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‘‘(A) property used by the taxpayer in the
1
trade or business of providing electric trans-
2
mission services, or
3
‘‘(B) any stock or partnership interest in a
4
corporation or partnership, as the case may be,
5
whose principal trade or business consists of pro-
6
viding electric transmission services,
7
but only if such sale or disposition is to an inde-
8
pendent transmission company.
9
‘‘(3) I
NDEPENDENT TRANSMISSION COMPANY
.—
10
For purposes of this subsection, the term ‘independent
11
transmission company’ means—
12
‘‘(A) a regional transmission organization
13
approved by the Federal Energy Regulatory
14
Commission,
15
‘‘(B) a person—
16
‘‘(i) who the Federal Energy Regu-
17
latory Commission determines in its au-
18
thorization of the transaction under section
19
203 of the Federal Power Act (16 U.S.C.
20
824b) is not a market participant within
21
the meaning of such Commission’s rules ap-
22
plicable to regional transmission organiza-
23
tions, and
24
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‘‘(ii) whose transmission facilities to
1
which the election under this subsection ap-
2
plies are under the operational control of a
3
Federal Energy Regulatory Commission-ap-
4
proved regional transmission organization
5
before the close of the period specified in
6
such authorization, but not later than the
7
close of the period applicable under para-
8
graph (1), or
9
‘‘(C) in the case of facilities subject to the
10
exclusive jurisdiction of the Public Utility Com-
11
mission of Texas, a person which is approved by
12
that Commission as consistent with Texas State
13
law regarding an independent transmission or-
14
ganization.
15
‘‘(4) E
LECTION
.—An election under paragraph
16
(1), once made, shall be irrevocable.
17
‘‘(5) N
ONAPPLICATION OF INSTALLMENT SALES
18
TREATMENT
.—Section 453 shall not apply to any
19
qualifying electric transmission transaction with re-
20
spect to which an election to apply this subsection is
21
made.’’.
22
(b) E
FFECTIVE
D
ATE
.—The amendment made by this
23
section shall apply to transactions occurring after the date
24
of the enactment of this Act.
25
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SEC. 2405. APPLICATION OF TEMPORARY REGULATIONS TO
1
CERTAIN OUTPUT CONTRACTS.
2
In the application of section 1–141–7(c)(4) of the
3
Treasury Temporary Regulations to output contracts en-
4
tered into after February 22, 1998, with respect to an issuer
5
participating in open access with respect to the issuer’s
6
transmission facilities, an output contract in existence on
7
or before such date that is amended after such date shall
8
be treated as a contract entered into after such date only
9
if the amendment increases the amount of output sold under
10
such contract by extending the term of the contract or in-
11
creasing the amount of output sold, but such treatment as
12
a contract entered into after such date shall begin on the
13
effective date of the amendment and shall apply only with
14
respect to the increased output to be provided under such
15
contract.
16
SEC. 2406. TREATMENT OF CERTAIN DEVELOPMENT IN-
17
COME OF COOPERATIVES.
18
(a) I
N
G
ENERAL
.—Subparagraph (C) of section
19
501(c)(12), as amended by this Act, is amended by striking
20
‘‘or’’ at the end of clause (iv), by striking the period at the
21
end of clause (v) and insert ‘‘, or’’, and by adding at the
22
end the following new clause:
23
‘‘(vi) from the receipt before January
24
1, 2007, of any money, property, capital, or
25
any other contribution in aid of construc-
26
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HR 6 EAS1S/PP
tion or connection charge intended to facili-
1
tate the provision of electric service for the
2
purpose of developing qualified fuels from
3
nonconventional sources (within the mean-
4
ing of section 29).’’.
5
(b) E
FFECTIVE
D
ATE
.—The amendments made by this
6
section shall apply to taxable years beginning after the date
7
of the enactment of this Act.
8
TITLE XXV—ADDITIONAL
9
PROVISIONS
10
SEC. 2501. EXTENSION OF ACCELERATED DEPRECIATION
11
AND WAGE CREDIT BENEFITS ON INDIAN RES-
12
ERVATIONS.
13
(a) S
PECIAL
R
ECOVERY
P
ERIOD FOR
P
ROPERTY ON
14
I
NDIAN
R
ESERVATIONS
.—Section 168(j)(8) (relating to ter-
15
mination), as amended by section 613(b) of the Job Cre-
16
ation and Worker Assistance Act of 2002, is amended by
17
striking ‘‘2004’’ and inserting ‘‘2005’’.
18
(b) I
NDIAN
E
MPLOYMENT
C
REDIT
.—Section 45A(f)
19
(relating to termination), as amended by section 613(a) of
20
the Job Creation and Worker Assistance Act of 2002, is
21
amended by striking ‘‘2004’’ and inserting ‘‘2005’’.
22
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SEC. 2502. STUDY OF EFFECTIVENESS OF CERTAIN PROVI-
1
SIONS BY GAO.
2
(a) S
TUDY
.—The Comptroller General of the United
3
States shall undertake an ongoing analysis of—
4
(1) the effectiveness of the alternative motor vehi-
5
cles and fuel incentives provisions under title II and
6
the conservation and energy efficiency provisions
7
under title III, and
8
(2) the recipients of the tax benefits contained in
9
such provisions, including an identification of such
10
recipients by income and other appropriate measure-
11
ments.
12
Such analysis shall quantify the effectiveness of such provi-
13
sions by examining and comparing the Federal Govern-
14
ment’s forgone revenue to the aggregate amount of energy
15
actually conserved and tangible environmental benefits
16
gained as a result of such provisions.
17
(b) R
EPORTS
.—The Comptroller General of the United
18
States shall report the analysis required under subsection
19
(a) to Congress not later than December 31, 2002, and an-
20
nually thereafter.
21
SEC. 2503. CREDIT FOR PRODUCTION OF ALASKA NATURAL
22
GAS.
23
(a) I
N
G
ENERAL
.—Subpart D of part IV of subchapter
24
A of chapter 1 (relating to business related credits), as
25
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amended by this Act, is amended by adding at the end the
1
following new section:
2
‘‘SEC. 45M. ALASKA NATURAL GAS.
3
‘‘(a) I
N
G
ENERAL
.—For purposes of section 38, the
4
Alaska natural gas credit of any taxpayer for any taxable
5
year is the credit amount per 1,000,000 Btu of Alaska nat-
6
ural gas entering any intake or tie-in point which was de-
7
rived from an area of the State of Alaska lying north of
8
64 degrees North latitude, which is attributable to the tax-
9
payer and sold by or on behalf of the taxpayer to an unre-
10
lated person during such taxable year (within the meaning
11
of section 45).
12
‘‘(b) C
REDIT
A
MOUNT
.—For purposes of this section—
13
‘‘(1) I
N
GENERAL
.—The credit amount per
14
1,000,000 Btu of Alaska natural gas entering any in-
15
take or tie-in point which was derived from an area
16
of the State of Alaska lying north of 64 degrees North
17
latitude (determined in United States dollars), is the
18
excess of—
19
‘‘(A) $3.25, over
20
‘‘(B) the average monthly price at the
21
AECO C Hub in Alberta, Canada, for Alaska
22
natural gas for the month in which occurs the
23
date of such entering.
24
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‘‘(2) I
NFLATION ADJUSTMENT
.—In the case of
1
any taxable year beginning in a calendar year after
2
the first calendar year ending after the date described
3
in subsection (g)(1), the dollar amount contained in
4
paragraph (1)(A) shall be increased to an amount
5
equal to such dollar amount multiplied by the infla-
6
tion adjustment factor for such calendar year (deter-
7
mined under section 43(b)(3)(B) by substituting ‘the
8
calendar year ending before the date described in sec-
9
tion 45M(g)(1)’ for ‘1990’).
10
‘‘(c) A
LASKA
N
ATURAL
G
AS
.—For purposes of this sec-
11
tion, the term ‘Alaska natural gas’ means natural gas enter-
12
ing any intake or tie-in point which was derived from an
13
area of the State of Alaska lying north of 64 degrees North
14
latitude produced in compliance with the applicable State
15
and Federal pollution prevention, control, and permit re-
16
quirements from the area generally known as the North
17
Slope of Alaska (including the continental shelf thereof
18
within the meaning of section 638(l)), determined without
19
regard to the area of the Alaska National Wildlife Refuge
20
(including the continental shelf thereof within the meaning
21
of section 638(l)).
22
‘‘(d) R
ECAPTURE
.—
23
‘‘(1) I
N
GENERAL
.—With respect to each
24
1,000,000 Btu of Alaska natural gas entering any in-
25
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HR 6 EAS1S/PP
take or tie-in point which was derived from an area
1
of the State of Alaska lying north of 64 degrees North
2
latitude after the date which is 3 years after the date
3
described in subsection (g)(1), if the average monthly
4
price described in subsection (b)(1)(B) exceeds 150
5
percent of the amount described in subsection
6
(b)(1)(A) for the month in which occurs the date of
7
such entering, the taxpayer’s tax under this chapter
8
for the taxable year shall be increased by an amount
9
equal to the lesser of—
10
‘‘(A) such excess, or
11
‘‘(B) the aggregate decrease in the credits
12
allowed under section 38 for all prior taxable
13
years which would have resulted if the Alaska
14
natural gas credit received by the taxpayer for
15
such years had been zero.
16
‘‘(2) S
PECIAL RULES
.—
17
‘‘(A) T
AX BENEFIT RULE
.—The tax for the
18
taxable year shall be increased under paragraph
19
(1) only with respect to credits allowed by reason
20
of this section which were used to reduce tax li-
21
ability. In the case of credits not so used to re-
22
duce tax liability, the carryforwards and
23
carrybacks under section 39 shall be appro-
24
priately adjusted.
25
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HR 6 EAS1S/PP
‘‘(B) N
O CREDITS AGAINST TAX
.—Any in-
1
crease in tax under this subsection shall not be
2
treated as a tax imposed by this chapter for pur-
3
poses of determining the amount of any credit
4
under this chapter or for purposes of section 55.
5
‘‘(e) A
PPLICATION OF
R
ULES
.—For purposes of this
6
section, rules similar to the rules of paragraphs (3), (4),
7
and (5) of section 45(d) shall apply.
8
‘‘(f) N
O
D
OUBLE
B
ENEFIT
.—The amount of any de-
9
duction or other credit allowable under this chapter for any
10
fuel taken into account in computing the amount of the
11
credit determined under subsection (a) shall be reduced by
12
the amount of such credit attributable to such fuel.
13
‘‘(g) A
PPLICATION OF
S
ECTION
.—This section shall
14
apply to Alaska natural gas entering any intake or tie-in
15
point which was derived from an area of the State of Alaska
16
lying north of 64 degrees North latitude for the period—
17
‘‘(1) beginning with the later of—
18
‘‘(A) January 1, 2010, or
19
‘‘(B) the initial date for the interstate
20
transportation of such Alaska natural gas, and
21
‘‘(2) except with respect to subsection (d), ending
22
with the date which is 15 years after the date de-
23
scribed in paragraph (1).’’.
24
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(b) C
REDIT
T
REATED AS
B
USINESS
C
REDIT
.—Section
1
38(b), as amended by this Act, is amended by striking
2
‘‘plus’’ at the end of paragraph (22), by striking the period
3
at the end of paragraph (23) and inserting ‘‘, plus’’, and
4
by adding at the end the following new paragraph:
5
‘‘(24) The Alaska natural gas credit determined
6
under section 45M(a).’’.
7
(c) A
LLOWING
C
REDIT
A
GAINST
E
NTIRE
R
EGULAR
8
T
AX AND
M
INIMUM
T
AX
.—
9
(1) I
N GENERAL
.—Subsection (c) of section 38
10
(relating to limitation based on amount of tax), as
11
amended by this Act, is amended by redesignating
12
paragraph (5) as paragraph (6) and by inserting
13
after paragraph (4) the following new paragraph:
14
‘‘(5) S
PECIAL RULES FOR ALASKA NATURAL GAS
15
CREDIT
.—
16
‘‘(A) I
N GENERAL
.—In the case of the Alas-
17
ka natural gas credit—
18
‘‘(i) this section and section 39 shall be
19
applied separately with respect to the cred-
20
it, and
21
‘‘(ii) in applying paragraph (1) to the
22
credit—
23
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‘‘(I) the amounts in subpara-
1
graphs (A) and (B) thereof shall be
2
treated as being zero, and
3
‘‘(II) the limitation under para-
4
graph (1) (as modified by subclause
5
(I)) shall be reduced by the credit al-
6
lowed under subsection (a) for the tax-
7
able year (other than the Alaska nat-
8
ural gas credit).
9
‘‘(B) A
LASKA
N
ATURAL
G
AS
C
REDIT
.—For
10
purposes of this subsection, the term ‘Alaska nat-
11
ural gas credit’ means the credit allowable under
12
subsection (a) by reason of section 45M(a).’’.
13
(2) C
ONFORMING AMENDMENTS
.—Subclause (II)
14
of section 38(c)(2)(A)(ii), as amended by this Act,
15
subclause (II) of section 38(c)(3)(A)(ii), as amended
16
by
this
Act,
and
subclause
(II)
of
section
17
38(c)(4)(A)(ii), as added by this Act, are each amend-
18
ed by inserting ‘‘or the Alaska natural gas credit’’
19
after ‘‘producer credit’’.
20
(d) C
LERICAL
A
MENDMENT
.—The table of sections for
21
subpart D of part IV of subchapter A of chapter 1, as
22
amended by this Act, is amended by adding at the end the
23
following new item:
24
‘‘Sec. 45M. Alaska natural gas.’’.
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