Establishment of refinery production credit

(a) In general Subpart D of part IV of subchapter A of chapter 1 of subtitle A of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 45BB. Refinery production credit (a) In general For purposes of section 38, the refinery production credit for any taxable year is an amount equal to 5 cents per gallon of gasoline or diesel— (1) produced by the taxpayer at a qualified newly constructed refinery, and (2) sold by the taxpayer to an unrelated person during the taxable year. (b) Qualified newly constructed refinery For purposes of this section, the term qualified newly constructed refinery means a refinery— (1) which is a qualified facility (as defined in section 48F(d)), (2) which was placed in service within 10 years of the date a gallon of gasoline or diesel described in subsection (a) was produced.. (b) Credit included in general business credit Section 38 of such Code is amended— (1) in paragraph (40), by striking plus, (2) in paragraph (41), by striking the period and inserting, plus, and (3) by adding at the end the following new paragraph: (42) the refinery production credit determined under section 45BB(a).. (c) Clerical amendment The table of sections for such subpart is amended by adding at the end the following new item: Sec. 45BB. Refinery production credit.. (d) Effective date The amendments made by this section shall apply to amounts paid or incurred after the date of the enactment of this Act.