CERTAIN BUSINESS RELATED CREDITS ALLOWED AGAINST REGULAR AND MINIMUM TAX.

SEC. 711. CERTAIN BUSINESS RELATED CREDITS ALLOWED AGAINST REGULAR AND MINIMUM TAX.(a) In General.—Subsection (c) of section 38 (relating to limitation based on amount of tax) is amended by redesignating paragraph (4) as paragraph (5) and by inserting after paragraph (3) the following new paragraph:“(4) Special rules for specified credits.—“(A) In general.—In the case of specified credits—“(i) this section and section 39 shall be applied separately with respect to such credits, and“(ii) in applying paragraph (1) to such credits—“(I) the tentative minimum tax shall be treated as being zero, and“(II) the limitation under paragraph (1) (as modified by subclause (I)) shall be reduced by the 118 STAT. 1558 credit allowed under subsection (a) for the taxable year (other than the specified credits).“(B) Specified credits.—For purposes of this subsection, the term ‘specified credits’ includes—“(i) for taxable years beginning after December 31, 2004, the credit determined under section 40, “(ii) the credit determined under section 45 to the extent that such credit is attributable to electricity or refined coal produced—“(I) at a facility which is originally placed in service after the date of the enactment of this paragraph, and“(II) during the 4-year period beginning on the date that such facility was originally placed in service”.(b) Conforming Amendments.—Paragraph (2)(A)(ii)(II) and (3)(A)(ii)(II) of section 38(c) are each amended by inserting “or the specified credits” after “employee credit”.(c) Effective Date.—Except as otherwise provided, the amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act.