or customer. . (d) Election To increase credit in lieu of steel industry fuel deductions Paragraph (8) of section 45(e) is amended by adding at the end the following new subparagraph: (E) Election for increased credit in lieu of deductions for steel industry fuel In the case of a taxpayer who produces steel industry fuel— (i) In general At the election of the taxpayer— (I) no deduction shall be allowed with respect to expenses made in connection with the production and sale of steel industry for such taxable year which are otherwise deductible under this chapter (determined without regard to this subparagraph), (II) no expense made in connection with the production of and sale of steel industry fuel which is otherwise chargeable to capital account in such taxable year shall be so charged, and (III) the credit determined under this section (without regard to this subparagraph) for such taxable year shall be increased by an amount equal to the product of the sum of the amounts to which subclauses (I) and (II) apply and the maximum rate of tax applicable under section 1 or 11(b)(1), as applicable to the taxpayer in such taxable year. (ii) Application to partnerships and S corporations In the case of a partnership or S corporation, the election shall be made at the partnership or S corporation level. (iii) Election An election under this subparagraph for any taxable year shall be made not later than the time for filing the return of tax for such year (including extensions), in such manner as the Secretary may prescribe. Such an election, once made, shall be irrevocable. . (e) Specified credit for purposes of alternative minimum tax exclusion Subclause (II) of section 38(c)(4)(B)(iv) of the Internal Revenue Code of 1986 is amended by inserting (in the case of a refined coal production facility producing steel industry fuel, during the credit period set forth in section 45(e)(8)(D)(ii)(II)) after service . (f) Application of certain rules to steel industry fuel (1) Activity not engaged in for profit Section 183 of the