ning on the date of the enactment of this Act. If the 
determination under the preceding sentence is that 
2005 is a cut-off year under section 220(i) of such 
Code, the cut-off date under such section 220(i) 
shall be the last day of such 120-day period. 
SEC. 218. TAXABLE INCOME LIMIT ON PERCENTAGE DEPLE-
TION FOR OIL AND NATURAL GAS PRODUCED 
FROM MARGINAL PROPERTIES. 
(a) IN GENERAL.—Section 613A(c)(6)(H) is amend-
ed by striking ‘‘2006’’ and inserting ‘‘2008’’. 
(b) EFFECTIVE DATE.—The amendment made by 
subsection (a) shall apply to taxable years beginning after 
December 31, 2005. 
SEC. 219. AMERICAN SAMOA ECONOMIC DEVELOPMENT 
CREDIT. 
(a) IN GENERAL.—For purposes of section 30A of 
the Internal Revenue Code of 1986, a domestic corpora-
tion shall be treated as a qualified domestic corporation 
to which such section applies if such corporation—
(1) is an existing credit claimant with respect 
to American Samoa, and 
(2) elected the application of section 936 of the 
Internal Revenue Code of 1986 for its last taxable 
year beginning before January 1, 2006.
(b) SPECIAL RULES
FOR APPLICATION
OF SEC-
TION.—The following rules shall apply in applying section 
30A of the Internal Revenue Code of 1986 for purposes 
of this section: 
(1) AMOUNT OF CREDIT.—Notwithstanding sec-
tion 30A(a)(1) of such Code, the amount of the 
credit determined under section 30A(a)(1) of such 
Code for any taxable year shall be the amount deter-
mined under section 30A(d) of such Code, except 
that section 30A(d) shall be applied without regard 
to paragraph (3) thereof. 
(2) SEPARATE APPLICATION.—In applying sec-
tion 30A(a)(3) of such Code in the case of a cor-
poration treated as a qualified domestic corporation 
by reason of this section, section 30A of such Code 
(and so much of section 936 of such Code as relates 
to such section 30A) shall be applied separately with 
respect to American Samoa. 
(3) FOREIGN TAX CREDIT ALLOWED.—Notwith-
standing section 30A(e) of such Code, the provisions 
of section 936(c) of such Code shall not apply with 
respect to the credit allowed by reason of this sec-
tion. 
(c) DEFINITIONS.—For purposes of this section, any 
term which is used in this section which is also used in
section 30A or 936 of such Code shall have the same 
meaning given such term by such section 30A or 936. 
(d) APPLICATION
OF SECTION.—Notwithstanding 
section 30A(h) or section 936(j) of such Code, this section 
(and so much of section 30A and section 936 of such Code 
as relates to this section) shall apply to the first two tax-
able years of a corporation to which subsection (a) applies 
which begin after December 31, 2005, and before January 
1, 2008. 
SEC. 220. RESTRUCTURING OF NEW YORK LIBERTY ZONE 
TAX CREDITS. 
(a) IN GENERAL.—Part I of subchapter Y of chapter 
1 is amended by redesignating section 1400L as 1400K 
and by adding at the end the following new section: 
‘‘SEC. 1400L. NEW YORK LIBERTY ZONE TAX CREDITS. 
‘‘(a) IN GENERAL.—In the case of a New York Lib-
erty Zone governmental unit, there shall be allowed as a 
credit against any taxes imposed for any payroll period 
by section 3402 for which such governmental unit is liable 
under section 3403 an amount equal to so much of the 
portion of the qualifying project expenditure amount allo-
cated under subsection (b)(3) to such governmental unit 
for the calendar year as is allocated by such governmental 
unit to such period under subsection (b)(4).