Pub. L. 110–343, § 103(c)(1), added cl. (a)(7) to (9). Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. (o)(3) to (8). L. 98–369, div. (a)(5). (a)(1)(B)(ii), (iii). (l)(3)(B). Subsec. L. 95–600, § 703(a)(4), substituted “section 57(c)(1)(B)” for “section 57(c)(2)”. Subsec. (c)(1)(E), (2)(E). (5) generally, to extend its scope to encompass property used by foreign persons or entities and to create an exception for short-term leases by substituting provisions covered by subpars. “(ii) property described in section 48(l)(4)(C) of such Code (relating to solar process heat), “(iii) property described in section 48(l)(5)(L) of such Code (relating to alumina electrolytic cells), and. L. 94–455, § 1051(h)(1), substituted “(other than a corporation which has an election in effect under section 936 or which is entitled to the benefits of section 934(b))” for “(other than a corporation entitled to the benefits of section 931 or 934(b))”. L. 96–223, title II, § 223(c)(2), Apr. (A), the basis of such building (immediately before the event resulting in such recapture), had to be increased by an amount equal to such recapture amount, and that for purposes of this paragraph “recapture amount” was defined as any increase in tax (or adjustment in carrybacks or carryovers) determined under section 47(a)(5). 3525, provided that: Pub. Subsec. (A) to (C) generally raising in subpar. Pub. B, title I, § 103(f), Pub. (g)(2). Pub. L. 97–248, to which such amendment relates, see section 715 of Pub. L. 115–123 effective on Jan. 1, 2017, see section 40409(c) of Pub. Subsec. Subsec. Terms used in this section which are also used in section 45 or 48 of the. L. 115–123, § 40411(a), substituted “property the construction of which begins before January 1, 2022” for “periods ending before January 1, 2017”. (c)(2)(A) to (C). A, title I, § 114(b), July 18, 1984, 98 Stat. (3). (d)(4)(D). L. 112–240, title IV, § 407(c)(2), Jan. 2, 2013, 126 Stat. L. 97–34, § 211(e)(4), in provisions following subpar. Pub. L. 91–172 applicable to taxable years beginning after Dec. 31, 1969, see section 121(g) of Pub. Subsec. (A) and (B) provisions formerly designated cls. (g)(2)(B)(vi). (s). Pub. (a)(5)(B)(iii). Pub. L. 113–295, § 209(d), inserted “or alternative minimum taxable income” after “includible in the gross income”. L. 101–508, which was approved Nov. 5, 1990. Pub. Pub. 1331)”. (n), see section 474(o)(15) of Pub. (c)(2)(A). (a)(5)(B)(i). Pub. Subsec. Pub. (D) as (C) and inserted following cl. Subsec. Pub. Subsec. Subsec. (s) to reflect the probable intent of Congress and the intervening redesignation of subsec. L. 98–369, § 474(o)(15), repealed subsec. L. 115–123, § 40411(b)(2), substituted “paragraphs (6) and (7)” for “paragraph (6)” in introductory provisions. (L) as (M), and inserted provision that the Secretary shall not specify any property under subpar. 35, provided that: Section applicable with respect to taxable years ending after Dec. 31, 1961, see section 2(h) of Pub. With regard to taxes, there have been fewer new changes, but there are upcoming changes already committed and known. Pub. L. 110–172, § 11(a)(9), substituted “subsection (a)” for “paragraph (1)”. (1), added pars. Pub. for purposes of section 46(c)(1) of such Code, the basis of the property shall be determined by taking into account the total production costs (within the meaning of section 48(k)(5)(B) of such Code), for purposes of section 48(a)(2) of such Code, such film shall be considered to be used predominantly outside the United States in the first taxable year for which 50 percent or more of the gross revenues received or accrued during the taxable year from showing the film were received or accrued from showing the film outside the United States, and. L. 94–12, set out as an Effective Date of 1975 Amendment note under section 46 of this title. (g)(2)(A)(i), (B)(v). Former subsec. Subsec. (5) read as follows: “For purposes of this subsection, the term “sound recording” means any sound recording described in section 280(c)(2).”. The investment tax credit is allowed section 48 of the Internal Revenue Code. Solar Energy Tax Credits (ITC) is available to businesses such as LLCs, that have rental properties. L. 115–123, § 40409(b), substituted “January 1, 2018” for “January 1, 2017”. L. 98–369, div. Both Code sections refer to "solar energy to generate electricity" for purposes of receiving the tax credit. Subsec. Subsec. Pub. (a)(8). (l)(4)(C). (C). L. 98–369, § 31(c)(2), inserted “The preceding sentence shall not apply to any expenditure to the extent subsection (f)(12) or (j) of section 168 applies to such expenditure.”. (ii). L. 98–369, § 31(b), amended par. which is acquired by the taxpayer if the original use of such property commences with the taxpayer, with respect to which depreciation (or amortization in lieu of depreciation) is allowable, and, have been prescribed by the Secretary by regulations (after consultation with the Secretary of Energy), and. Pub. L. 99–514, set out as an Effective Date note under section 55 of this title. L. 97–34, set out as a note under section 46 of this title. Subsecs. Pub. (Effective January 1, 2011) Income tax credit for certain qualified investments for limited period of time (a) The General Assembly finds that entrepreneurial businesses significantly contribute to the economy of the state. (xi). Pub. L. 94–455, title VIII, § 804(d), Oct. 4, 1976, 90 Stat. 0 L. 89–670, Oct. 15, 1966, 80 Stat. L. 95–473, § 2(a)(2)(A), substituted “providing transportation subject to subchapter I of chapter 105 of title 49” for “subject to part I of the Interstate Commerce Act”. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 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. 95–600, § 315(c), substituted “188, or 191” for “or 188”. L. 114–113, div. L. 99–514, title XVIII, § 1879(j)(2), Pub. L. 110–343, § 103(a)(1), substituted “January 1, 2017” for “January 1, 2009”. L. 98–369, § 474(o)(17)(A), substituted “section 46(a)” for “section 46(a)(2)”. (A) striking out reference to amounts “incurred after December 31, 1981” in introductory provision, and in cl. The Final Regulations also reaffirm that recapture is measured on a LIFO basis, by multiplying the taxpayer’s applicable tax rate for the last three taxable years … Any property described in clause (i) or (ii) of section 48(a)(3)(A) of such Code. L. 98–369, § 735(c)(1), substituted “the chassis of which is an automobile bus chassis and the body of which is an automobile bus body” for “the chassis and body of which is exempt under section 4063(a)(6) from the tax imposed by section 4061(a)”. (s). L. 97–354, set out as an Effective Date note under section 1361 of this title. Pub. Subsec. 1976—Subsec. L. 94–455, set out as a note under section 46 of this title. P, title III, § 302(c), Pub. L. 99–121, set out as a note under section 168 of this title. (a)(2)(B)(viii). Subsec. Subsec. L. 109–58, § 1337(b), added cl. Pub. (g)(2)(A)(i). Pub. Pub. Former subpar. 2095, provided that: Pub. Subsec. The adjustments under this paragraph shall be made as of the first day of the taxpayer’s first taxable year which begins after, {'misc': '', 'cleanpath': '/uscode/text/26/48', 'headtext': ' Energy credit', 'cfr_titles': [{'title': '25', 'parts': [{'part': '275', 'cleanpath': '/cfr/text/25/part-275', 'headtext': 'STAFFING'}]}, {'title': '26', 'parts': [{'part': '301', 'cleanpath': '/cfr/text/26/part-301', 'headtext': 'PROCEDURE AND ADMINISTRATION'}]}], 'section': '48'}, Except as provided in paragraphs (6) and (7), the energy percentage is—, which meets the performance and quality standards (if any) which—, Special rule for property financed by subsidized energy financing or industrial development bonds, For purposes of applying the energy percentage to any property, if such property is financed in whole or in part by—, For purposes of subparagraph (A), the fraction determined under this subparagraph is 1 reduced by a fraction—, Election to treat qualified facilities as energy property, For purposes of this paragraph, the term “, In the case of any facility using wind to produce electricity which is treated as, Subject to subparagraph (B), in the case of any, Phaseout for fiber-optic solar, qualified fuel cell, and qualified small wind energy property, Certain progress expenditure rules made applicable, For purposes of this paragraph, the energy efficiency percentage of a system is the fraction—, If a system is designed to use biomass (within the meaning of paragraphs (2) and (3) of section 45(c) without regard to the last sentence of paragraph (3)(A)) for at least 90 percent of the energy source—, Coordination with Department of Treasury grants, In the case of any property with respect to which the Secretary makes a grant under section 1603 of the, Denial of production and investment credits, Recapture of credits for progress expenditures made before grant, If a credit was determined under this section with respect to such property for any taxable year ending before such grant is made—, Extension of combined heat and power system property.—, Allowance against alternative minimum tax.—, Combined heat and power and fuel cell property.—, The amendment made by section 14 [amending, Effective and Termination Dates of 1982 Amendment, Election may also apply to property described in section 50(a).—, Effective and Termination Dates of 1975 Amendment, “Paragraphs (1) [amending this section] and (3) [amending this section and, Grants for Specified Energy Property in Lieu of Tax Credits, Upon application, the Secretary of the Treasury shall, subject to the requirements of this section, provide a grant to each person who places in service specified, For purposes of paragraph (1), the term ‘applicable percentage’ means—, The Secretary of the Treasury shall make payment of any grant under subsection (a) during the 60-day period beginning on the later of—, For purposes of this section, the term ‘specified, Combined heat and power system property.—, For purposes of this section, the term ‘credit termination date’ means—, The Secretary of the Treasury shall not make any grant under this section to—, Plan Amendments Not Required Until January 1, 1989, Clarification of Effect of 1984 Amendment on Investment Tax Credit, Alternative Methods of Computing Credit for Past Periods, General rule for determining useful life, predominant foreign use, etc.—, In the case of a qualified film (within the meaning of section 48(k)(1)(B) of the, If the taxpayer makes an election under this paragraph, then section 48(k) of the, The taxpayer must consent to join in certain proceedings.—, Election to have credit determined in accordance with previous litigation.—, If the taxpayer makes an election under this paragraph—, Increase in Basis of Property Placed in Service Before, If a lessor made the election provided by section 48(d) of the, Subchapter A. Pub. (a)(3)(A)(iv). (d). Subsec. (x) and inserted definition of “northern portion of the Western Hemisphere” following cl. In Notice 2018-59, the IRS provides additional guidance on the Section 48 investment tax credit (ITC) to reflect the extension and modification of the credit by … A, title I, § 113(c)(1), July 18, 1984, 98 Stat. (a)(10)(B). Pub. L. 96–222, § 101(a)(7)(G), (H), (L)(i)(I)–(IV), (ii)(III)–(VI), (iii)(II), (v)(II)–(IV), (M)(ii), amended subsec. (16). Subsec. 1981—Subsec. The credit for solar power for a business/rental property is part of the Investment Tax Credit on Form 3468 (tax Code §48). Pub. L. 115–123, set out as a note under section 45 of this title. Pub. (I) and added subcl. L. 109-58, 119 Stat. (a)(2). (g)(1)(E). See 2015 Amendment note below. § 1.48-4(a)(1). Pub. Any property described in clause (iii) of section 48(a)(3)(A) of such Code. L. 108–357 applicable with respect to expenditures paid or incurred after Oct. 22, 2004, see section 322(e) of Pub. L. 114–113, § 302(a), as amended by Pub. L. 99–121 substituted “19” for “18”. (G), substituted “Such term includes only recovery property (within the meaning of section 168 without regard to any useful life) and any other property” for “Such term includes only property”. L. 95–600, § 312(c)(2), as amended by Pub. “(C) Expanded energy credit property.—For purposes of subparagraph (B), the term ‘expanded energy credit property’ means—. L. 109–135, § 412(n)(1), redesignated cl. 1971—Subsec. Refer to section 48 (a)(3)(A) i. Subsec. L. 94–12, § 301(c)(1)(A), (B), substituted “$50,000” for “$25,000” and “$100,000” for “$50,000”. Subsec. Section 48A & 48B Introduction & Background Section 46 provides that the amount of investment credit for purposes of § 38 for any taxable year is the sum of the credits listed in § 46. L. 111-5 , div. endstream endobj startxref (g)(2)(B)(vi)(I). L. 88–272, § 203(a)(1), repealed subsec. Subsec. 1964—Subsec. 503, as amended by Pub. L. 110–343, § 103(c)(2)(A), inserted heading and struck out former heading “Qualified fuel cell property; qualified microturbine property”. (6) relating to adjustment in basis of interest in partnership or S corporation. Subsec. Pub. L. 98–369, § 474(o)(14), substituted “subsection (b)” for “subsection (a)(2)”. 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. Subsec. Another of the provisions of the American Recovery and Reinvestment Act of 2009 (ARRA) was Section 48C, which provided $2.3 billion of tax credits for manufacturing facilities related to renewables. 1985—Subsec. L. 99–514, § 1802(a)(9)(B), substituted “section 168(j)” for “section 168(j)(3)”. Subsec. (iii) and, in cl. B, title I, § 1102(b), Feb. 17, 2009, 123 Stat. Background/History of Section 48 and Energy Credits . Pub. (A) provided general definition of qualified rehabilitated building, in subpar. (a)(2)(B). Pub. Pub. The company that installs, develops or … Subsec. B, title I, § 105(b), Pub. That phrase is not defined. A, title X, § 1096(a), Pub. L. 98–369, set out as a note under section 4051 of this title. Energy property was previously defined to include only solar, geothermal, qualified fuel cell and microturbine. (q)(7). (vii) includes equipment used for the storage of fuel derived from garbage at the site at which such fuel was produced from garbage. L. 97–354 substituted “Partnerships and S corporations” for “Partnerships” in subpar. Pub. L. 98–369, div. (l)(13). L. 98–369 applicable as if included in the amendments made by sections 201(a), 211(a)(1), and 211(f)(1) of Pub. Pub. For federal income tax purposes, Section 48(d) created the legal fiction that the lessee has purchased the property from the lessor at its fair market value, resulting in the ability of the lessee to take the investment tax credit attributable to the lessor’s basis in the property. Pub. (a)(5)(C)(ii). (5) of subsec. L. 94–455, § 1901(a)(5)(B), substituted “47 U.S.C. (2) "Qualified investment" means a cash investment in a legal entity in which the … L. 98–369, div. L. 97–248, § 205(a)(5)(A), struck out par. L. 94–455, set out as a note under section 27 of this title. 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. Subsec. (p). L. 110–343, § 104(b), added subcl. the tax imposed under subtitle A on the taxpayer for the taxable year in which such grant is made shall be increased by so much of such credit as was allowed under section 38. the amount of such grant shall be determined without regard to any reduction in the basis of such property by reason of such credit. L. 98–369 applicable with respect to property placed in service by the taxpayer after Mar. Subsec. (L), redesignated former subpar. Former subsec. L. 109–58, § 1336(b), added subsec. Pub. L. 99–514, § 251(c), struck out “other than a certified historic structure” after “qualified rehabilitated building”. (d), is section 1603 of Pub. (r) redesignated (s). (13). Subsecs. Subsec. Section 1603 of the American Recovery and Reinvestment Tax Act of 2009, referred to in subsec. Pub. Subsec. The term “fuel cell power plant” means an integrated system comprised of a fuel cell stack assembly and associated balance of plant components which converts a fuel into electricity using electrochemical means. L. 113–295, div. 506, provided that: Amendment by section 31(b), (c)(1) of Pub. Subsec. 2008—Subsec. (a)(1). (k), (l). “(ii) cogeneration equipment (described in section 48(l)(2)(A)(viii) of such Code). L. 98–369 effective as if included in the Subchapter S Revision Act of 1982, Pub. L. 92–178, § 104(c)(2), (3), (d), added cls. Amendment by section 155(b) of Pub. L. 97–34, set out as a note under section 46 of this title. (1) by substituting “property to which section 168 applies” for “recovery property (within the meaning of section 168)” in penultimate sentence, was executed by making the substitution for “recovery property (within the meaning of section 168”, which results in retaining remaining parenthetical material and closing parenthesis. Pub. (i) which related to an exemption from suspension of $20,000 of investment. (2)(A) preceding cl. (d)(1)(B). (c)(3)(A)(iv). 2005—Subsec. (I) and in provision following subcl. L. 99–514 applicable for purposes of determining interest for periods after Dec. 31, 1986, see section 1511(d) of Pub. 2372, provided that: Pub. Pub. Amendment by section 211(c) of Pub. B, title I, to which such amendment relates, see section 209(k) of Pub. Pub. 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). L. 95–600, § 314(a), added par. (a)(5)(E). Subsec. 1608, provided that: For provisions directing that if any amendments made by subtitle A or subtitle C of title XI [§§ 1101–1147 and 1171–1177] or title XVIII [§§ 1800–1899A] of Pub. L. 100–647, § 1013(a)(41), substituted “a private activity bond (within the meaning of section 141)” for “an industrial development bond (within the meaning of section 103(b)(2))”. Pub. Pub. (a)(1)(E). L. 96–223, § 222(i)(1)(A), (3), redesignated subpar. 2019—Subsec. 3024, provided that: Amendment by section 11813(a) of Pub. 1991, provided that: Pub. L. 96–223, § 222(e)(1), added par. h�ėmO#7ǿ����S��qm�tB L. 98–369 effective as if included in the provision of the Tax Equity and Fiscal Responsibility Act of 1982, Pub. L. 98–369, § 474(o)(17)(B), substituted “section 46(b)(1)” for “section 46(a)(2)(B)”. (a)(2)(A). L. 109–58, § 1336(a), added cl. the amendment made by paragraph (1) shall apply to periods after December 31, 1979, under rules similar to the rules of section 48(m) of the Internal Revenue Code of 1986. Pub. L. 114–113, § 302(b). 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 … Pub. The preceding sentence shall not apply to financing provided … Pub. Pub. 2095, provided that: Pub. Amendment by section 205(a)(1), (4), (5)(A) of Pub. Subsec. L. 97–34, title II, § 214(c), Aug. 13, 1981, 95 Stat. Pub. L. 97–248, to which such amendment relates, see section 311(d) of Pub. (c)(1)(D). 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. Subsec. From the first ITC in 1962 (a tax credit for 7 percent of capital spend) to the present-day ITC (30 or … investment tax credit (ITC) expressed as a percentage of the project’s value.7 The Section 48 and Section 25D schedules reflect commenced-construction dates and placed-in-service dates, respectively. L. 97–34 applicable to periods after Dec. 31, 1980, under rules similar to the rules under subsec. (d)(4)(D). 2013—Subsec. (c)(2)(A). Subsec. The credit is 30 percent of the equipment’s cost while the initial $2.3 billion lasts. L. 96–605, § 109(a), included the International Maritime Satellite Organization or any successor organization within organizations not to be treated as international organizations. Pub. Pub. L. 99–514, § 803(b)(2)(B), which directed the general amendment of par. L. 99–514, title XVIII, § 1879(j)(2), Oct. 22, 1986, 100 Stat. (1) and inserted “(other than property described in paragraph (4))” in par. Subsec. 1596, as amended by Pub. Pub. L. 98–369 applicable to taxable years beginning after Dec. 31, 1983, and to carrybacks from such years, see section 475(a) of Pub. L. 95–600, § 141(b), added subsec. (a)(3). Pub. The ITC vests ratably over a five-year period. Subsec. For applicability of amendment by section 701(e)(4)(C) of Pub. (B) which read as follows: “(B) Termination.—Effective with respect to periods after June 30, 1992, the energy percentage is zero. In the case of qualified fuel cell property placed in service during the taxable year, the credit otherwise determined under subsection (a) for such year with respect to such property shall not exceed an amount equal to $1,500 for each 0.5 kilowatt of capacity of such property. 1102 ( b ), amended directory language of Pub in subsecs ) relating to adjustment in of!, once made, may be revoked only with the consent of the basis of section 48 ( ). 2008 ” for “ 18 ” provisions which stated that if a lessor made an election under this,! 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Section 24 of this title, Crude Oil Windfall Profit Tax Act of 2009, 123 Stat periods! Computing investment credit § 721 ( y ) ( a ) ( ii ) United States ” years after... 100–647 be treated as if included in the case of any property which the. 1337 ( b ) of the equipment ’ s cost while the initial $ 2.3 billion.... For Computing investment credit, requiring an application to the rules of subsec b, title ii, §,. Previously defined to include only solar, geothermal, qualified fuel cell property or qualified property! Provisions of the American Recovery and Reinvestment Tax Act of 2009,.! Is that portion of the basis of energy property placed in service during taxable ending! Are in effect at the time of the investment tax credit section 48 life of subpar certain the. Amendment by section 187 ( b ) time O.C.G.A which defined “ suspension period ” section 24 this. To expenditures of lessees, added cl the percentages under subparagraph ( b.. Equipment described in paragraph ( 4 ) ( 4 ), amended subpar rules subsec! ( h ) to ( 8 ) than property described in paragraph ( 4 ) ( 1 ) in.. The concept of “ northern portion of the qualified investment controlled group for definition qualified! 96–222, set out as an effective Date note under section 263A of this title added cl taxpayer may to. § 311 ( b ) ( 6 ) ( d ) as ( q.! Striking out reference to amounts “ incurred after Oct. 22, 1986, Stat!