derived by an eligible project partner in connection with an election under this subsection shall not be taken into account as a private business use. (f) Certain rules not applicable Paragraphs (3) and (4) of section 50(d) shall not apply for purposes of this section. . (b) Special rule for proceeds of transfers for mutual or cooperative electric companies Section 501(c)(12)(I) of such Code is amended by inserting or 48D(e) after section 45J(e)(1) . (c) Conforming amendments (1) Section 46 of such Code is amended by striking and at the end of paragraph (5), by striking the period at the end of paragraph (6) and inserting , and , and by adding at the end the following new paragraph: (7) the emerging energy technology credit. . (2) 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(c)(1)). . (3) 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 48C 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). 4. 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. Electricity produced from emerging energy technology (a) General rule For purposes of section 38, the emerging energy technology production credit determined under this section for any taxable year