Conforming amendments (1) Section 49(a)(1)(C) of such Code is amended by striking and at the end of clause (iv), by striking the period at the end of clause (v) and inserting , and , and by adding at the end the following new clause: (vi) the basis of any qualified emerging energy property (as defined in section 48D(b)). . (2) The table of sections for subpart E of part IV of subchapter A of chapter 1 of such Code is amended by inserting after the item relating to section 48D the following new item: Sec. 48D. Emerging energy technology credit. . (d) Effective date The amendments made by this section shall apply to property placed in service in taxable years beginning after the date of the enactment of this Act, under rules similar to the rules of section 48(m) of the Internal Revenue Code of 1986 (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990). 3. Production credit for emerging energy technology (a) In general Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 45T. Emerging energy technology production credit (a) In general For purposes of section 38, the emerging energy technology production credit determined under this section for any taxable year beginning in the credit period with respect to a qualified production facility of the taxpayer is an amount equal to the applicable percentage of the lesser of— (1) the annual gross receipts of the taxpayer from the sale of electricity generated at the qualified production facility to an unrelated person during such taxable year, or (2) the product of— (A) the national average wholesale price of a kilowatt hour of electricity in the taxable year, as determined by the Secretary in consultation with the Administrator of the Energy Information Administration, multiplied by (B) the number of kilowatt hours of electricity produced at the qualified production facility and sold to an unrelated person during the taxable year. (b)