicit price deflator for the
gross national product as computed and published by the
Department of Commerce.
(C) Reference price
The term ''reference price'' means with respect to a calendar
year the Secretary's estimate of the annual average wellhead
price per barrel for all domestic crude oil the price of which
is not subject to regulation by the United States.
(3) Production attributable to the taxpayer
In the case of a property or facility in which more than 1
person has an interest, except to the extent provided in
regulations prescribed by the Secretary, production from the
property or facility (as the case may be) shall be allocated
among such persons in proportion to their respective interests in
the gross sales from such property or facility.
(4) Gas from geopressured brine, Devonian shale, coal seams, or a
tight formation
The amount of the credit allowable under subsection (a) shall
be determined without regard to any production attributable to a
property from which gas from Devonian shale, coal seams,
geopressured brine, or a tight formation was produced in
marketable quantities before January 1, 1980.
(5) Barrel-of-oil equivalent
The term ''barrel-of-oil equivalent'' with respect to any fuel
means that amount of such fuel which has a Btu content of 5.8
million; except that in the case of qualified fuels described in
subparagraph (C) of subsection (c)(1), the Btu content shall be
determined without regard to any material from a source not
described in such subparagraph.
(6) Barrel defined
The term ''barrel'' means 42 United States gallons.
(7) Related persons
Persons shall be treated as related to each other if such
persons would be treated as a single employer under the
regulations prescribed under section 52(b). In the case of a
corporation which is a member of an affiliated group of
corporations filing a consolidated return, such corporation shall
be treated as selling qualified fuels to an unrelated person if
such fuels are sold to such a person by another member of such
group.
(8) Pass-thru in the case of estates and trusts
Under regulations prescribed by the Secretary, rules similar to
the rules of subsection (d) of section 52 shall apply.
<<<NOTE: The following subsection (e) was repealed by the
< Energy Policy Act of 2005, effective on the date of enactment
< of the Act:
< (e) Application with the Natural Gas Policy Act of 1978
< (1) No credit if section 107 of the Natural Gas Policy Act of
< 1978 is utilized
< Subsection (a) shall apply with respect to any natural gas
< described in subsection (c)(1)(B)(i) which is sold during the
< taxable year only if such natural gas is sold at a lawful price
< which is determined without regard to the provisions of section
< 107 of the Natural Gas Policy Act of 1978 and subtitle B of title
< I of such Act.
< (2) Treatment of this section
< For purposes of section 107(d) of the Natural Gas Policy Act of
< 1978, this section shall not be treated as allowing any credit,
< exemption, deduction, or comparable adjustment applicable to the
< computation of any Federal tax.>>>
(e) Application of section
This section shall apply with respect to qualified fuels -
(1) which are -
(A) produced from a well drilled after December 31, 1979, and
before January 1, 1993, or
(B) produced in a facility placed in service after December
31, 1979, and before January 1, 1993, and
(2) which are sold before January 1, 2003.
(f) 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)(1) -
(A) for purposes of subsection (e)(1)(B), such facility shall
be treated as being placed in service before January 1, 1993,
if such facility is placed in service before July 1, 1998,
pursuant to a binding written contract in effect before January
1, 1997, and
(B) if such facility is originally placed in service after
December 31, 1992, paragraph (2) of subsection (e) shall be
applied with respect to such facility by substituting ''January
1, 2008'' for ''January 1, 2003''.
(2) Special rule
Paragraph (1) shall not apply to any facility which produces
coke or coke gas unless the original use of the facility
commences with the taxpayer.
(g) Extension for Facilities Producing Coke or Coke Gas-
Notwithstanding subsection (f)--
(1) IN GENERAL- In the case of a facility for producing coke or coke
gas which was placed in service before January 1, 1993, or after
June 30, 1998, and before January 1, 2010, this section shall apply
with respect to coke and coke gas produced in such facility and
sold during the period--
(A) beginning on the later of January 1, 2006, or the date that
such facility is placed in service, and
(B) ending on the date which is 4 years after the date such period
began.
(2) SPECIAL RULES- In determining the amount of credit allowable
under this section solely by reason of this subsection--
(A) DAILY LIMIT- The amount of qualified fuels sold during any
taxable year which may be taken into account by reason of this
subsection with respect to any facility shall not exceed an
average barrel-of-oil equivalent of 4,000 barrels per day. Days
before the date the facility is placed in service shall not be
taken into account in determining such average.
(B) EXTENSION PERIOD TO COMMENCE WITH UNADJUSTED CREDIT AMOUNT- For
purposes of applying subsection (b)(2) to the $3 amount in
subsection (a), in the case of fuels sold after 2005,
subsection (d)(2)(B) shall be applied by substituting `2004' for
`1979'.
(C) DENIAL OF DOUBLE BENEFIT- This subsection shall not apply to
any facility producing qualified fuels for which a credit was
allowed under this section for the taxable year or any preceding
taxable year by reason of subsection (g).
Sources
(Added Pub. L. 96-223, title II, Sec. 231(a), Apr. 2, 1980, 94
Stat. 268, Sec. 44D; amended Pub. L. 97-34, title VI Sec. 611(a),
Aug. 13, 1981, 95 Stat. 339; Pub. L. 97-354, Sec. 5(a)(1), Oct. 19,
1982, 96 Stat. 1692; Pub. L. 97-448, title II, Sec. 202(a), Jan.
12, 1983, 96 Stat. 2396; renumbered Sec. 29 and amended Pub. L.
98-369, div. A, title IV, Sec. 471(c), 474(h), title VI, Sec.
612(e)(1), title VII, Sec. 722(d)(1), (2), July 18, 1984, 98 Stat.
826, 831, 912, 973; Pub. L. 99-514, title VII, Sec. 701(c)(3),
title XVIII, Sec. 1879(c)(1), Oct. 22, 1986, 100 Stat. 2340, 2906;
Pub. L. 100-647, title VI, Sec. 6302, Nov. 10, 1988, 102 Stat.
3755; Pub. L. 101-508, title XI, Sec. 11501(a), (b)(1), (c)(1),
11813(b)(1), 11816, Nov. 5, 1990, 104 Stat. 1388-479, 1388-550,
1388-558; Pub. L. 102-486, title XIX, Sec. 1918, Oct. 24, 1992, 106
Stat. 3025; Pub. L. 104-188, title I, Sec. 1205(d)(3), 1207(a),
Aug. 20, 1996, 110 Stat. 1776.)
References in Text
REFERENCES IN TEXT
The Natural Gas Policy Act of 1978, referred to in subsecs.
(c)(2)(A), (B)(i) and (e), is Pub. L. 95-621, Nov. 9, 1978, 92
Stat. 3350, as amended, which is classified generally to chapter 60
(Sec. 3301 et seq.) of Title 15, Commerce and Trade. Subtitle B of
title I of the Act, which was classified generally to part B of
subchapter I (Sec. 3331 et seq.) of chapter 60 of Title 15, was
repealed by Pub. L. 101-60, Sec. 2(b), July 26, 1989, 103 Stat.
158, effective Jan. 1, 1993. Section 2(18) of the Act is classified
to section 3301(18) of Title 15. Sections 107 and 503 of the Act,
which were classified to sections 3317 and 3413 of Title 15,
respectively, were repealed by Pub. L. 101-60, Sec. 2(b), 3(b)(5),
July 26, 1989, 103 Stat. 158, 159, effective Jan. 1, 1993. For
complete classification of this Act to the Code, see Short Title
note set out under section 3301 of Title 15 and Tables.
The date of the enactment of this clause, and such date of
enactment, referred to in subsec. (c)(2)(B), probably mean the date
of enactment of Pub. L. 101-508, which amended subsec. (c)(2)(B) of
this section generally, and which was approved Nov. 5, 1990.
Miscellaneous
AMENDMENTS
2005 - Energy Policy Act of 2005. Section 29(c)(2)(A) is
amended--by inserting `(as in effect before the repeal of such section)'
after `1978', and by striking subsection (e) and redesignating
subsections (f), (g), and (h) as subsections (e), (f), and (g),
respectively.
Section 29(g)(1) is amended-- in subparagraph (A) by striking
subsection (f)(1)(B)' and inserting `subsection (e)(1)(B)', and
(B) in subparagraph (B) by striking `subsection (f)' and inserting
`subsection (e)'.
Effective Dates- The amendments made by subsection (b) shall take
effect on the date of the enactment of this Act.
2005 - Energy Policy Act of 2005, Sec.1321. Section 29 (relating to
credit for producing fuel from a nonconventional source) is amended
by adding at the end the following new subsection: "(h) Extension for
Facilities Producing Coke or Coke Gas-...". Effective Date- The
amendment made by this section shall apply to fuel produced and sold after
December 31, 2005, in taxable years ending after such date.
1996 - Subsec. (b)(6)(A). Pub. L. 104-188, Sec. 1205(d)(3),
substituted ''section 27'' for ''sections 27 and 28''.
Subsec. (g)(1)(A). Pub. L. 104-188, Sec. 1207(a), substituted
''July 1, 1998'' for ''January 1, 1997'' and ''January 1, 1997''
for ''January 1, 1996''.
1992 - Subsec. (g). Pub. L. 102-486 added subsec. (g).
1990 - Subsec. (b)(3)(A)(i)(III). Pub. L. 101-508, Sec.
11813(b)(1)(A), substituted ''section 48(a)(4)(C)'' for ''section
48(l)(11)(C)''.
Subsec. (b)(4). Pub. L. 101-508, Sec. 11813(b)(1)(B), substituted
''section 49(b) or 50(a)'' for ''section 47'' in two places.
Subsec. (b)(5), (6). Pub. L. 101-508, Sec. 11501(c)(1), added
par. (5) and redesignated former par. (5) as (6).
Subsec. (c)(1)(B) to (E). Pub. L. 101-508, Sec. 11816(a),
inserted ''and'' at end of subpar. (B), substituted a period for a
comma at end of subpar. (C), and struck out subpar. (D) which
related to qualifying processed wood fuels, and subpar. (E) which
related to steam produced from solid agricultural byproducts (not
including timber byproducts).
Subsec. (c)(2)(B). Pub. L. 101-508, Sec. 11501(b)(1), amended
subpar. (B) generally. Prior to amendment, subpar. (B) read as
follows: ''The term 'gas produced from a tight formation' shall
only include -
''(i) gas the price of which is regulated by the United States,
and
''(ii) gas for which the maximum lawful price applicable under
the Natural Gas Policy Act of 1978 is at least 150 percent of the
then applicable price under section 103 of such Act.''
Subsec. (c)(3). Pub. L. 101-508, Sec. 11813(b)(1)(C), amended
par. (3) generally. Prior to amendment, par. (3) read as follows:
''The term 'biomass' means any organic material which is an
alternate substance (as defined in section 48(l)(3)(B)) other than
coal (including lignite) or any product of such coal.''
Subsec. (c)(4). Pub. L. 101-508, Sec. 11816(b)(1), struck out
par. (4) ''Qualifying processed wood fuel'' which read as follows:
''(A) In general. - The term 'qualifying processed wood fuel'
means any processed solid wood fuel (other than charcoal, fireplace
products, or a product used for ornamental or recreational
purposes) which has a Btu content per unit of volume or weight,
determined without regard to any nonwood elements, which is at
least 40 percent greater per unit of volume or weight than the Btu
content of the wood from which it is produced (determined
immediately before the processing).
''(B) Election. - A taxpayer shall elect, at such time and in
such manner as the Secretary by regulations may prescribe, as to
whether Btu content per unit shall be determined for purposes of
this paragraph on a volume or weight basis. Any such election -
''(i) shall apply to all production from a facility; and
''(ii) shall be effective for the taxable year with respect to
which it is made and for all subsequent taxable years and, once
made, may be revoked only with the consent of the Secretary.''
Subsec. (c)(5). Pub. L. 101-508, Sec. 11816(b)(1), struck out
par. (5) ''Agricultural byproduct steam'' which read as follows:
''Steam produced from solid agricultural byproducts which is used
by the taxpayer in his trade or business shall be treated as having
been sold by the taxpayer to an unrelated person on the date on
which it is used.''
Subsec. (d)(4). Pub. L. 101-508, Sec. 11816(b)(2), amended par.
(4) generally, striking out ''Special rules applicable to'' before
''Gas'' in heading, redesignating former subpar. (A) as par. (4),
striking out subpar. (B) which related to the reference price and
application of phaseout for Devonian shale, and making minor
changes in phraseology.
Subsec. (d)(5), (6). Pub. L. 101-508, Sec. 11816(b)(3), (4),
redesignated par. (6) as (5), substituted ''subparagraph (C)'' for
''subparagraph (C), (D), or (E)'', and struck out former par. (5)
which read as follows: ''In the case of a facility for the
production of -
''(A) qualifying processed wood fuel,
or
''(B) steam from solid agricultural byproducts,
paragraph (1) of subsection (b) shall not apply with respect to the
amount of the credit allowable under subsection (a) for fuels sold
during the 3-year period beginning on the date the facility is
placed in service.''
Subsec. (d)(7) to (9). Pub. L. 101-508, Sec. 11816(b)(3),
redesignated pars. (7) to (9) as (6) to (8), respectively.
Subsec. (f). Pub. L. 101-508, Sec. 11816(b)(5), amended subsec.
(f) generally, redesignating former par. (1) as subsec. (f), making
minor changes in phraseology, substituting par. (2) for former par.
(1)(B) which read as follows: ''which are sold after December 31,
1979, and before January 1, 2003.'', and striking out former par.
(2) which related to special rules applicable to qualified
processed wood and solid agricultural byproduct steam.
Subsec. (f)(1)(A)(i), (ii). Pub. L. 101-508, Sec. 11501(a)(1),
substituted ''1993'' for ''1991''.
Subsec. (f)(1)(B). Pub. L. 101-508, Sec. 11501(a)(2), substituted
''2003'' for ''2001''.
1988 - Subsec. (f)(1)(A)(i), (ii). Pub. L. 100-647 substituted
''1991'' for ''1990''.
1986 - Subsec. (b)(5). Pub. L. 99-514, Sec. 701(c)(3), amended
par. (5) generally. Prior to amendment, par. (5) read as follows:
''The credit allowed by subsection (a) for a taxable year shall not
exceed the taxpayer's tax liability for the taxable year (as
defined in section 26(b)), reduced by the sum of the credits
allowable under subpart A and sections 27 and 28.''
Subsec. (d)(8). Pub. L. 99-514, Sec. 1879(c)(1), inserted
provision directing that a corporation which is a member of an
affiliated group of corporations filing a consolidated return shall
be treated as selling qualified fuels to an unrelated person if
such fuels are sold to such person by another member of such group.
1984 - Pub. L. 98-369, Sec. 471(c), renumbered section 44D of
this title as this section.
Subsec. (b)(1)(A). Pub. L. 98-369, Sec. 722(d)(1), substituted
''in which the sale occurs'' for ''in which the taxable year
begins''.
Subsec. (b)(2). Pub. L. 98-369, Sec. 722(d)(2), substituted ''in
which the sale occurs'' for ''in which a taxable year begins''.
Subsec. (b)(5). Pub. L. 98-369, Sec. 612(e)(1), substituted
''section 26(b)'' for ''section 25(b)''.
Pub. L. 98-369, Sec. 474(h), amended par. (5) generally,
substituting ''shall not exceed the taxpayer's tax liability for
the taxable year (as defined in section 25(b)), reduced by the sum
of the credits allowable under subpart A and sections 27 and 28''
for ''shall not exceed the tax imposed by this chapter for such
taxable year, reduced by the sum of the credits allowable under a
section of this subpart having a lower number or letter designation
than this section, other than the credits allowable by sections 31,
39, and 43. For purposes of the preceding sentence, the term 'tax
imposed by this chapter' shall not include any tax treated as not
imposed by this chapter under the last sentence of section 53(a)''.
1983 - Subsec. (f)(1)(B), (2)(A)(i). Pub. L. 97-448 substituted
''December 31, 1979'' for ''December 3, 1979''.
1982 - Subsec. (d)(9). Pub. L. 97-354 substituted ''Pass-thru in
the case of estates and trusts'' for ''Pass-through in the case of
subchapter S corporations, etc.'' in par. heading, and substituted
provisions relating to the applicability of rules similar to rules
of subsec. (d) of section 52 for provisions relating to the
applicability of rules similar to rules of subsecs. (d) and (e) of
section 52.
1981 - Subsec. (e). Pub. L. 97-34 substituted provisions
respecting application with the Natural Gas Policy Act of 1978 for
prior provision reading ''If the taxpayer makes an election under
section 107(d) of the Natural Gas Policy Act of 1978 to have
subsections (a) and (b) of section 107 of that Act, and subtitle B
of title I of that Act, apply with respect to gas described in
subsection (c)(1)(B)(i) produced from any well on a property, then
the credit allowable by subsection (a) shall not be allowed with
respect to any gas produced on that property.''
EFFECTIVE DATE OF 1996 AMENDMENT
Section 1205(e) of Pub. L. 104-188 provided that: ''The
amendments made by this section (amending this section and sections
30, 38, 39, 45C, 53, 55, and 280C of this title) shall apply to
amounts paid or incurred in taxable years ending after June 30,
1996.''
Section 1207(b) of Pub. L. 104-188 provided that: ''The amendment
made by this section (amending this section) shall take effect on
the date of the enactment of this Act (Aug. 20, 1996).''
EFFECTIVE DATE OF 1990 AMENDMENT
Section 11501(b)(2) of Pub. L. 101-508 provided that: ''The
amendment made by paragraph (1) (amending this section) shall apply
to gas produced after December 31, 1990.''
Section 11501(c)(2) of Pub. L. 101-508 provided that: ''The
amendment made by paragraph (1) (amending this section) shall apply
to taxable years beginning after December 31, 1990.''
Section 11813(c) of Pub. L. 101-508 provided that:
''(1) In general. - Except as provided in paragraph (2), the
amendments made by this section (enacting section 50 of this title
and amending this section and sections 38, 42, 46 to 49, 52, 55,
108, 145, 147, 168, 170, 179, 196, 280F, 312, 465, 469, 861, 865,
1016, 1033, 1245, 1274A, 1371, 1388 and 1503 of this title) shall
apply to property placed in service after December 31, 1990.
''(2) Exceptions. - The amendments made by this section shall not
apply to -
''(A) any transition property (as defined in section 49(e) of
the Internal Revenue Code of 1986 (as in effect on the day before
the date of the enactment of this Act (Nov. 5, 1990)),
''(B) any property with respect to which qualified progress
expenditures were previously taken into account under section
46(d) of such Code (as so in effect), and
''(C) any property described in section 46(b)(2)(C) of such
Code (as so in effect).''
Section 11821(a) of Pub. L. 101-508 provided that: ''Except as
otherwise provided in this part, the amendments made by this part
(part I (Sec. 11801-11821) of subtitle H of title XI of Pub. L.
101-508, see Tables for classification) shall take effect on the
date of the enactment of this Act (Nov. 5, 1990).''
EFFECTIVE DATE OF 1986 AMENDMENT
Amendment by section 701(c)(3) of Pub. L. 99-514 applicable to
taxable years beginning after Dec. 31, 1986, with certain
exceptions and qualifications, see section 701(f) of Pub. L.
99-514, set out as an Effective Date note under section 55 of this
title.
Section 1879(c)(2) of Pub. L. 99-514 provided that: ''The
amendment made by paragraph (1) (amending this section) shall take
effect as if included in the amendments made by section 231 of
Public Law 96-223 (see Effective Date note below).''
EFFECTIVE DATE OF 1984 AMENDMENT
Amendment by section 474(h) of Pub. L. 98-369 applicable to
taxable years beginning after Dec. 31, 1983, and to carrybacks from
such years, see section 475(a) of Pub. L. 98-369, set out as a note
under section 21 of this title.
Amendment by section 612(e)(1) of Pub. L. 98-369 applicable to
interest paid or accrued after Dec. 31, 1984, on indebtedness
incurred after Dec. 31, 1984, see section 612(g) of Pub. L. 98-369,
set out as an Effective Date note under section 25 of this title.
Section 722(d)(3) of Pub. L. 98-369 provided that: ''The
amendments made by this subsection (amending this section) shall
apply to taxable years ending after December 31, 1979.''
EFFECTIVE DATE OF 1983 AMENDMENT
Amendment by Pub. L. 97-448 effective, except as otherwise
provided, as if it had been included in the provision of the Crude
Oil Windfall Profit Tax Act of 1980, Pub. L. 96-223 to which such
amendment relates, see section 203(a) of Pub. L. 97-448, set out as
a note under section 6652 of this title.
EFFECTIVE DATE OF 1982 AMENDMENT
Amendment by Pub. L. 97-354 applicable to taxable years beginning
after Dec. 31, 1982, see section 6(a) of Pub. L. 97-354, set out as
an Effective Date note under section 1361 of this title.
EFFECTIVE DATE OF 1981 AMENDMENT
Section 611(b) of Pub. L. 97-34 provided that: ''The amendment
made by this section (amending this section) shall apply to taxable
years ending after December 31, 1979.''
EFFECTIVE DATE
Section 231(c) of Pub. L. 96-223 provided that: ''The amendments
made by this section (enacting this section and amending section
6096 of this title) shall apply to taxable years ending after
December 31, 1979.''
SAVINGS PROVISION
Section 11821(b) of Pub. L. 101-508 provided that: ''If -
''(1) any provision amended or repealed by this part (part I
(Sec. 11801-11821) of subtitle H of title XI of Pub. L. 101-508,
see Tables for classification) applied to -
''(A) any transaction occurring before the date of the
enactment of this Act (Nov. 5, 1990),
''(B) any property acquired before such date of enactment, or
''(C) any item of income, loss, deduction, or credit taken
into account before such date of enactment, and
''(2) the treatment of such transaction, property, or item
under such provision would (without regard to the amendments made
by this part) affect liability for tax for periods ending after
such date of enactment,
nothing in the amendments made by this part shall be construed to
affect the treatment of such transaction, property, or item for
purposes of determining liability for tax for periods ending after
such date of enactment.''
APPLICABILITY OF CERTAIN AMENDMENTS BY PUB. L. 99-514 IN RELATION
TO TREATY OBLIGATIONS OF UNITED STATES
For applicability of amendment by section 701(c)(3) of Pub. L.
99-514 notwithstanding any treaty obligation of the United States
in effect on Oct. 22, 1986, with provision that for such purposes
any amendment by title I of Pub. L. 100-647 be treated as if it had
been included in the provision of Pub. L. 99-514 to which such
amendment relates, see section 1012(aa)(2), (4) of Pub. L. 100-647,
set out as a note under section 861 of this title.
PLAN AMENDMENTS NOT REQUIRED UNTIL JANUARY 1, 1989
For provisions directing that if any amendments made by subtitle
A or subtitle C of title XI (Sec. 1101-1147 and 1171-1177) or title
XVIII (Sec. 1800-1899A) of Pub. L. 99-514 require an amendment to
any plan, such plan amendment shall not be required to be made
before the first plan year beginning on or after Jan. 1, 1989, see
section 1140 of Pub. L. 99-514, as amended, set out as a note under
section 401 of this title.
References
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in sections 30, 43, 53, 55, 613A, 772
of this title; title 42 section 13317.
