to a corporation or partnership shall include a reference to any predecessor of such corporation or partnership. (5) Denial of double benefit For purposes of this subtitle, if a credit is allowed under this section in connection with any expenditure for any property, the basis of such property shall be reduced by the amount of the credit so allowed. . (b) Denial of double benefit Section 280C of such Code is amended by adding at the end the following new subsection: (i) Manufacturing facility expenditures No deduction shall be allowed for that portion of the expenses otherwise allowable as a deduction taken into account in determining the credit under section 45S for the taxable year which is equal to the amount of the credit determined for such taxable year under section 45S(a). . (c) Credit To Be Part of General Business credit Section 38(b) of the such Code, as amended by this Act, is amended by striking plus at the end of paragraph (36), by striking the period at the end of paragraph (37) and inserting , plus , and by inserting after paragraph (37) the following: (38) manufacturing facility expenditure credit determined under section 45S(a). . (d) Conforming amendment Section 1016(a) of such Code, as amended by this Act, is amended by striking and at the end of paragraph (37), by striking the period at the end of paragraph (38) and inserting , and , and by adding at the end the following new paragraph: (39) to the extent provided in section 45S(d)(2). . (e) Effective date The amendments made by this section shall apply to amounts paid or incurred after the date of the enactment of this Act.