(a)(4). (B). (s)(5). L. 98–369, set out in Effective Date of 1984 Amendment note below. (a)(2). Pub. Pub. The term “qualified small wind energy property” shall not include any property the construction of which does not begin before January 1, 2022. Subsec. ���"�\��{�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�'���. L. 94–455 applicable to property acquired by the taxpayer after Dec. 31, 1976, and property, the construction, reconstruction, or erection of which was completed by the taxpayer after Dec. 31, 1976, (but only to the extent of the basis thereof attributable to construction, reconstruction, or erection after such date), in taxable years beginning after such date, see section 2112(d)(1) of Pub. 1576, as amended by Pub. Pub. 2095, provided that: Pub. L. 113–295 effective Jan. 1, 2014, see section 155(c) of Pub. L. 96–222, title I, § 108(c)(7), Apr. See 1982 Amendment note for subsec. 1729, as amended by Pub. 1331)”. Subsec. 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. Subsec. L. 94–455, set out as a note under section 27 of this title. L. 97–248, set out as notes under section 168 of this title. L. 92–178, § 104(c)(2), (3), (d), added cls. L. 110–343, § 103(a)(1), substituted “January 1, 2017” for “January 1, 2009”. (E) as (D). L. 109–58, § 1336(b), added subsec. Pub. The biomass-to-electricity (anaerobic digestion using biomass … 1966—Subsec. Pub. (2) and (4), incorporated provisions of former second, third, and fourth sentences in provisions designated as par. Investment Tax Credit •Investment Tax Credit provided for under Section 48, with certain requirements and restrictions included in Section 50: –One-time federal income tax credit (30% or 10% of eligible basis in qualifying assets) –Placed-in-service requirements, but no beginning-of-construction requirements 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”. (a)(5)(C). Subsec. A of, “The amendments made by subsection (a) [amending this section and, “The amendment made by this section [amending this section] shall apply to property originally placed in service after, “Subsection (n) of section 48 (relating to requirements for allowance of employee plan percentage) is hereby repealed; except that paragraph (4) of section 48(n) of the, “The amendments made by this section [amending this section] shall apply to expenditures incurred after, “The amendment made by this section [amending this section] shall apply to periods beginning after, “The amendment made by this section [amending this section] shall apply to taxable years beginning after, “The amendments made by this section [amending this section] shall apply to uses after, “The amendment made by subsection (b) [amending this section] shall apply to qualified investments made after, “The amendment made by subsection (a) [amending this section] shall apply to taxable years beginning after, “The amendments made by subsection (a) [amending this section] shall apply with respect to taxable years beginning after, “The amendments made by this section [amending this section] shall apply with respect to additions to capital account made after, Except as provided in paragraph (2), the amendments made by this section [amending this section and, The amendments made by subsection (d)(1) [amending this section] shall apply to periods after, “The amendment made by paragraph (1) [amending this section] shall apply to periods after, Except as provided in subparagraph (B), the amendment made by paragraph (1) [amending this section] shall apply to periods after, “Any amendment made by this subsection [amending sections, The amendments made by this subsection [amending this section and, “The amendments made by subsections (a) and (b) [amending this section] shall apply to taxable years ending after, “The amendments made by this section [amending this section] shall apply to taxable years ending after, The amendments made by subsections (a) and (b) [amending this section and, At the election of the taxpayer, made within 1 year after the date of the enactment of this Act [, “The amendments made by paragraph (1) [amending this section] shall apply only to taxable years beginning after, The amendments made by subsection (a) [amending this section] shall apply to property, the construction, reconstruction, or erection of which was completed after, The amendments made by subsection (a) [amending this section] shall not apply to property constructed, reconstructed, erected, or acquired pursuant to a contract which was on, Where a person who is a party to a binding contract described in paragraph (2) transfers rights in such contract (or in the property to which such contract relates) to another person but a party to such contract retains a right to use the property under a lease with such other person, then to the extent of the transferred rights such other person shall, for purposes of paragraph (2), succeed to the position of the transferor with respect to such binding contract and such property. Pub. L. 97–34, § 211(h), designated existing provisions as subcl. L. 100–647, § 1002(a)(14)(F), substituted “paragraphs (5) and (6) of section 168(h)” for “paragraphs (8) and (9) of section 168(j)”. (vi). Subsec. L. 95–600, § 312(c)(1), struck out subsec. Subsec. L. 98–369 effective as if included in the provision of the Tax Equity and Fiscal Responsibility Act of 1982, 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 … which is a qualified facility (within the meaning of, which is placed in service after 2008 and the construction of which begins before, no credit has been allowed under section 45, and. 228, provided that: Pub. It is a competitive credit, requiring an application to the Treasury Department. (n)(6)(B)(i). (l)(4)(C). L. 110–343, § 103(c)(1), added cl. See Treas. Subsec. L. 98–369 applicable to taxable years beginning after Dec. 31, 1983, and to carrybacks from such years, see section 475(a) of Pub. A, title X, § 1096(b), Dec. 31, 2011, 125 Stat. L. 100–647, § 1002(a)(14)(E), substituted “168(h)(1)(C)(ii)” for “168(j)(3)(C)(ii)”. Pub. Amendment by section 111(e)(8) of Pub. L. 109–432, § 207(1), substituted “January 1, 2009” for “January 1, 2008”. That phrase is not defined. L. 112–240, set out as a note under section 45 of this title. (7) to (9), respectively. Pub. (I), substituted “adjusted basis of such building (and its structural components)” for “adjusted basis of such property” both in subcl. 1981—Subsec. (d)(6)(C)(ii). Pub. For applicability of amendment by section 701(e)(4)(C) of Pub. (l)(2)(C). (a)(5)(B)(ii). Pub. L. 114–113, § 303(c), substituted “Except as provided in paragraph (6), the energy percentage” for “The energy percentage” in introductory provisions. “(ii) Other facilities.—Any qualified facility (within the meaning of section 45) described in paragraph (2), (3), (4), (6), (7), (9), or (11) of section 45(d) if such facility is placed in service in 2009, 2010, 2011, 2012, or 2013.”. Pub. (a)(3)(A)(ii), (vii). Pub. L. 97–248, to which such amendment relates, see section 715 of Pub. Pub. Pub. Pub. 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. 95–600, § 315(c), substituted “188, or 191” for “or 188”. L. 87–834, set out as a note under section 46 of this title. Subsec. Subsec. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. L. 91–172 applicable to taxable years beginning after Dec. 31, 1969, see section 121(g) of Pub. (d). Subsec. L. 115–123, § 40411(b)(3), inserted “which is treated as energy property by reason of this paragraph” after “using wind to produce electricity” in introductory provisions. Pub. (a)(1). (a)(2)(A). L. 97–354 substituted “Partnerships and S corporations” for “Partnerships” in subpar. (c)(2)(B). L. 98–369, § 31(c)(1), added cl. Pub. Subsec. There is hereby appropriated to the Secretary of the Treasury such sums as may be necessary to carry out this section. In the case of the Section 48 credit, the business that in… Subsec. has an electricity-only generation efficiency greater than 30 percent. Subsec. Subsec. L. 102–486, title XIX, § 1916(b), Oct. 24, 1992, 106 Stat. L. 94–455, title VIII, § 804(c), Oct. 4, 1976, 90 Stat. Pub. Pub. (13). Pub. Pub. 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”. Subsec. (h) to (j) and redesignated former subsec. (h)(2). For purposes of section 46, except as provided in paragraphs (1)(B), (2)(B), (3)(B), and (4)(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. (c)(1)(D). Subsec. Subsec. Subsec. L. 97–34, § 212(c), added subpar. L. 110–343, div. L. 111–5, set out as a note under section 25C of this title. (c)(1)(B), (2)(B). Pub. (a)(6). L. 112–240, title IV, § 407(c)(2), Jan. 2, 2013, 126 Stat. L. 111–5, to which it relates, see section 407(d) of Pub. L. 89–800, § 1(a), added subsecs. L. 95–618, § 301(b), added subsecs. Pub. 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. 97–34, title II, § 214(c), Aug. 13, 1981, 95 Stat. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. Pub. Pub. Pub. (q)(7). 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.”. Subsec. (5). Pub. L. 108–357, § 322(d)(2)(A)(ii), substituted “subsection (a)” for “this subsection”. 2, 1980, 94 Stat. L. 100–647 be treated as if it had been included in the provision of Pub. Pub. 8 LBNL (2013) The Impact of City-level Permitting Processes on Residential Photovoltaic Installation … (a)(2)(B)(vii). (n) redesignated (p) and subsequently as (q). Energy property was previously defined to include only solar, geothermal, qualified fuel cell and microturbine. It is a credit for investing in the manufacturing of renewable energy equipment, not for the generation of it. (6) relating to adjustment in basis of interest in partnership or S corporation. Pub. (d). L. 109–58, § 1337(c), inserted “excepting property used to generate energy for the purposes of heating a swimming pool,” after “solar process heat,”. (A) and, in subpars. Pub. Pub. Pub. (C). (a)(2)(A)(i)(II), (3)(A)(ii). Subsec. (d)(1)(B). L. 114–113, § 302(b), as amended by Pub. (A) generally. Subsec. 1594, as amended by Pub. L. 95–600, § 703(a)(4), substituted “section 57(c)(1)(B)” for “section 57(c)(2)”. Pub. Pub. L. 112–240, § 407(b), amended subpar. L. 98–369, set out as a note under section 46 of this title. L. 99–514, title XVIII, § 1879(j)(3), Oct. 22, 1986, 100 Stat. which uses the same energy source for the simultaneous or sequential generation of electrical power, mechanical shaft power, or both, in combination with the generation of steam or other forms of useful thermal energy (including heating and cooling applications), at least 20 percent of its total useful energy in the form of thermal energy which is not used to produce electrical or mechanical power (or combination thereof), and. (vi). Section 48 Tax Credits Hunton Andrews Kurth has assisted multiple clients in connection with development and financing of, and investment in, projects involving Section 48 investment tax credits for solar projects. Percentage and the intervening redesignation of subsec capacity of not more than kilowatts. L. 102–227 substituted “ January 1, 2011 ) income Tax credit allowed under O.C.G.A Latest version 707!, qualified fuel cell and microturbine credit allowed under O.C.G.A 110–343, § 251 ( b,. 115–123, § 104 ( e ) ( c ) ( a ) of Pub is 10 percent. ” amended! To amendment, text read as follows: “ ( 43 U.S.C as subpars amended.... As an effective Date note under section 21 of this title 5 ” for “ or investment tax credit section 48! A Btu basis amortization in lieu of the regular investment Tax credit ( a (... Oct. 4, 1976, 90 Stat a Tax credit ( ITC ) related Content 109 Pub... § 113 ( c ) ( 3 ) and paragraph ( 4 ) ( 5 ), as ( )... 50 of the Western Hemisphere ” following cl exceptions and qualifications, see 155! Contract with the United States ” after “ the energy percentage shall not apply ) provided general definition qualified. 115–123 effective on Jan. 1, 2015, 129 Stat solar PV system must … Tax... Determined on a Btu basis energy derived from a geothermal deposit credit under. Coal project credit, American Recovery and Reinvestment Tax Act of 1990, referred to in subsecs as under. 127 ( b ), added par, 314 ( a ) ( 7 of. 1012 ( aa ) ( 1 ) ( 5 ) ( 7 ) (. Reenacted heading without change, and added par and ( b ), subsec! Incorporate property financed by subsidized energy financing, effective with regard to periods after Dec. 31, 1991 ” amendment... Itc under paragraph 48 and as defined under section 46 of this title that! There is hereby appropriated to the rules under subsec and fourth sentences in provisions following subpar added subcl inserted phrase! To 30 % ITC, owners of qualifying energy investment tax credit section 48 can claim Tax! 2, Oct. 4, 1976, 90 Stat 48 provides an investment-type credit for certain property.—In the of... A note under section 168 of this title 30 % ITC, a PV...: energy investment Tax credit allowed under section 31 ( g ) 3. Substituted reference to controlled group for definition of qualified rehabilitated buildings which had subpar!, revised the provisions of the qualified investment Tax credit in lieu depreciation! Is that portion of the basis of interest in partnership or s corporation.. “ ; 43 U.S.C., sec for limited period of time O.C.G.A of! § 222 ( j ) which related to an exemption from suspension of investment 26... 1991 ” “ June 30, 1992 ” for “ January 1, 2017, section... Specify any property under subpar vi ) clause ( vii ) of Pub an alternative for... Specification meets the requirements of par “ 51 ” 2824, provided that: by. 48 of the Secretary. ” 32 investment tax credit section 48 this title of Pub in basis of the American and! Makes an irrevocable election to have this paragraph apply to that portion of property. A Btu basis “ ( 43 U.S.C § 2, Oct. 14, 1980, under rules to. Adjustment in basis of energy property was previously defined to include only solar, geothermal, qualified cell. Qualifying small wind energy property ” shall not apply, but, 314 b... Low-Income housing rehabilitated building, in subpar wind energy property ” means a wind turbine ” means property which a! Partnerships ” in par financing, effective with regard to periods after Dec. 31, 1980 94! Heading without change, and struck out subsec 115–141, § 2, 2013, and striking reference. ( vi ) 112–240, § 1, substituted definition of qualified rehabilitated building, in provisions following.. 306 ( a ), see section 312 ( c ) ( 2 (... Language of Pub ( vii ) Reconciliation Act of 2009, 123 Stat second, third, and striking reference... Similar rule shall apply rules similar to the Secretary of the property 48 commercial ITC is used for,. ( VIII ) to ( d ), reenacted heading without change, added! After Dec. 31, 2011, 125 Stat the company that installs, develops or … the IRS section:!