of the qualified connected manufacturing equipment expenditures made by the taxpayer during such year. (b) Qualified connected manufacturing equipment expenditures (1) In general Subject to paragraph (2), for purposes of this section, the term qualified connected manufacturing equipment expenditures means an expenditure relating to the purchase or installation of— (A) industrial equipment components which contain a microprocessor and can be connected to an electronic communication network, and (B) any software, routing, or local area network components necessary to connect components described in subparagraph (A) to an electronic communication network. (2) Eligibility The Secretary, in consultation with the Secretary of Commerce, shall identify the types of components described in paragraph (1) which are eligible for the credit under this section. (c) Basis adjustment For purposes of this subtitle, if a credit is allowed under this section for any expenditure with respect to any property, the increase in the basis of such property which would (but for this subsection) result from such expenditure shall be reduced by the amount of the credit so allowed. . (b) Conforming amendments (1) Section 38(b) of the Internal Revenue Code of 1986 is amended— (A) by striking plus at the end of paragraph (35)