Port crane production credit

(a) In general Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 45AA the following new section: 45BB. Port crane production credit (a) In general (1) Allowance of credit For purposes of section 38, the port crane production credit for any taxable year is an amount equal to the sum of the credit amounts determined under paragraph (2) with respect to each port crane which is— (A) produced by the taxpayer in the United States, and (B) during the taxable year, sold by such taxpayer to an unrelated person. (2) Credit amount The amount determined under this paragraph is— (A) 40 percent of the sale price of a port crane that is not described in subparagraph (B), and (B) 60 percent of the sale price of a port crane with respect to which 90 percent of the component materials are produced in the United States. (b) Credit phase-Out (1) In general The amount of the credit under subsection (a) for any port crane produced during a calendar year described in paragraph (2) shall be equal to the product of— (A) the amount of the credit determined under subsection (a) without regard to this subsection, multiplied by (B) the phase out percentage under paragraph (2). (2) Phase-out percentage The phase-out percentage under this paragraph is equal to— (A) in the case of any port crane produced in calendar year 2035, 25 percent, (B) in the case of any port crane produced in calendar year 2036, 15 percent, and (C) in the case of any port crane produced after calendar year 2036, 0 percent. (c) Port crane, component materials The terms port crane and component materials have the respective meanings given such terms in section 45F(b)(4).. (b) Credit allowed as part of general business credit Section 38(b) of such Code is amended by striking plus at the end of paragraph (40), by striking the period at the end of paragraph (41) and inserting, plus, and by adding at the end the following new paragraph: (42) the port crane production credit determined under section 45BB.. (c) Credit eligible for elective payment Section 6417(b) of such Code, as amended by the preceding provisions of this Act, is amended by adding at the end the following new paragraph: (14) The port crane production credit determined under section 45BB.. (d) Credit transferable Section 6418(f)(1)(A) of such Code, as amended by the preceding provisions of this Act, is amended by adding at the end the following new clause: (xiii) The port crane production credit determined under section 45BB.. (e) Clerical amendment The table of sections for subpart D of part IV of subchapter A of chapter 1 of such Code is amended by adding at the end the following new item: Sec. 45BB. Port crane production credit.. (f) Effective date The amendments made by this section shall apply to property produced in taxable years beginning after the date of the enactment of this Act.