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than 4 inches measured diagonally, or a central
processing unit),
generated by an individual or business and which has
been separated from solid waste for the purposes of
collection and recycling.
‘‘(3) PROCESSING.—The term ‘processing’ means
the preparation of qualified recyclable materials into
feedstock for use in manufacturing tangible consumer
products.
‘‘(d) AMOUNT PAID OR INCURRED.—For purposes of
this section—
‘‘(1) IN GENERAL.—The term ‘amount paid or
incurred’ includes installation costs.
‘‘(2) LEASE PAYMENTS.—In the case of the leas-
ing of qualified recycling equipment by the taxpayer,
the term ‘amount paid or incurred’ means the
amount of the lease payments due to be paid during
the term of the lease occurring during the taxable year
other than such portion of such lease payments attrib-
utable to interest, insurance, and taxes.
‘‘(3) 
GRANTS, 
ETC. 
EXCLUDED.—The 
term
‘amount paid or incurred’ shall not include any
amount to the extent such amount is funded by any
grant, contract, or otherwise by another person (or
any governmental entity).
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‘‘(e) OTHER TAX DEDUCTIONS AND CREDITS AVAIL-
ABLE FOR PORTION OF COST NOT TAKEN INTO ACCOUNT
FOR CREDIT UNDER THIS SECTION.—No deduction or
other credit under this chapter shall be allowed with respect
to the amount of the credit determined under this section.
‘‘(f) BASIS ADJUSTMENTS.—For purposes of this sub-
title, if a credit is allowed under this section for any
amount paid or incurred with respect to any property, the
increase in the basis of such property which would (but for
this subsection) result from such expenditure shall be re-
duced by the amount of the credit so allowed.’’.
(b) CONFORMING AMENDMENTS.—
(1) CREDIT MADE PART OF GENERAL BUSINESS
CREDIT.—Subsection (b) of section 38, as amended by
this Act, is amended by striking ‘‘plus’’ at the end of
paragraph (21), by striking the period at the end of
paragraph (22) and inserting ‘‘, plus’’, and by add-
ing at the end the following new paragraph:
‘‘(23) the qualified recycling equipment credit
determined under section 45M(a).’’.
(2) Subsection (a) of section 1016, as amended
by this Act, is amended by striking ‘‘and’’ at the end
of paragraph (37), by striking the period at the end
of paragraph (38) and inserting ‘‘; and’’, and by add-
ing at the end the following new paragraph:
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‘‘(39) to the extent provided in section 45M(f), in
the case of amounts with respect to which a credit has
been allowed under section 45M.’’.
(3) The table of sections for subpart D of part
IV of subchapter A of chapter 1, as amended by this
Act, is amended by inserting after the item relating
to section 45L the following new item:
‘‘Sec. 45M. Credit for qualified recycling equipment.’’.
(c) EFFECTIVE DATE.—The amendments made by this
section shall apply to taxable years beginning after Decem-
ber 31, 2005.
SEC. 1546. 5-YEAR NET OPERATING LOSS CARRYOVER IF
ANY RESULTING REFUND IS USED FOR ELEC-
TRIC TRANSMISSION EQUIPMENT.
(a) IN GENERAL.—Paragraph (1) of section 172(b)
(relating to net operating loss carrybacks and carryovers)
is amended by adding at the end the following new subpara-
graph:
‘‘(I) 
TRANSMISSION
PROPERTY
INVEST-
MENT.—
‘‘(i) IN GENERAL.—In the case of a net
operating loss in a taxable year ending
after December 31, 2002, and before Janu-
ary 1, 2006, there shall be a net operating
loss carryback to each of the 5 years pre-
ceding the taxable year of such loss to the
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extent that any refund resulting from such
carryback is used for electric transmission
property capital expenditures or pollution
control facility capital expenditures.
‘‘(ii) REFUND CLAIM.—Any refund re-
sulting from the application of clause (i)
may be claimed by the taxpayer during any
taxable year ending after December 31,
2005, and before January 1, 2009, except
that the portion of such refund which may
be claimed during any taxable year shall
not exceed the sum of the taxpayer’s electric
transmission property capital expenditures
and pollution control facility capital ex-
penditures made in the preceding taxable
year.
‘‘(iii) CARRYOVER
OF
EXCESS
RE-
FUNDS.—Any portion of such refund that
exceeds the sum of the taxpayer’s electric
transmission property capital expenditures
and pollution control facility capital ex-
penditures made during the preceding tax-
able year shall, subject to clause (ii), be con-
sidered a refund due to the taxpayer and
claimed in the succeeding taxable year if
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such taxable year begins before January 1,
2009.
‘‘(iv) DEFINITIONS.—For purposes of
this subparagraph—
‘‘(I) 
ELECTRIC
TRANSMISSION
PROPERTY CAPITAL EXPENDITURES.—
The term ‘electric transmission prop-
erty capital expenditures’ means any
expenditure, chargeable to capital ac-
count, made by the taxpayer which is
attributable to electric transmission
property used in the transmission at
69 or more kilovolts of electricity for
sale.
‘‘(II) POLLUTION CONTROL FACIL-
ITY
CAPITAL
EXPENDITURES.—The
term ‘pollution control facility capital
expenditures’ means any expenditure,
chargeable to capital account, made by
an electric utility company (as defined
in section 2(3) of the Public Utility
Holding Company Act (15 U.S.C.
79b(3)) which is attributable to a facil-
ity which will qualify as a certified
pollution control facility as determined
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under section 169(d)(1) by striking ‘be-
fore January 1, 1976,’ and by sub-
stituting ‘an identifiable’ for ‘a new
identifiable’.’’
(b) ELECTION TO DISREGARD CARRYBACK.—Section
172(j) (relating to disregard 5-year carryback for certain
net operating losses) is amended by inserting ‘‘or (b)(1)(I)’’
after ‘‘(b)(1)(H)’’ both places it appears.
(c) APPLICATION.—In the case of a net operating loss
described in section 172(b)(1)(I) of the Internal Revenue
Code of 1986 (as added by subsection (a)) for a taxable year
ending in 2003, 2004, or 2005, any election made under
section 172(j) of such Code (as amended by subsection (b))
shall be treated as timely made if made before January 1,
2009.
SEC. 1547. CREDIT FOR QUALIFYING POLLUTION CONTROL
EQUIPMENT.
(a) ALLOWANCE OF QUALIFYING POLLUTION CONTROL
EQUIPMENT CREDIT.—Section 46 (relating to amount of
credit), as amended by this Act, is amended by striking
‘‘and’’ at the end of paragraph (4), by striking the period
at the end of paragraph (5) and inserting ‘‘, and’’, and
by adding at the end the following new paragraph:
‘‘(6) the qualifying pollution control equipment
credit.’’.
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(b) AMOUNT
OF QUALIFYING POLLUTION CONTROL
EQUIPMENT CREDIT.—Subpart E of part IV of subchapter
A of chapter 1 (relating to rules for computing investment
credit), as amended by this Act, is amended by inserting
after section 48C the following new section:
‘‘SEC. 48D. QUALIFYING POLLUTION CONTROL EQUIPMENT
CREDIT.
‘‘(a) IN GENERAL.—For purposes of section 46, the
qualifying pollution control equipment credit for any tax-
able year is an amount equal to 15 percent of the basis
of the qualifying pollution control equipment placed in
service at a qualifying facility during such taxable year.
‘‘(b) 
QUALIFYING
POLLUTION
CONTROL
EQUIP-
MENT.—For purposes of this section, the term ‘qualifying
pollution control equipment’ means any technology in-
stalled in or on a qualifying facility to reduce air emissions
of any pollutant regulated by the Environmental Protection
Agency under the Clean Air Act, including thermal
oxidizers, regenerative thermal oxidizers, scrubber systems,
evaporative control systems, vapor recovery systems, flair
systems, bag houses, cyclones, continuous emissions moni-
toring systems, and low nitric oxide burners.
‘‘(c) QUALIFYING FACILITY.—For purposes of this sec-
tion, the term ‘qualifying facility’ means any facility which
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produces not less than 1,000,000 gallons of ethanol during
the taxable year.
‘‘(d) SPECIAL RULE FOR CERTAIN SUBSIDIZED PROP-
ERTY.—Rules similar to section 48(a)(4) shall apply for
purposes of this section.
‘‘(e) CERTAIN QUALIFIED PROGRESS EXPENDITURES
RULES MADE APPLICABLE.—Rules similar to the rules of
subsections (c)(4) and (d) of section 46 (as in effect on the
day before the enactment of the Revenue Reconciliation Act
of 1990) shall apply for purposes of this subsection.’’.
(c) RECAPTURE OF CREDIT WHERE EMISSIONS RE-
DUCTION OFFSET IS SOLD.—Paragraph (1) of section 50(a)
is amended by redesignating subparagraph (B) as subpara-
graph (C) and by inserting after subparagraph (A) the fol-
lowing new subparagraph:
‘‘(B) SPECIAL RULE FOR QUALIFYING POL-
LUTION CONTROL EQUIPMENT.—For purposes of
subparagraph (A), any investment property
which is qualifying pollution control equipment
(as defined in section 48D(b)) shall cease to be
investment credit property with respect to a tax-
payer if such taxpayer receives a payment in ex-
change for a credit for emission reductions at-
tributable to such qualifying pollution control
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equipment for purposes of an offset requirement
under part D of title I of the Clean Air Act.’’.
(d) SPECIAL RULE FOR BASIS REDUCTION; RECAP-
TURE OF CREDIT.—Paragraph (3) of section 50(c) (relating
to basis adjustment to investment credit property), as
amended by this Act, is amended by inserting ‘‘or quali-
fying pollution control equipment credit’’ after ‘‘energy
credit’’.
(e) CONFORMING AMENDMENTS.—
(1) Section 49(a)(1)(C), as amended by this Act,
is amended by striking ‘‘and’’ at the end of clause
(iv), by striking the period at the end of clause (v)
and inserting ‘‘, and’’, and by adding at the end the
following new clause:
‘‘(vi) the basis of any qualifying pollu-
tion control equipment.’’
(2) The table of sections for subpart E of part IV
of subchapter A of chapter 1, as amended by this Act,
is amended by inserting after the item relating to sec-
tion 48C the following new item:
‘‘48D. Qualifying pollution control equipment.’’.
(f) EFFECTIVE DATE.—The amendments made by this
section shall apply to periods after the date of the enactment
of this Act, in taxable years ending after such date, under
rules similar to the rules of section 48(m) of the Internal
Revenue Code of 1986 (as in effect on the day before the
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date of the enactment of the Revenue Reconciliation Act of
1990).
SEC. 1548. CREDIT FOR PRODUCTION OF COAL OWNED BY
INDIAN TRIBES.
(a) IN GENERAL.—Subpart D of part IV of subchapter
A of chapter 1 (relating to business-related credits), as
amended by this Act, is amended by adding at the end the
following new section:
‘‘SEC. 45N. CREDIT FOR PRODUCTION OF COAL OWNED BY
INDIAN TRIBES.
‘‘(a) ALLOWANCE OF CREDIT.—For purposes of section
38, the Indian coal production credit determined under this
section for the taxable year is an amount equal to the prod-
uct of—
‘‘(1) the applicable dollar amount for the cal-
endar year in which the taxable year begins, and
‘‘(2) the number of tons of Indian coal—
‘‘(A) the production of which is attributable
to the taxpayer (determined under rules similar
to the rules under section 29(d)(3)), and
‘‘(B) which is sold by the taxpayer to an
unrelated person during the taxable year.
‘‘(b) INDIAN COAL.—For purposes of this section—
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‘‘(1) IN
GENERAL.—The term ‘Indian coal’
means coal which is produced from coal reserves
which, on June 14, 2005—
‘‘(A) were owned by an Indian tribe, or
‘‘(B) were held in trust by the United States
for the benefit of an Indian tribe or its members.
‘‘(2) INDIAN TRIBE.—For purposes of this sub-
section, the term ‘Indian tribe’ has the meaning given
such term by section 7871(c)(3)(E)(ii).
‘‘(c) OTHER TERMS.—For purposes of this section—
‘‘(1) APPLICABLE DOLLAR AMOUNT.—
‘‘(A) IN
GENERAL.—The term ‘applicable
dollar amount’ means—
‘‘(i) $1.50 in the case of calendar years
2006 through 2009, and
‘‘(ii) $2.00 in the case of calendar
years beginning after 2009.
‘‘(B) INFLATION ADJUSTMENT.—In the case
of any calendar year after 2006, each of the dol-
lar amounts under subparagraph (A) shall be
equal to the product of such dollar amount and
the inflation adjustment factor determined under
section 45(e)(2)(B) for the calendar year, except
that such section shall be applied by substituting
‘2005’ for ‘1992’.
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‘‘(2) UNRELATED PERSON.—The term ‘unrelated
person’ has the same meaning as when such term is
used in section 45.
‘‘(d) TERMINATION.—This section shall not apply to
sales after December 31, 2012.’’
(b) CREDIT MADE PART
OF GENERAL BUSINESS
CREDIT.—Subsection (b) of section 38, as amended by this
Act, is amended by striking ‘‘plus’’ at the end of paragraph
(22), by striking the period at the end of paragraph (23)
and inserting ‘‘, plus’’, and by adding at the end the fol-
lowing new paragraph:
‘‘(24) the Indian coal production credit deter-
mined under section 45N(a).’’.
(c) ALLOWANCE AGAINST MINIMUM TAX.—Section
38(c)(4) (relating to specified credits) is amended by strik-
ing the period at the end of clause (ii) and inserting ‘‘,
or’’ and by adding at the end the following:
‘‘(iii) the credit determined under sec-
tion 45N.’’.
(d) EFFECTIVE DATE.—The amendments made by this
section shall apply to sales after December 31, 2005.
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SEC. 1549. CREDIT FOR REPLACEMENT STOVES MEETING
ENVIRONMENTAL STANDARDS IN NON-AT-
TAINMENT AREAS.
(a) IN GENERAL.—Subpart A of part IV of subchapter
A of chapter 1 (relating to nonrefundable personal credits),
as amended by this Act, is amended by inserting after sec-
tion 25D the following new section:
‘‘SEC. 25E. REPLACEMENT STOVES IN AREAS WITH POOR
AIR QUALITY.
‘‘(a) ALLOWANCE OF CREDIT.—In the case of an indi-
vidual, there shall be allowed as a credit against the tax
imposed by this chapter for the taxable year an amount
equal to the lesser—
‘‘(1) the qualified stove replacement expenditures
of the taxpayer for the taxable year, or
‘‘(2) $500 multiplied by the number of non-
compliant wood stoves replaced by the taxpayer dur-
ing the taxable year.
‘‘(b) QUALIFIED
STOVE
REPLACEMENT
EXPENDI-
TURES.—For purposes of this section—
‘‘(1) IN GENERAL.—The term ‘qualified stove re-
placement expenditures’ means expenditures made by
the taxpayer for the installation of a compliant stove
which—
‘‘(A) is installed in a dwelling unit which—
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‘‘(i) is located in the United States in
an area which, at the time of the installa-
tion, is designated by the Environmental
Protection Agency as a non-attainment
area for particulate matter less than 2.5
micrometers in diameter or a non-attain-
ment area for particulate matter less than
10 micrometers in diameter, and
‘‘(ii) is used as a residence, and
‘‘(B) replaces a noncompliant wood stove
used in the dwelling unit.
Such term includes expenditures for labor costs prop-
erly allocable to the onsite preparation, assembly, or
original installation of the compliant stove.
‘‘(2) COMPLIANT STOVE.—The term ‘compliant
stove’ means a solid fuel burning stove which meets
the requirements set forth in the ‘Standards of Per-
formance for Residential Wood Heaters’ issued by the
Environmental Protection Agency.
‘‘(3) NONCOMPLIANT
WOOD
STOVE.—The term
‘noncompliant wood stove’ means any wood stove
other than a compliant stove.
‘‘(c) OTHER RULES.—Rules similar to the rules of
paragraphs (3) and (4) of section 25C(d) shall apply for
purposes of this section.
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‘‘(d) BASIS ADJUSTMENT.—If an expenditure to which
this section applies results in an increase in basis in any
property, the increase shall be reduced by the amount of
the credit allowed under this section with respect to the ex-
penditure.
‘‘(e) TERMINATION.—This section shall not apply to
expenditures made after December 31, 2008.’’
(b) CONFORMING AMENDMENTS.—
(1) Subsection (a) of section 1016, as amended
by this Act, is amended by striking ‘‘and’’ at the end
of paragraph (38), by striking the period at the end
of paragraph (39) and inserting ‘‘, and’’, and by add-
ing at the end the following new paragraph:
‘‘(40) to the extent provided in section 25E(e), in
the case of amounts with respect to which a credit has
been allowed under section 25E.’’.
(2) The table of sections for subpart A of part IV
of subchapter A of chapter 1, as amended by this Act,
is amended by inserting after the item relating to sec-
tion 25D the following new item:
‘‘Sec. 25E. Replacement stoves in areas with poor air quality.’’.
(c) EFFECTIVE DATES.—The amendments made by
this section shall apply to expenditures for stoves purchased
after the date of the enactment of this Act.
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SEC. 1550. EXEMPTION FOR EQUIPMENT FOR TRANS-
PORTING BULK BEDS OF FARM CROPS FROM
EXCISE TAX ON RETAIL SALE OF HEAVY
TRUCKS AND TRAILERS.
(a) IN GENERAL.—Section 4053 of the Internal Rev-
enue Code of 1986 (relating to exemptions) is amended by
adding at the end the following new paragraph:
‘‘(9) BULK
BEDS
FOR
TRANSPORTING
FARM
CROPS.—Any box, container, receptacle, bin, or other
similar article the length of which does not exceed 26
feet, which is mounted or placed on an automobile
truck, and which is sold to a person who certifies to
the seller that—
‘‘(A) such person is actively engaged in the
trade or business of farming, and
‘‘(B) the primary use of the article is to
haul to farms (and on farms) farm crops grown
in connection with such trade or business.’’.
(b) RECAPTURE
OF TAX UPON RESALE
OR NON-
EXEMPT USE.—Section 4052 (relating to definitions and
special rules) is amended by redesignating subsection (g)
as subsection (h) and by inserting after subsection (f) the
following new subsection:
‘‘(g) IMPOSITION OF TAX ON SALES, ETC., WITHIN 2
YEARS OF BULK BEDS FOR TRANSPORTING FARM CROPS
PURCHASED TAX-FREE.—
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‘‘(1) IN GENERAL.—If—
‘‘(A) no tax was imposed under section
4051 on the first retail sale of any article de-
scribed in section 4053(9) by reason of its ex-
empt use, and
‘‘(B) within 2 years after the date of such
first retail sale, such article is resold by the pur-
chaser or such purchaser makes a substantial
nonexempt use of such article,
then such sale or use of such article by such purchaser
shall be treated as the first retail sale of such article
for a price equal to its fair market value at the time
of such sale or use.
‘‘(2) EXEMPT USE.—For purposes of this sub-
section, the term ‘exempt use’ means any use of an
article described in section 4053(9) if the first retail
sale of such article is not taxable under section 4051
by reason of such use.’’.
(c) EFFECTIVE DATE.—The amendments made by this
section shall apply to sales after September 30, 2005.
SEC. 1551. NATIONAL ACADEMY OF SCIENCES STUDY AND
REPORT.
(a) STUDY.—Not later than 60 days after the date of
the enactment of this Act, the Secretary of the Treasury
shall enter into an agreement with the National Academy
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of Sciences under which the National Academy of Sciences
shall conduct a study to define and evaluate the health, en-
vironmental, security, and infrastructure external costs and
benefits associated with the production and consumption of
energy that are not or may not be fully incorporated into
the market price of such energy, or into the Federal tax
or fee or other applicable revenue measure related to such
production or consumption.
(b) REPORT.—Not later than 2 years after the date
on which the agreement under subsection (a) is entered into,
the National Academy of Sciences shall submit to Congress
a report on the study conducted under subsection (a).
SEC. 1552. INCOME TAX EXCLUSION FOR CERTAIN FUEL
COSTS OF RURAL CARPOOLS.
(a) IN GENERAL.—Section 132(f)(1) of the Internal
Revenue Code of 1986 (defining qualified transportation
fringe) is amended by adding at the end the following new
subparagraph:
‘‘(D) Fuel expenses for a highway vehicle of
any employee who meets the rural carpool re-
quirements of paragraph (8).’’.
(b) LIMITATION ON EXCLUSION.—Section 132(f)(2) of
such Code (relating to limitation on exclusion) is amended
by striking ‘‘and’’ at the end of subparagraph (A), by strik-
ing the period at the end of subparagraph (B) and inserting
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‘‘, and’’, and by adding at the end the following new sub-
paragraph:
‘‘(C) $50 per month in the case of the ben-
efit described in subparagraph (D).’’.
(c) RURAL CARPOOL REQUIREMENTS.—Section 132(f)
of such Code is amended by adding at the end the following
new paragraph:
‘‘(8) REQUIREMENTS FOR EMPLOYEES PARTICI-
PATING IN RURAL CARPOOLS.—
‘‘(A) IN
GENERAL.—The requirements of
this paragraph are met if an employee—
‘‘(i) is an employee of an employer de-
scribed in subparagraph (B),
‘‘(ii) certifies to such employer that—
‘‘(I) such employee resides in a
rural area (as defined by the Bureau of
the Census),
‘‘(II) such employee is not eligible
to claim any qualified transportation
fringe described in subparagraph (A)
or (B) of paragraph (1) if provided by
such employer,
‘‘(III) such employee uses the em-
ployee’s highway vehicle when trav-
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eling between the employee’s residence
and place of employment, and
‘‘(IV) for at least 75 percent of the
total mileage of such travel, the em-
ployee is accompanied by 1 or more
employees of such employer, and
‘‘(iii) agrees to notify such employer
when any subclause of clause (ii) no longer
applies.
‘‘(B) EMPLOYER DESCRIBED.—An employer
is described in this subparagraph if the business
premises of such employer which serve as the
place of employment of the employee are located
in an area which is not accessible by a transit
system designed primarily to provide daily work
trips within a local commuting area.’’.
(d) NO EXCLUSION FOR EMPLOYMENT TAXES.—Sec-
tion 3121(a)(20) of such Code (defining wages) is amended
by inserting ‘‘(except by reason of subsection (f)(1)(D) there-
of)’’ after ‘‘or 132’’.
(e) EFFECTIVE DATE.—The amendments made by this
section shall apply to expenses incurred on and after the
date of the enactment of this Act and before January 1,
2007.
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SEC. 1553. 3-YEAR APPLICABLE RECOVERY PERIOD FOR DE-
PRECIATION OF QUALIFIED ENERGY MAN-
AGEMENT DEVICES.
(a) IN GENERAL.—Section 168(e)(3)(A) (defining 3-
year property) is amended by striking ‘‘and’’ at the end
of clause (ii), by striking the period at the end of clause
(iii) and inserting ‘‘, and’’, and by adding at the end the
following new clause:
‘‘(iv) any qualified energy manage-
ment device.’’.
(b) DEFINITION OF QUALIFIED ENERGY MANAGEMENT
DEVICE.—Section 168(i) (relating to definitions and spe-
cial rules), as amended by this Act, is amended by inserting
at the end the following new paragraph:
‘‘(18) QUALIFIED
ENERGY
MANAGEMENT
DE-
VICE.—
‘‘(A) IN GENERAL.—The term ‘qualified en-
ergy management device’ means any energy
management device—
‘‘(1) which is placed in service before January 1,
2008, by a taxpayer who is a supplier of electric en-
ergy or a provider of electric energy services,
‘‘(2) the original use of which commences with
the taxpayer, and
‘‘(3) the purchase of which is subject to a bind-
ing contract entered into after June 23, 2005, but
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only if there was no written binding contract entered
into on or before such date.
‘‘(B) ENERGY MANAGEMENT DEVICE.—For
purposes of subparagraph (A), the term ‘energy
management device’ means any meter or meter-
ing device which is used by the taxpayer—
‘‘(i) to measure and record electricity
usage data on a time-differentiated basis in
at least 4 separate time segments per day,
and
‘‘(ii) to provide such data on at least
a monthly basis to both consumers and the
taxpayer.’’.
(c) ALTERNATIVE SYSTEM.—The table contained in
section 168(g)(3)(B) is amended by inserting after the item
relating to subparagraph (A)(iii) the following:
‘‘(A)(iv) ..............................................................................................................
20’’.
(d) EFFECTIVE DATE.—The amendments made by this
section shall apply to property placed in service after De-
cember 31, 2005, in taxable years ending after such date.
SEC. 1554. EXCEPTION FROM VOLUME CAP FOR CERTAIN
COOLING FACILITIES.
(a) IN GENERAL.—Section 146 (relating to volume
cap) is amended by redesignating subsections (i) through
(n) as subsections (j) through (o), respectively, and by in-
serting after subsection (h) the following: