If any portion of the qualified business credits determined for any taxable year has not, after the application of , been allowed to the taxpayer as a credit under section 38 for any taxable year, an amount equal to the credit not so allowed shall be allowed to the taxpayer as a deduction for the first taxable year following the last taxable year for which such credit could, under section 39, have been allowed as a credit.
If a taxpayer dies or ceases to exist before the first taxable year following the last taxable year for which the qualified business credits could, under section 39, have been allowed as a credit, the amount described in subsection (a) (or the proper portion thereof) shall, under regulations prescribed by the Secretary, be allowed to the taxpayer as a deduction for the taxable year in which such death or cessation occurs.
(1) the investment credit determined under section 46 (but only to the extent attributable to property the basis of which is reduced by ),
(2) the work opportunity credit determined under ,
(3) the alcohol fuels credit determined under ,
(4) the research credit determined under (other than such credit determined under )
(5) the enhanced oil recovery credit determined under ,
(6) the empowerment zone employment credit determined under ,
(7) the Indian employment credit determined under ,
(8) the employer Social Security credit determined under ,
(9) the new markets tax credit determined under ,
(10) the small employer pension plan startup cost credit determined under ,
(11) the biodiesel fuels credit determined under ,
(12) the low sulfur diesel fuel production credit determined under ,
(13) the new energy efficient home credit determined under , and
(14) the small employer health insurance credit determined under .
Subsection (a) shall be applied by substituting “an amount equal to 50 percent of” for “an amount equal to” in the case of the investment credit determined under section 46 (other than the rehabilitation credit).