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 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 (within the meaning of section 45(e)(4)) during such taxable year, or (2) the product of— (A) the national average wholesale price of a kilowatt hour of electricity in the preceding taxable year, as determined by the Secretary in consultation with the Administrator of the Energy Information Administration, and (B) the number of kilowatt hours of electricity produced at the qualified production facility and sold to an unrelated person (within the meaning of section 45(e)(4)) during the taxable year. (b) Applicable percentage For purposes of subsection (a), the applicable percentage is— (1) in the case of a tier 1 facility, 60 percent, (2) in the case of a tier 2 facility, 45 percent, (3) in the case of a tier 3 facility, 30 percent, and (4) in the case of any other facility, zero percent. (c) Credit period For purposes of this section, the credit period with respect to any qualified production facility is the 10-year period beginning with the date the facility was originally placed in service. (d) Qualified production facility For purposes of this section— (1) In general The term qualified production facility means any electric generating facility which is certified by the Secretary, which is located in the United States or a possession of the United States (as such terms are used in section 638), and which utilizes— (A) any power conversion fuel-based technology which captures and sequesters at least 60 percent of the produced carbon oxide, (B) any reactor design