MODIFICATION OF ALCOHOL CREDIT.

SEC. 15331. MODIFICATION OF ALCOHOL CREDIT.(a) Income Tax Credit.—(1) In general.—The table in paragraph (2) of section 40(h) is amended—(A) by striking “through 2010” in the first column and inserting “, 2006, 2007, or 2008”,(B) by striking the period at the end of the third row, and(C) by adding at the end the following new row: “2009 through 201045 cents33.33 cents.”. (2) Exception.—Section 40(h) is amended by adding at the end the following new paragraph:“(3) Reduction delayed until annual production or importation of 7,500,000,000 gallons.—“(A) In general.—In the case of any calendar year beginning after 2008, if the Secretary makes a determination described in subparagraph (B) with respect to all preceding calendar years beginning after 2007, the last row in the table in paragraph (2) shall be applied by substituting ‘51 cents’ for ‘45 cents’.122 STAT. 2278“(B) Determination.—A determination described in this subparagraph with respect to any calendar year is a determination, in consultation with the Administrator of the Environmental Protection Agency, that an amount less than 7,500,000,000 gallons of ethanol (including cellulosic ethanol) has been produced in or imported into the United States in such year.”.(b) Excise Tax Credit.—(1) In general.—Subparagraph (A) of section 6426(b)(2) (relating to alcohol fuel mixture credit) is amended by striking “the applicable amount is 51 cents” and inserting “the applicable amount is—“(i) in the case of calendar years beginning before 2009, 51 cents, and“(ii) in the case of calendar years beginning after 2008, 45 cents.”.(2) Exception.—Paragraph (2) of section 6426(b) is amended by adding at the end the following new subparagraph:“(C) Reduction delayed until annual production or importation of 7,500,000,000 gallons.—In the case of any calendar year beginning after 2008, if the Secretary makes a determination described in section 40(h)(3)(B) with respect to all preceding calendar years beginning after 2007, subparagraph (A)(ii) shall be applied by substituting ‘51 cents’ for ‘45 cents’.”(3) Conforming amendment.—Subparagraph (A) of section 6426(b)(2) is amended by striking “subparagraph (B)” and inserting “subparagraphs (B) and (C)”.(c) Effective Date.—The amendments made by this section shall take effect on the date of the enactment of this Act.