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136 STAT. 2011 PUBLIC LAW 117–169—AUG. 16, 2022 ‘‘(i) separately with respect to each facility for which such credit is determined, and ‘‘(ii) for each taxable year during the 10-year period beginning on the date such facility was originally placed in service (or, in the case of the credit described in clause (iii), for each year during the 12-year period beginning on the date the carbon capture equipment was originally placed in service at such facility). ‘‘(C) EXCEPTION FOR BUSINESS CREDIT CARRYFORWARDS OR CARRYBACKS.—The term ‘eligible credit’ shall not include any business credit carryforward or business credit carryback determined under section 39. ‘‘(2) ELIGIBLE TAXPAYER.—The term ‘eligible taxpayer’ means any taxpayer which is not described in section 6417(d)(1)(A). ‘‘(g) SPECIAL RULES.—For purposes of this section— ‘‘(1) ADDITIONAL INFORMATION.—As a condition of, and prior to, any transfer of any portion of an eligible credit pursuant to subsection (a), the Secretary may require such information (including, in such form or manner as is determined appropriate by the Secretary, such information returns) or registration as the Secretary deems necessary for purposes of preventing duplication, fraud, improper payments, or excessive payments under this section. ‘‘(2) EXCESSIVE CREDIT TRANSFER.— ‘‘(A) IN GENERAL.—In the case of any portion of an eligible credit which is transferred to a transferee taxpayer pursuant to subsection (a) which the Secretary determines constitutes an excessive credit transfer, the tax imposed on the transferee taxpayer by chapter 1 (regardless of whether such entity would otherwise be subject to tax under such chapter) for the taxable year in which such determination is made shall be increased by an amount equal to the sum of— ‘‘(i) the amount of such excessive credit transfer, plus ‘‘(ii) an amount equal to 20 percent of such exces- sive credit transfer. ‘‘(B) REASONABLE CAUSE.—Subparagraph (A)(ii) shall not apply if the transferee taxpayer demonstrates to the satisfaction of the Secretary that the excessive credit transfer resulted from reasonable cause. ‘‘(C) EXCESSIVE CREDIT TRANSFER DEFINED.—For pur- poses of this paragraph, the term ‘excessive credit transfer’ means, with respect to a facility or property for which an election is made under subsection (a) for any taxable year, an amount equal to the excess of— ‘‘(i) the amount of the eligible credit claimed by the transferee taxpayer with respect to such facility or property for such taxable year, over ‘‘(ii) the amount of such credit which, without application of this section, would be otherwise allow- able under this title with respect to such facility or property for such taxable year. ‘‘(3) BASIS REDUCTION; NOTIFICATION OF RECAPTURE.—In the case of any election under subsection (a) with respect to Definition. Determination. Determination. Time periods. Effective dates. VerDate Sep 11 2014 15:35 Oct 25, 2022 Jkt 029139 PO 00169 Frm 00195 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL169.117 PUBL169 jmbennett on LAP3P8D0R2PROD with Publaw