investment tax credit section 48

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L. 100–647, set out as a note under section 861 of this title. Subsec. Pub. 2095, provided that: Amendment by Pub. L. 109–432, § 207(1), substituted “January 1, 2009” for “January 1, 2008”. (r). Pub. L. 98–369 effective, except as otherwise provided, as if included in the provisions of the Highway Revenue Act of 1982, title V of Pub. (B), which excluded public utility property from the terms “alternative energy property”, “solar or wind energy property”, or “recycling equipment”, was struck out. Subsec. (a)(5) as (b). L. 110–343, § 103(a)(2), substituted “December 31, 2016” for “December 31, 2008”. L. 97–448, § 202(c), provided that “petroleum or petroleum products” does not include petroleum coke or petroleum pitch. Amendment by section 121(d)(2)(A) of Pub. L. 95–600, § 703(a)(4), substituted “section 57(c)(1)(B)” for “section 57(c)(2)”. L. 97–248, § 205(a)(1), added subsec. Pub. Pub. L. 109–58, § 1337(b), added cl. Pub. (B), in cl. 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. Subsec. (a)(8). L. 87–834, set out as a note under section 46 of this title. (g) which required that the basis of section 38 property be reduced by 7 percent of the qualified investment. (a)(5)(E)(iv). (l)(2)(C). L. 99–514, § 2, Oct. 22, 1986, 100 Stat. L. 108–357, set out as a note under section 46 of this title. 2, 1980, 94 Stat. L. 95–600, §§ 141(b), 314(b), added subsec. (a)(1). (s)(5). L. 94–12, title III, § 301(c)(2), Mar. L. 100–647, § 1002(a)(20), redesignated subsec. The incentive was enacted in 1978 and has been substantially modified over time. L. 101–508, set out as a note under section 45K of this title. L. 94–12 applicable to taxable years ending after Dec. 31, 1974, see section 305(a) of Pub. (c)(1)(B). A, title X, § 1043(b), July 18, 1984, 98 Stat. Subsec. In the case of any energy property described in subparagraph (A) which is not placed in service before January 1, 2024, the energy percentage determined under paragraph (2) shall be equal to 0 percent. 15, 1984, subject to certain exceptions, see section 111(g) of Pub. The … Subsec. 1984—Subsec. (g)(2). U, title IV, § 401(a)(20), Pub. L. 96–223, § 221(b)(2), substituted “one-half of the energy percentage determined under section 46(a)(2)(C)” for “5 percent”. Subsec. Subsec. Pub. Under the ITC, owners of qualifying energy projects can claim a tax credit up to 30% of their project's capital costs. L. 110–343, § 104(d), substituted “paragraphs (1)(B), (2)(B), (3)(B), and (4)(B)” for “paragraphs (1)(B), (2)(B), and (3)(B)”. L. 98–369, § 474(o)(13), substituted “section 46(b)(2)” for “section 46(a)(2)(C)”. L. 98–369, § 113(b)(3)(A), inserted “, section 46(c)(8), or section 46(c)(9)”. (n) redesignated (p). L. 110–343, § 103(c)(3), substituted “paragraphs (1)(B), (2)(B), and (3)(B)” for “paragraphs (1)(B) and (2)(B)”. 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. Prior to amendment, text read as follows: “The energy percentage is—, “(i) in the case of qualified fuel cell property, 30 percent, and, “(ii) in the case of any other energy property, 10 percent.”, Pub. Pub. (h) which related to suspension of investment credit. (d)(3)(A). (s), relating to cross reference, as (t). Pub. (h) to (k). L. 99–514 applicable to taxable years beginning after Dec. 31, 1986, with certain exceptions and qualifications, see section 701(f) of Pub. Subsec. 1985—Subsec. (a)(5). L. 97–34 applicable to property placed in service after Dec. 31, 1980, see section 211(i)(1) of Pub. Subsec. (c)(1)(E). 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. Subsec. Pub. L. 95–600, title III, § 315(d), Nov. 6, 1978, 92 Stat. Pub. Pub. L. 97–354 substituted “Partnerships and S corporations” for “Partnerships” in subpar. L. 96–223, title II, § 222(j), Apr. Subsec. Subsec. L. 97–248, set out as an Effective Date note under section 196 of this title. Pub. (c)(2)(D). (5) read as follows: “For purposes of this subsection, the term “sound recording” means any sound recording described in section 280(c)(2).”. “(2) Definitions.—For purposes of this subpart, the terms ‘amortizable basis’ and ‘qualified timber property’ have the respective meanings given to such terms by section 194.”, 1992—Subsec. (b)(2). 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).”. (x). L. 97–34 applicable to expenditures incurred after Dec. 31, 1981, in taxable years ending after such date, see section 212(e) of Pub. L. 96–222, § 103(a)(2)(A), substituted “ ‘described in section 50 (as in effect before its repeal by the Revenue Act of 1978’ ” for “ ‘described in section 50’ ”. Letter Ruling 20153014, interpreting Sec. L. 96–222, § 101(a)(7)(L)(iii)(III), (v)(IV), (V), (M)(iii), substituted “employee plan” for “ESOP” wherever appearing and inserted “percentage” after “attributable to the matching employee plan” in par. (e). any Federal, State, or local government (or any political subdivision, agency, or instrumentality thereof), any organization described in section 501(c) of the, any entity referred to in paragraph (4) of [former] section 54(j) of such Code, or. L. 95–600, § 312(c)(2), struck out “described in section 50” after “with respect to property”. L. 95–600, § 315(c), substituted “188, or 191” for “or 188”. L. 97–34, § 212(c), added subpar. L. 95–618, § 301(b), redesignated former subsec. Pub. Pub. L. 95–600, § 315(b), added subsec. (vi) as (v) and substituting “section 168(h)” for “section 168(j)”, redesignating former cl. (l) as (n). (n)(6)(B)(i). Subsec. L. 115–123, § 40411(e), substituted “the construction of which begins before January 1, 2022” for “which is placed in service before January 1, 2017”. (d)(4)(D). L. 112–240, § 407(c)(1), added cls. Pub. A, title I, § 113(c)(1), July 18, 1984, 98 Stat. h�ėmO#7ǿ����S��qm�tB L. 99–514, to which such amendment relates, see section 1019(a) of Pub. (3) generally, inserted introductory phrase “For purposes of this subsection—”. Subsec. L. 98–369, div. (c). Pub. 837, as amended by Pub. 8 LBNL (2013) The Impact of City-level Permitting Processes on Residential Photovoltaic Installation … (G). L. 95–600, title III, § 314(c), Nov. 6, 1978, 92 Stat. (ii). L. 109–135, § 412(n)(2), struck out “or” at end. Subsec. L. 98–369, § 474(o)(17), substituted “section 46(a)” for “section 46(a)(2)” and “section 46(b)(1)” for “section 46(a)(2)(B)”. Pub. (A) to (D) provisions relating to qualified rehabilitated buildings which had in subpar. L. 97–34, § 213(a), amended subpars. L. 109–58, title XIII, § 1337(d), Aug. 8, 2005, 119 Stat. “(D) Financing taken into account.—For the purpose of applying the provisions of section 48(l)(11) of such Code in the case of property financed in whole or in part by subsidized energy financing (within the meaning of section 48(l)(11)(C) of such Code), no financing made before January 1, 1980, shall be taken into account. L. 96–451, title III, § 302(b), Oct. 14, 1980, 94 Stat. Subsec. are in effect at the time of the acquisition of the property. (a)(2)(A)(i)(IV). Pub. L. 98–369, div. L. 91–172, § 401(e)(2), reenacted subpar. Pub. Any property described in clause (vii) of section 48(a)(3)(A) of such Code. (A) generally. (c)(2)(E). the amount of credit determined under subsection (a) with respect to such system shall not exceed the amount which bears the same ratio to such amount of credit (determined without regard to this subparagraph) as the energy efficiency percentage of such system bears to 60 percent. Pub. 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. (B) substituted “3 months after” for “3 months of”, in closing provisions substituted “used under the leaseback (or lease) referred to in subparagraph (B)” for “used under the lease” and inserted “The preceding sentence shall not apply to any property if the lessee and lessor of such property make an election under this sentence. (v) relating to expenditures of lessees, added par. L. 94–12, § 301(c)(1)(A), (B), substituted “$50,000” for “$25,000” and “$100,000” for “$50,000”. Pub. Subsec. 174 0 obj <>stream L. 110–343, § 103(a)(1), substituted “January 1, 2017” for “January 1, 2009”. L. 111–5, to which it relates, see section 407(d) of Pub. L. 110–343, § 103(e)(1), in concluding provisions, struck out “The term ‘energy property’ shall not include any property which is public utility property (as defined in section 46(f)(5) as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990).” before “Such term”. (l)(13). L. 90–26, § 1, substituted “March 9, 1967” for “December 31, 1967”. (e) relating to apportionment among shareholders of qualified investments by an electing small business corporation. Under current law, the ITC for most nonsolar technologies will expire at the Pub. Pub. Sections 48-7-40.2, 48-7-40.3, and 48-7-40.4. Subsec. (a)(2)(B). L. 108–357, § 322(d)(2)(A)(i), struck out heading and text of subsec. 1331))” for “; 43 U.S.C., sec. L. 99–514, set out as a note under section 47 of this title. There is hereby appropriated to the Secretary of the Treasury such sums as may be necessary to carry out this section. (B) the existing $50,000 dollar limitation to $62,500 in 1981 and to $75,000 in 1985. (E) generally, substituting “provision” for “provisions” and “168(h)” for “168(j)”. Amendment by section 113(b)(3) of Pub. See 1980 Amendment note below. Pub. Subsec. L. 98–369, § 111(e)(8)(C), substituted “18 years (15 years in the case of low-income housing)” for “15 years”. L. 109–58, title XIII, § 1336(e), Aug. 8, 2005, 119 Stat. (d), is section 1603 of Pub. (C) without change, and in subpar. (1) the present first sentence, redesignated as subpars. endstream endobj startxref Subsec. L. 99–514, title XVIII, § 1879(j)(2), Oct. 22, 1986, 100 Stat. has a nameplate capacity of less than 2,000 kilowatts, and. 2095, provided that: Pub. Pub. Pub. Pub. h�b```c``*a`a`�,��À ��@q��&0� Subsec. L. 99–514, § 1809(d)(2), renumbered par. Pub. 1331)”. (a)(3)(A)(vi). L. 88–272, title II, § 203(a)(2), Feb. 26, 1964, 78 Stat. (x) and inserted definition of “northern portion of the Western Hemisphere” following cl. Pub. 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. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. Pub. (r), was executed by amending par. L. 99–514, § 251(b), amended par. L. 99–514, §§ 1272(d)(5), 1275(c)(5), struck out “932,” after “931,” and “or which is entitled to the benefits of section 934(b)” after “in effect under section 936”, and substituted “or 933” for “, 933, or 934(c)”. 266, as amended by Pub. 2914, provided that: Amendment by Pub. Pub. Pub. B, title I, Sec. Refer to section 48 (a)(3)(A) i. L. 100–647, § 1002(a)(14)(G), amended subpar. Pub. Both Code sections refer to "solar energy to generate electricity" for purposes of receiving the tax credit. is originally placed in service by such person after 2011 and before the credit termination date with respect to such property, but only if the construction of such property began during 2009, 2010, or 2011. A, title I, § 114(b), July 18, 1984, 98 Stat. (c)(2)(D). L. 96–222, title I, § 108(c)(7), Apr. Subsec. Amendment by section 803(b)(2)(B) of Pub. “(i) qualified hydroelectric generating property (described in section 48(l)(2)(A)(vii) of such Code). L. 97–248, see section 31(g)(1), (12) of Pub. Pub. (k) and redesignated former subsec. L. 100–647, § 1002(a)(14)(D), substituted “168(i)(3)” for “168(j)(6)”. Pub. (C) with minor changes and substituted reference to controlled group for reference to affiliated group. (A) the existing $100,000 dollar limitation to $125,000 in 1981 and to $150,000 in 1985 and in subpar. Subsec. L. 98–369, div. Pub. Pub. (16). L. 95–600, § 312(c)(1), struck out subsec. Subsec. Pub. (F) and provision for treatment of the useful life of subpar. 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))”. (d)(3)(A). (d)(2). Pub. L. 101–508 be construed to affect treatment of certain transactions occurring, property acquired, or items of income, loss, deduction, or credit taken into account prior to Nov. 5, 1990, for purposes of determining liability for tax for periods ending after Nov. 5, 1990, see section 11821(b) of Pub. (15). Pub. • To be eligible for the 30% ITC, a solar PV system must … (r). L. 92–178, title I, § 104(h), Dec. 10, 1971, 85 Stat. (l)(2)(C). Subsec. Pub. (c)(4)(C). (g)(2)(A)(i), (B)(v). Subsec. Pub. L. 97–248, see section 113(c)(2)(C) of Pub. L. 99–514, § 251(c), struck out “other than a certified historic structure” after “qualified rehabilitated building”. (c)(3). Pub. (5) which, as amended by § 102(f)(3) of Pub. Pub. L. 110–172, § 11(a)(9), substituted “subsection (a)” for “paragraph (1)”. Subsec. L. 88–272, title II, § 203(f), Feb. 26, 1964, 78 Stat. Amendment by section 802(b)(6) of Pub. Subsec. 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