TRANSALASKA PIPELINE LIABILITY FUND INCOME TAX CREDIT.

SEC. 1922. TRANSALASKA PIPELINE LIABILITY FUND INCOME TAX CREDIT. (a) In General.— Section 4612 is amended by redesignating subsection (e) as subsection (f) and by inserting after subsection (d) the following new subsection: “(e) Income Tax Credit For Unused Payments Into Trans-Alaska Pipeline Liability Fund.— “(1) In general.— For purposes of section 38, the current year business credit shall include the credit determined under this subsection. “(2) Determination of credit.— “(A) In general.— The credit determined under this subsection for any taxable year is an amount equal to the aggregate credit which would be allowed to the taxpayer under subsection (d) for amounts paid into the Trans-Alaska Pipeline Liability Fund had the Oil Spill Liability Trust Fund financing rate not ceased to apply. “(B) Limitation.— “(i) In general.— The amount of the credit determined under this subsection for any taxable year with respect to any taxpayer shall not exceed the excess of— “(I) the amount determined under clause (ii), over “(II) the aggregate amount of the credit determined under this subsection for prior taxable years with respect to such taxpayer. “(ii) Overall limitation.— The amount determined under this clause with respect to any taxpayer is the excess of— “(I) the aggregate amount of credit which would have been allowed under subsection (d) to the taxpayer for periods before the termination date specified in section 4611(f)(1), if amounts in the Trans-Alaska Pipeline Liability Fund which are actually transferred into the Oil Spill Liability Fund were transferred on January 1, 1990, and 106 STAT. 3029the Oil Spill Liability Trust Fund financing rate did not terminate before such termination date, over “(II) the aggregate amount of the credit allowed under subsection (d) to the taxpayer. “(3) Cost of income tax credit borne by trust fund.— “(A) In general.— The Secretary shall from time to time transfer from the Oil Spill Liability Trust Fund to the general fund of the Treasury amounts equal to the credits allowed by reason of this subsection. “(B) Trust fund balance may not be reduced below $1,000,000,000.— Transfers may be made under subparagraph (A) only to the extent that the unobligated balance of the Oil Spill Liability Trust Fund exceeds $1,000,000,000. If any transfer is not made by reason of the preceding sentence, such transfer shall be made as soon as permitted under such sentence. “(4) No carryback.— No portion of the unused business credit for any taxable year which is attributable to the credit determined under this subsection may be carried to a taxable year beginning on or before the date of the enactment of this paragraph.”. (b) Effective Date.— The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.