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136 STAT. 2005 PUBLIC LAW 117–169—AUG. 16, 2022 but only with respect to the credit described in subsection (b)(5). ‘‘(C) ELECTION WITH RESPECT TO CREDIT FOR CARBON OXIDE SEQUESTRATION.—If a taxpayer other than an entity described in subparagraph (A) makes an election under this subparagraph with respect to any taxable year in which such taxpayer has, after December 31, 2022, placed in service carbon capture equipment at a qualified facility (as defined in section 45Q(d)), such taxpayer shall be treated as an applicable entity for purposes of this section for such taxable year, but only with respect to the credit described in subsection (b)(3). ‘‘(D) ELECTION WITH RESPECT TO ADVANCED MANUFAC- TURING PRODUCTION CREDIT.— ‘‘(i) IN GENERAL.—If a taxpayer other than an entity described in subparagraph (A) makes an election under this subparagraph with respect to any taxable year in which such taxpayer has, after December 31, 2022, produced eligible components (as defined in sec- tion 45X(c)(1)), such taxpayer shall be treated as an applicable entity for purposes of this section for such taxable year, but only with respect to the credit described in subsection (b)(7). ‘‘(ii) LIMITATION.— ‘‘(I) IN GENERAL.—Except as provided in sub- clause (II), if a taxpayer makes an election under this subparagraph with respect to any taxable year, such taxpayer shall be treated as having made such election for each of the 4 succeeding taxable years ending before January 1, 2033. ‘‘(II) EXCEPTION.—A taxpayer may elect to revoke the application of the election made under this subparagraph to any taxable year described in subclause (I). Any such election, if made, shall apply to the applicable year specified in such elec- tion and each subsequent taxable year within the period described in subclause (I). Any election under this subclause may not be subsequently revoked. ‘‘(iii) PROHIBITION ON TRANSFER.—For any taxable year described in clause (ii)(I), no election may be made by the taxpayer under section 6418(a) for such taxable year with respect to eligible components for purposes of the credit described in subsection (b)(7). ‘‘(E) OTHER RULES.— ‘‘(i) IN GENERAL.—An election made under subpara- graph (B), (C), or (D) shall be made at such time and in such manner as the Secretary may provide. ‘‘(ii) LIMITATION.—No election may be made under subparagraph (B), (C), or (D) with respect to any tax- able year beginning after December 31, 2032. ‘‘(2) APPLICATION.—In the case of any applicable entity which makes the election described in subsection (a), any applicable credit shall be determined— ‘‘(A) without regard to paragraphs (3) and (4)(A)(i) of section 50(b), and Determination. Effective date. VerDate Sep 11 2014 15:35 Oct 25, 2022 Jkt 029139 PO 00169 Frm 00189 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL169.117 PUBL169 jmbennett on LAP3P8D0R2PROD with Publaw