S.Amdt. 2657
What it does: Adds SEC. __. TREATMENT OF CREDIT FOR PRODUCING FUEL FROM A NONCONVENTIONAL SOURCE AS BUSINESS CREDIT on page 179, line 25
Sen. Jim Bunning (R-KY)What it changes
1 change to S. 1637
Adds SEC. __. TREATMENT OF CREDIT FOR PRODUCING FUEL FROM A NONCONVENTIONAL SOURCE AS BUSINESS CREDIT on page 179, line 25
Adds a sectionPrinted pageInserted: SEC. __. TREATMENT OF CREDIT FOR PRODUCING FUEL FROM A NONCONVENTIONAL SOURCE AS BUSINESS CREDIT.
Inserted: (a) In General.--
Inserted: (1) Credit moved to subpart relating to business related credits.--The Internal Revenue Code of 1986 is amended by redesignating section 29 as section 45G and by moving section 45G (as so redesignated) from subpart B of part IV of subchapter A of chapter 1 to the end of subpart D of part IV of subchapter A of chapter 1.
Inserted: (2) Credit Treated as Business Credit.--Section 38(b) is amended by striking "plus" at the end of paragraph (14), by striking the period at the end of paragraph (15) and inserting ", plus", and by adding at the end the following:
Inserted: "(16) the nonconventional source production credit determined under section 45G(a).".
Inserted: (3) Conforming Amendments.--
Inserted: (A) Section 30(b)(3)(A) is amended by striking "sections 27 and 29" and inserting "section 27".
Inserted: (B) Sections 43(b)(2) and 613A(c)(6)(C) are each amended by striking "section 29(d)(2)(C)" and inserting "section 45G(d)(2)(C)".
Inserted: (C) Section 45G(a), as redesignated by paragraph (1), is amended by striking "At the election of the taxpayer, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year" and inserting "For purposes of section 38, if the taxpayer elects to have this section apply, the nonconventional source production credit determined under this section for the taxable year is".
Inserted: (D) Section 45G(b), as so redesignated, is amended by striking paragraph (6).
Inserted: (E) Section 53(d)(1)(B)(iii) is amended by striking "under section 29" and all that follows through "or not allowed".
Inserted: (F) Section 55(c)(2) is amended by striking "29(b)(6),".
Show 11 more inserted paragraphsShow less
Inserted: (G) Subsection (a) of section 772 is amended by inserting "and" at the end of paragraph (9), by striking paragraph (10), and by redesignating paragraph (11) as paragraph (10).
Inserted: (H) Paragraph (5) of section 772(d) is amended by striking "the foreign tax credit, and the credit allowable under section 29" and inserting "and the foreign tax credit".
Inserted: (I) The table of sections for subpart B of part IV of subchapter A of chapter 1 is amended by striking the item relating to section 29.
Inserted: (J) The table of sections for subpart D of part IV of subchapter A of chapter 1, as amended by this Act, is amended by inserting after the item relating to section 45F the following new item:
Inserted: "Sec. 45G. Credit for producing fuel from a nonconventional source.".
Inserted: (b) Determinations Under Natural Gas Policy Act of 1978.--Subparagraph (A) of section 45G(c)(2), as redesignated by subsection (a)(1), is amended--
Inserted: (1) by inserting "by the Secretary, after consultation with the Federal Energy Regulatory Commission," after "shall be made", and
Inserted: (2) by inserting "(as in effect before the repeal of such section)" after "1978".
Inserted: (c) Effective Dates.--
Inserted: (1) In general.--Except as provided in paragraph (2), the amendments made by this section shall apply to fuel produced and sold after December 31, 2003, in taxable years ending after such date.
Inserted: (2) Determinations under natural gas policy act of 1978.--The amendments made by subsection (b) shall apply as if included in the provisions repealing section 503 of the Natural Gas Policy Act of 1978.
Original wording
On page 179, after line 25, add the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 2657. Mr. BUNNING (for himself, Mr. Graham of Florida, and Mr. Nelson of Florida) submitted an amendment intended to be proposed by him to the bill S. 1637, to amend the Internal Revenue Code of 1986 to comply with the World Trade Organization rulings on the FSC/ETI benefit in a manner that preserves jobs and production activities in the United States, to reform and simplify the international taxation rules of the United States, and for other purposes; which was ordered to lie on the table; as follows:
On page 179, after line 25, add the following:
SEC. __. TREATMENT OF CREDIT FOR PRODUCING FUEL FROM A NONCONVENTIONAL SOURCE AS BUSINESS CREDIT.
(a) In General.--
(1) Credit moved to subpart relating to business related credits.--The Internal Revenue Code of 1986 is amended by redesignating section 29 as section 45G and by moving section 45G (as so redesignated) from subpart B of part IV of subchapter A of chapter 1 to the end of subpart D of part IV of subchapter A of chapter 1.
(2) Credit Treated as Business Credit.--Section 38(b) is amended by striking “plus” at the end of paragraph (14), by striking the period at the end of paragraph (15) and inserting “, plus”, and by adding at the end the following:
“(16) the nonconventional source production credit determined under section 45G(a).”.
(3) Conforming Amendments.--
(A) Section 30(b)(3)(A) is amended by striking “sections 27 and 29” and inserting “section 27”.
(B) Sections 43(b)(2) and 613A(c)(6)(C) are each amended by striking “section 29(d)(2)(C)” and inserting “section 45G(d)(2)(C)”.
(C) Section 45G(a), as redesignated by paragraph (1), is amended by striking “At the election of the taxpayer, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year” and inserting “For purposes of section 38, if the taxpayer elects to have this section apply, the nonconventional source production credit determined under this section for the taxable year is”.
(D) Section 45G(b), as so redesignated, is amended by striking paragraph (6).
(E) Section 53(d)(1)(B)(iii) is amended by striking “under section 29” and all that follows through “or not allowed”.
(F) Section 55(c)(2) is amended by striking “29(b)(6),”.
(G) Subsection (a) of section 772 is amended by inserting “and” at the end of paragraph (9), by striking paragraph (10), and by redesignating paragraph (11) as paragraph (10).
(H) Paragraph (5) of section 772(d) is amended by striking “the foreign tax credit, and the credit allowable under section 29” and inserting “and the foreign tax credit”.
(I) The table of sections for subpart B of part IV of subchapter A of chapter 1 is amended by striking the item relating to section 29.
(J) The table of sections for subpart D of part IV of subchapter A of chapter 1, as amended by this Act, is amended by inserting after the item relating to section 45F the following new item:
“Sec. 45G. Credit for producing fuel from a nonconventional source.”.
(b) Determinations Under Natural Gas Policy Act of 1978.--Subparagraph (A) of section 45G(c)(2), as redesignated by subsection (a)(1), is amended--
(1) by inserting “by the Secretary, after consultation with the Federal Energy Regulatory Commission,” after “shall be made”, and
(2) by inserting “(as in effect before the repeal of such section)” after “1978”.
(c) Effective Dates.--
(1) In general.--Except as provided in paragraph (2), the amendments made by this section shall apply to fuel produced and sold after December 31, 2003, in taxable years ending after such date.
(2) Determinations under natural gas policy act of 1978.--The amendments made by subsection (b) shall apply as if included in the provisions repealing section 503 of the Natural Gas Policy Act of 1978.
Legislative Activity
Stay on top of the latest movement without scrolling through every action
Senate amendment submitted
March 3, 2004