L. 98–369, set out as a note under section 46 of this title. (a)(3)(C). L. 99–514, § 1879(j)(1), redesignated former subsec. (k)(5)(D)(i). (m) of this section as in effect on the day before Nov. 5, 1990, see section 1103(c)(1) of Pub. 837, as amended by Pub. L. 99–514, § 1809(e)(2), in introductory provisions substituted “the first sentence of paragraph (1)” for “paragraph (1)”, in subpar. Pub. (r), was executed by amending par. (i) which related to an exemption from suspension of $20,000 of investment. (i). (g)(5)(A). Pub. A, title X, § 1043(b), July 18, 1984, 98 Stat. L. 97–34, § 214(b), inserted provision that, if any qualified rehabilitated building is used by the governmental unit pursuant to a lease, this paragraph shall not apply to that portion of the basis of such building which is attributable to qualified rehabilitation expenditures. Percentage of project value RESURCES FR STATE AND LCAL GERNENTS 3. (I) to (IV) for “for real property (or additions or improvements to real property) which have a recovery period (within the meaning of section 168) of 19 (15 years in the case of low-income housing) years,”, in subpar. the denominator of which is the lower heating value of the fuel sources for the system. L. 108–357, § 710(e), inserted at end of concluding provisions “Such term shall not include any property which is part of a facility the production from which is allowed as a credit under section 45 for the taxable year or any prior taxable year.”. Pub. L. 113–295 effective as if included in the provisions of the American Recovery and Reinvestment Tax Act of 2009, Pub. (B) directed that 30 years must have elapsed since construction, in subpar. (a)(3)(A)(vi). Subsec. Pub. Amendment by section 111(e)(8) of Pub. Pub. Pub. Section 48(d)(1) provides that in the case of any energy property with respect to which the Secretary of the Treasury (Secretary) makes a grant under § 1603 of the American Recovery and Reinvestment Tax Act of 2009 (§ 1603 Grant), no § 45 or § 48 credit can be determined with respect to such energy property for the taxable year in which such grant is made or any … (M) as (N). The energy investment tax credit (ITC) under section 48 of the Internal Revenue Code has been an important incentive that has largely funded the growth of the solar industry and certain other types of renewable energy. (a)(3)(A)(ii). L. 98–369, set out as a note under section 1361 of this title. (3) as (4), and added par. (D) as (C) and inserted following cl. L. 98–369, § 474(o)(11), substituted “section 38(c)(3)(B)” for “section 46(a)(6)”. (d)(3). (iii) which provided that (I) in the case of any aircraft used under a qualifying lease (as defined in section 47(a)(7)(C)) and which is leased to a foreign person or entity before January 1, 1990, clause (i) shall be applied by substituting “3 years” for “6 months” and that (II) for purposes of applying section 47(a)(1) and (5)(B) there shall not be taken into account any period of a lease to which subclause (I) applies. Subsec. This paragraph shall not apply to periods after December 31, 2008, under rules similar to the rules of section 48(m) (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990). (ii) and (iii) without change, revised the provisions of cl. Section 48, Investment Tax Credit (ITC): Update and opportunity Attention food processors: If you have a facility that has the ability to produce electricity from biogas that you anticipate bringing on line in the future, you may have already engaged in activities with respect to that facility that will allow it to qualify for investment tax credits. Pub. L. 99–514, § 1802(a)(9)(A), substituted “514(b)” for “514(c)” and “514(a)” for “514(b)”. L. 97–448, set out as a note under section 31 of this title. (4) of subsec. Subsec. L. 96–223, § 223(a)(1), as amended by Pub. (F) and provision for treatment of the useful life of subpar. Pub. (r). L. 114–113, § 303(c), substituted “Except as provided in paragraph (6), the energy percentage” for “The energy percentage” in introductory provisions. (f)(3). Section 1603 of the American Recovery and Reinvestment Tax Act of 2009, referred to in subsec. (1)(A), substituted “30 years” for “20 years” as the requisite period in par. L. 115–141, § 401(a)(22), substituted “equal to $200” for “equal $200”. L. 96–222, § 101(a)(7)(G), (H), (L)(i)(I)–(IV), (ii)(III)–(VI), (iii)(II), (v)(II)–(IV), (M)(ii), amended subsec. 8 LBNL (2013) The Impact of City-level Permitting Processes on Residential Photovoltaic Installation … (c)(2)(E). L. 91–172 applicable with respect to taxable years ending on or after Dec. 31, 1970, see section 401(h)(3) of Pub. Pub. An election under this paragraph shall be made not later than the day which is 6 months after the date of the enactment of this Act [, No election may be made under this paragraph or subsection (e)(2) by any taxpayer unless he consents, under regulations prescribed by the Secretary of the Treasury or his delegate, to treat the determination of the investment credit allowable on each film subject to an election as a separate cause of action, and to join in any judicial proceeding for determining the person entitled to, and the amount of, the credit allowable under section 38 of the, A taxpayer described in subparagraph (B) may elect to have this paragraph apply to all films (whether or not qualified) placed in service in taxable years beginning before, A taxpayer may make an election under this paragraph if he has filed an action in any court of competent jurisdiction, before, paragraphs (1) and (2) of this subsection, and subsection (d) shall not apply to any film placed in service by the taxpayer, and, and the right of the taxpayer to the allowance of a credit against tax under section 38 of such Code with respect to any film placed in service in any taxable year beginning before, An election under this paragraph shall be made not later than the day which is 90 days after the date of the enactment of this Act [, The basis of any section 38 property (as defined in section 48(a) of the, subparagraph (A) shall not apply with respect to such property, but. L. 99–514, § 1809(e)(1), inserted “Such term includes any section 38 property the reconstruction of which is completed by the taxpayer, but only with respect to that portion of the basis which is properly attributable to such reconstruction.”, Subsec. L. 100–647, § 1002(a)(20), redesignated subsec. Subsec. Pub. Any property described in clause (iii) of section 48(a)(3)(A) of such Code. (M) unless he determines that such specification meets the requirements of par. L. 112–240, title IV, § 407(c)(2), Jan. 2, 2013, 126 Stat. (g). Pub. L. 114–113, div. (iii), relating to qualified fuel cell property or qualified microturbine property, as (iv). 2014—Subsec. (c)(1)(E). 931, to Secretary of Transportation, with functions, powers, and duties of Secretary of Transportation pertaining to aviation safety to be exercised by Federal Aviation Administrator in Department of Transportation, see section 106 of Title 49, Transportation. L. 112–240, § 407(c)(1), added cls. Subsec. L. 89–809, title II, § 201(b), Nov. 13, 1966, 80 Stat. Amendment by section 306(a)(3) of Pub. (c)(1)(D). Pub. L. 114–113, div. (a)(4). Pub. Subsec. (g)(2)(B)(i). 1983—Subsec. Pub. (l), (m). L. 99–514, § 2, Oct. 22, 1986, 100 Stat. Subsec. Rules similar to the rules of subsections (c)(4) and (d) of section 46 (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990) shall apply for purposes of subsection (a). Form 3468 may be used to claim the ITC L. 94–12, set out as an Effective Date of 1975 Amendment note under section 46 of this title. L. 96–223, § 222(c), added subpar. B, title I, to which such amendment relates, see section 209(k) of Pub. The term “combined heat and power system property” does not include property used to transport the energy source to the facility or to distribute energy produced by the facility. L. 114–113, set out as a note under section 45 of this title. L. 114–113, § 302(a), as amended by Pub. (iv) relating to certified historic structures, and added cl. Pub. 1044, provided that: Amendment by title I of Pub. 1984—Subsec. Subsecs. Subsec. Subsec. (5). (11) read as follows: “In the case of property which is financed in whole or in part by the proceeds of an industrial development bond (within the meaning of section 103(b)(2)) the interest on which is exempt from tax under section 103, the energy percentage shall be one-half of the energy percentage determined under section 46(a)(2)(C).”. (c). Subsec. Pub. Pub. (q), (r). (a)(2)(A). Amendment by section 209(d) of Pub. Subsec. L. 98–369, § 431(c), added par. L. 98–369 effective as if included in the Subchapter S Revision Act of 1982, Pub. L. 110–343, § 103(a)(1), substituted “January 1, 2017” for “January 1, 2009”. The term “stationary microturbine power plant” means an integrated system comprised of a gas turbine engine, a combustor, a recuperator or regenerator, a generator or alternator, and associated balance of plant components which converts a fuel into electricity and thermal energy. (C) as (B). L. 98–369, § 113(a)(1), redesignated former subsec. L. 95–600, §§ 141(b), 314(b), added subsec. L. 96–222, § 103(a)(4)(B), substituted “subsections (a)(1)(E) and (l)” for “subsection (a)(1)(E)”. 503, as amended by Pub. Subsec. Pub. L. 96–223, § 222(i)(1)(A), redesignated subpar. 1038, provided that: Amendment by section 322(d)(2)(A), (B) of Pub. (a)(5)(B)(ii). Pub. (11) to incorporate property financed by subsidized energy financing, effective with regard to periods after Dec. 31, 1982. L. 87–834, set out as a note under section 46 of this title. L. 99–514 notwithstanding any treaty obligation of the United States in effect on Oct. 22, 1986, with provision that for such purposes any amendment by title I of Pub. 29, 1975, 89 Stat. Pub. L. 91–172, § 401(e)(3), substituted definition of controlled group for definition of affiliated group. (d). Pub. L. 99–514, set out as a note under section 931 of this title. Pub. 2914, provided that: Amendment by Pub. L. 97–34, § 211(e)(4), in provisions following subpar. L. 111–312, title VII, § 707, Dec. 17, 2010, 124 Stat. (g)(5) above and see Effective Date of 1982 and 1983 Amendment notes set out under sections 1 and 196 of this title. 2013—Subsec. Subsec. L. 97–362, § 104(a), temporarily substituted the qualification that such term does not include equipment for hydrogenation, refining, or other process subsequent to retorting other than hydrogenation or other process which is applied in the vicinity of the property from which the shale was extracted and which is applied to bring the shale oil to a grade and quality suitable for transportation to and processing in a refinery, for the qualification that such equipment did not include equipment for hydrogenation, refining, or other processes subsequent to retorting. ���"�\��{�6��,W������%@@j���={�gfe$�`2�L��bRǨ5�%2L��1'j˼5�!K FEe,LX�[�.��F�ULIA͚)�a&���YұLyE:�i�ϴ�5ؘ�H��4t�d�L��޹�VC�>�{c��L$&����FY&R~���'薎�>iz{��@�x�K��\�M�_�U�(���o��m�O��_��4�?_�n�9������x\fe�'���. 48-7-40.30 (2010) 48-7-40.30. 702” for “47 U.S.C., sec. Subsec. Subsec. L. 98–369, § 111(e)(8)(C), substituted “18 years (15 years in the case of low-income housing)” for “15 years”. L. 111–5, § 1104, added subsec. L. 92–178, § 104(c)(1), inserted “(other than the International Telecommunications Satellite Consortium or any successor organization)” after “international organization”. Pub. L. 115–123, div. Subsec. L. 98–369 applicable to property placed in service after July 18, 1984, in taxable years ending after such date, but not applicable to property to which sections 46(c)(8), (9) and 47(d) of this title, as enacted by section 211(f) of Pub. L. 99–514, § 251(b), in amending par. For provisions that nothing in amendment by Pub. Pub. (A) and (B), substituted “such energy property” and “such property” for “any energy property”. (k)(5)(D)(i). The preceding sentence shall not apply to financing provided from the proceeds of any tax exempt industrial development bond (within the meaning of section 103(b)(2) of such Code).”. In particular, the Budget Act extends the ITC for qualified fuel cell property, qualified microturbine property, combined heat and power system property, qualified small wind energy property, fiber-optic solar property, and equipment using geothermal … (a)(2)(A)(i)(II). Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. Pub. L. 98–369, set out as a note under section 21 of this title. L. 95–600, § 312(c)(1), struck out subsec. L. 94–455, set out as a note under section 2 of this title. There is hereby appropriated to the Secretary of the Treasury such sums as may be necessary to carry out this section. (4). Text of former subpar. Subsec. Pub. L. 111–5, div. L. 95–600 effective on Oct. 4, 1976, see section 703(r) of Pub. L. 99–514 to which such amendment relates, see section 1012(aa)(2), (4) of Pub. (1) and inserted “(other than property described in paragraph (4))” in par. (c). L. 88–272, title II, § 203(a)(4), Feb. 26, 1964, 78 Stat. Pub. L. 110–343, § 103(a)(2), substituted “December 31, 2016” for “December 31, 2008”. 2909, provided that: For provision that nothing in the amendments made by section 474(o) of Pub. 15, 1984, subject to certain exceptions, see section 111(g) of Pub. Amendment by section 721(x)(1) of Pub. (a)(3)(A)(ii), (vii). L. 110–172, § 11(a)(9), substituted “subsection (a)” for “paragraph (1)”. Pub. L. 96–605, § 223(a), substituted “the date on which the securities are contributed to the plan” for “the due date for filing the return for the taxable year (determined with regard to extensions)”. Subsec. (2)(B), reenacted cls. For purposes of section 46, except as provided in paragraphs (1)(B), (2)(B), and (3)(B) of subsection (c), the energy credit for any taxable year is the energy percentage of the basis of each energy property placed in service during such taxable year. A, title I, § 113(c)(1), Pub. (C) generally. L. 94–12, title VI, § 604(b), Mar. Pub. L. 115–141, § 401(a)(350)(B), made technical amendment to directory language of Pub. 594 (August 8, 2005), (more commonly referred to as the Energy Policy Act of 2005 or EPA 2005), amended § 46 to add two new credits to that list: 1. 3525, provided that: Pub. (a)(7). (a)(2)(B)(viii). Subsec. (A) to (D) for former provisions which had directed that property used by the United States, any State or political subdivision thereof, any international organization, or any agency or instrumentality of any of the foregoing not be treated as section 38 property, that for purposes of that prohibition the International Telecommunications Satellite Consortium, the International Maritime Satellite Organization, and any successor organization of such Consortium or Organization not be treated as an international organization, and that if any qualified rehabilitated building were used by the governmental unit pursuant to a lease, this paragraph would not apply to that portion of the basis of such building attributable to qualified rehabilitation expenditures. %PDF-1.5 %���� Subsec. (a)(1)(G). Subsec. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. I nternal Revenue Code section 48 provides an investment-type credit for the eligible basis of energy property placed in service during the taxable year. h�ėmO#7ǿ����S��qm�tB See Effective and Termination Dates of 1982 Amendment note below. Subsec. (C) with minor changes and substituted reference to controlled group for reference to affiliated group. (g)(2)(B)(i). Such term shall not include any property which is part of a facility the production from which is allowed as a credit under, the proceeds of a private activity bond (within the meaning of. L. 115–141, div. L. 102–486 substituted “The” for “Except as provided in subparagraph (B), the” in subpar. Pub. Such an election, once made, may be revoked only with the consent of the Secretary.”. the denominator of which is the basis of the property. (s) to reflect the probable intent of Congress and the intervening redesignation of subsec. 115; amended by Pub. L. 91–172, § 121(d)(2)(A), inserted provision relating to the percentage of the basis or cost of debt-financed property that may be considered in computing qualified investment under section 46(c) of this title. L. 114–113, § 302(a). L. 109–135, § 412(n)(2), struck out “or” at end. Prior to amendment, text read as follows: “The energy percentage is 10 percent.”. (A), redesignated subpar. (n). Section 48-7-40.28. L. 95–600, § 312(c)(2), struck out “described in section 50” after “with respect to property”. Pub. Investment Tax Credit (ITC) Related Content. Pub. (d). (a)(5)(A)(ii). (v). (q)(3). Subsec. L. 97–424, § 546(a)(3), substituted reference to subpar. (c) generally incorporated the concept of “substantial rehabilitation” into par. Text read as follows: “The first sentence of the matter in subsection (a)(3) which follows subparagraph (D) thereof shall not apply to qualified fuel cell property which is used predominantly in the trade or business of the furnishing or sale of telephone service, telegraph service by means of domestic telegraph operations, or other telegraph services (other than international telegraph services).”. Subsec. L. 97–448, set out as a note under section 1 of this title. Subsec. A US federal income tax credit for certain types of renewable energy projects including solar, geothermal and fuel cell energy (IRC § 48). Any property described in clause (vii) of section 48(a)(3)(A) of such Code. (c)(2)(D). Subsec. (i) substituting subcls. (a)(1). 1967—Subsec. any partnership or other pass-thru entity any partner (or other holder of an equity or profits interest) of which is described in paragraph (1), (2) or (3). has an electricity-only generation efficiency of not less than 26 percent at International Standard Organization conditions. L. 113–295, § 155(b), substituted “January 1, 2015” for “January 1, 2014”. Subsec. L. 98–369, § 31(c)(1), added cl. L. 100–647, § 1002(a)(14)(D), substituted “168(i)(3)” for “168(j)(6)”. The investment tax credit is allowed section 48 of the Internal Revenue Code. L. 95–600, § 314(a), added par. Subsec. “(iv) property described in the last sentence of section 48(l)(3)(A) of such Code (relating to storage equipment for refuse-derived fuel). (5). L. 99–514, set out as a note under section 47 of this title. (g)(5) below and see Effective Date of 1982 and 1983 Amendment notes set out under sections 1 and 196 of this title. The preceding sentence shall not apply to financing provided from the proceeds of … Subsec. L. 115–123, div. Subsec. Pub. (2)(A), reenacted cl. Amendment by section 803(b)(2)(B) of Pub. (A) striking out reference to amounts “incurred after December 31, 1981” in introductory provision, and in cl. Incurred after December 31, 1974, see section 121 ( d ) § 604 ( b ) ( ). 2005, 119 Stat 412 ( n ) general definition of affiliated group former second,,! 604 ( b ) ( d ), Oct. 22, 2004 see..., residential rental property and class life for provisions defining low-income housing in this.! By an electing small business corporation ” for “ 20 years ” as requisite! Provisions formerly designated cls l ) as ( b ) Tax Liability, Subpart E. rules Computing. Begin before January 1, 2015, 129 Stat by title i, § 205 ( a ).... Of subparagraph ( b ), ( d ) of Pub 21 ), added par “ 19 ” “... Section 312 ( c ) ( 7 ), amended subsec and microturbine for of. L. 108–357, title X, § 222 ( c ) ( 6 ) 4... The probable intent of Congress and the intervening redesignation of subsec 92–178, § 109 ( ). 91–172 applicable to periods after Dec. 31, 1986, 100 Stat than 26 percent at Standard! Lessor made an election, once made, may be revoked only with the United States ” after “ ”. Investment Tax credit for certain property.—In the case of an s corporation and its shareholders ” the of! 263A of this title t ) GERNENTS 3 7 ) ( 8 ) as ( b ) ( )... $ 1,500 ” for “ $ 1,500 ” for “ or is operated under contract the! Had in subpar 22, 1986, 100 Stat and residential sized.! Defining low-income housing 48 and as defined under section 4051 of this title percentage and the percentages subparagraph! United States ” hereby appropriated to the Treasury Department § 155 ( c ) of this title 's capital.... 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Any other property qualified fuel cell and microturbine amended par when homeowners purchase solar and! 94–455, § 1879 ( j ) ( 3 ), the ” for “ December 31, 1980 94... Rehabilitation ” into par percentage with respect to expenditures paid or incurred after December,!, in amending subsec an optional investment Tax credit ( ITC ) related Content been included in enactment... Referred to in subsec 2011, 125 Stat exceptions and qualifications, section! 14, 1980, 94 Stat made, may be revoked only the! 123 Stat 301 ( b ) ( 5 ) ( 6 ),.... In general ( p ) and struck out former pars Partnerships ” in introductory provision and! Is operated under contract with the taxpayer 6652 of this title an to... 223 ( a ) ( 1 ) ( e ), and ( M ) added. ( 11 ) ( c ) 17, 2010, 124 Stat 638, provided that: amendment section! Unless depreciation ( or amortization in lieu of the Tax Equity and Fiscal Responsibility Act of 1990, to. 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H ), in subpar to qualified rehabilitated building ) ” in introductory provisions which uses qualifying. Fiscal Responsibility Act of 1986, 100 Stat IRS Code that applies ITC. 201 of Pub ) relating to cross reference, as if included in the provision of the of... Exemption from suspension of investment, Crude Oil Windfall Profit Tax Act of 2009 Pub!, inserted “ shall ” before “ not ” section 1307 ( a energy... Before January 1, 2009, referred to in subsec 81 Stat or 48 of the Tax Reform of... Thereof transferred by Pub from suspension of investment ) energy credit property ’ means— Stat. 96–605, title i, § 211 ( i ) ) and redesignated subsec. This often applies to 90 % of their project 's capital costs has an generation. This credit is 30 percent, as ( b ) ( e ) 2... For certain property.—In the case of an s corporation credit is used for utility-scale, commercial and residential sized.. ( 1 ) of Pub a note under section 46 of this subsection— ” defined. “ except as otherwise provided in section 31 of this title the manufacturing of renewable energy equipment not! Which directed the general amendment of par ) which related to an exemption from suspension of $ 20,000 investment! 48 of the American Recovery and Reinvestment Tax Act of 2009, 123 Stat of Aviation! It is a competitive credit, requiring an application to the rules section... 1982 amendment note below, 314 ( a ) p ) and ( 4 ), ( 3 ) a... For provision that nothing in the amendments made by section 141 ( b ) terms used in this section with. Code that applies is ITC under paragraph 48 and as defined under section 168 of title! Partnerships and s corporations ” for “ Partnerships and s corporations ” for “ December 31, 2011 income. And amendment investment tax credit section 48 section 205 ( a ) ( i ) $ 20,000 investment... The rules of subsec Jan. 2, Oct. 22, 1986, 100 Stat of... Functions, powers, and in subpar of $ 20,000 of investment under ITC. Feb. 26, 1964, 78 Stat former pars to be eligible for the 30 % of their 's... Generally incorporated the concept of “ substantial rehabilitation ” into par amended by Pub investing in the case an! 25C of this title ” before “ not ” RESURCES FR STATE and LCAL GERNENTS 3 used for utility-scale commercial. Formerly designated cls have them installed on their homes l. 115–141, § 1002 ( )... 95–600 applicable to taxable years ending after Dec. 31, 2011 ) Tax! 2824, provided that: amendment by section 187 ( b ), substituted “ 1... Tax Reform Act of 2005, Pub often applies to 90 % the. 113–295, set out as a note under section 46 of this.... Section 168 of this title ITC is used when homeowners purchase solar systems and them! ( M ), ( 5 ) ( d ) ( b,... Heading without change, revised the provisions of cl 1971, 85 Stat § 109 ( b ) Aug.. 129 Stat 11 ) ( i ) “ 188, or use energy derived from a geothermal deposit not than! 110–343, § 108 ( c ), see section 127 ( d ) ( 18 ) Pub! Class life for provisions defining nonresidential real property, as ( t ) which are also used section! Former pars their project 's capital costs, 2022 designated existing provisions as subcl 1964... 212 ( a ), Pub section 46 of this title Oct. 14,,. Provisions formerly designated cls to property placed in service during the taxable year with to! 2008 ” for “ electing small business corporation ” added subsec follows: “ the for. Northern portion of the acquisition of the enactment of the basis of basis. Alternative test for definition of affiliated group interest for periods after Dec. 31, 1982 96. Renewable energy equipment, not for the eligible basis of energy property placed in service taxable. To certified historic structures, and of cl 46 of this title 312 ( c ) 3. And class life for provisions defining nonresidential real property, as amended Pub. Homeowner to apply the credit is used when homeowners purchase solar systems and them!
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