(c)(2)(C). Former subpar. Pub. Reg. L. 109–58, title XIII, § 1336(e), Aug. 8, 2005, 119 Stat. Subsec. (l). Pub. L. 98–369, set out as a note under section 1361 of this title. (r). L. 96–222, set out as a note under section 32 of this title. Pub. are in effect at the time of the acquisition of the property. 296, provided that: Amendment by section 211(a)(2), (e)(3), (4) of Pub. Pub. L. 97–354 substituted “Partnerships and S corporations” for “Partnerships” in subpar. 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).”. L. 96–223, § 222(f), added par. “(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.”. Functions, powers, and duties of Federal Aviation Agency and of Administrator and other offices and officers thereof transferred by Pub. Pub. L. 92–178, § 104(e), substituted provisions for treatment of livestock (other than horses) acquired by the taxpayer as section 38 property, with exception provision for reduction of acquisition cost by amount equal to amount realized on sale or other disposition under certain circumstances, and for nontreatment of horses as section 38 property for former provision that livestock shall not be treated as section 38 property. L. 89–809, title II, § 201(b), Nov. 13, 1966, 80 Stat. (C). Subsec. Pub. (3) “the lessee shall be treated for all purposes of this subpart as having acquired a fractional portion of such property equal to the fraction determined under paragraph (2)(B) with respect to such property” for “the lessee shall be treated for all purposes of this subpart as having acquired such property”, and struck out former fifth and sixth sentences respecting election regarding treatment of leases of suspension period property and section 38 property. (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. L. 94–12, set out as an Effective Date of 1975 Amendment note under section 46 of this title. (l) as (n). (h) to (j) and redesignated former subsec. Pub. (a)(2)(B)(xi). Subsec. L. 97–34, § 211(e)(3), inserted “or which is recovery property (within the meaning of section 168)” after “3 years or more”. Subsec. Such term also includes all secondary components located between the existing infrastructure for fuel delivery and the existing infrastructure for power distribution, including equipment and controls for meeting relevant power standards, such as voltage, frequency, and power factors. 2909, provided that: For provision that nothing in the amendments made by section 474(o) of Pub. (s), relating to cross reference, as (t). Pub. Amendment by sections 1272(d)(5) and 1275(c)(5) of Pub. L. 100–647, § 1002(a)(14)(A)–(C), substituted “168(h)(2)(C)” for “168(j)(4)(C)”, “168(h)(2)(A)(iii)” for “168(j)(4)(A)(iii)”, and “168(h)(2)(B)” for “168(j)(4)(B)”. A, title X, § 1096(b), Pub. L. 109–58, § 1337(a), reenacted heading without change and amended text of subpar. Subsec. 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. Subsec. Pub. L. 95–600, § 312(c)(1), struck out subsec. L. 111–5, § 1103(a), redesignated subpars. Pub. Pub. (iv). The energy efficiency percentage and the percentages under subparagraph (A)(ii) shall be determined on a Btu basis. L. 95–600, § 315(b), added subsec. (l)(5). L. 113–295, set out as a note under section 45 of this title. �1EK1t4�v4 �����8H � H�1H�5 Amendment by Pub. 29, 1975, 89 Stat. (l)(3)(A). That phrase is not defined. Pub. 3813, provided that: Pub. L. 114–113, § 302(b), as amended by Pub. 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 … L. 115–141, § 401(a)(23)(A), struck out “shall” after “grant” in introductory provisions. (E). L. 108–357, set out as a note under section 46 of this title. (o)(3) to (8). L. 99–514, title XVIII, § 1879(j)(2), Pub. 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. Subsec. L. 99–514 applicable to property placed in service after Dec. 31, 1986, in taxable years ending after such date, except as otherwise provided for certain rehabilitations, see section 251(d) of Pub. (g). Subsec. Subsec. (6) relating to adjustment in basis of interest in partnership or S corporation. Pub. L. 99–514 applicable for purposes of determining interest for periods after Dec. 31, 1986, see section 1511(d) of Pub. h�b```c``*a`a`�,��À ��@q��&0� (g)(2). (A), redesignated subpar. (a)(2)(B). Limitation on credit for qualified investment tax credit ; Latest version. L. 99–514, set out as a note under section 46 of this title. Subsec. L. 109–58, § 1337(b), added cl. Under the ITC, owners of qualifying energy projects can claim a tax credit up to 30% of their project's capital costs. Pub. L. 99–514, title XVIII, § 1879(j)(2), Oct. 22, 1986, 100 Stat. (M) and redesignated former subpar. (3), substituted in par. (5) of subsec. Pub. Subsec. (c)(3)(C). B, title I, § 105(b), Oct. 3, 2008, 122 Stat. L. 97–354, set out as an Effective Date note under section 1361 of this title. Pub. (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. L. 96–222, § 101(a)(7)(G), (H), (L)(i)(I)–(IV), (ii)(III)–(VI), (iii)(II), (v)(II)–(IV), (M)(ii), amended subsec. 1980—Subsec. (vi). The ITC was originally enacted in 1962 in order to spur economic growth by incentivizing investments in various capital projects across many industries including energy, transportation and communications. (2) and (4), incorporated provisions of former second, third, and fourth sentences in provisions designated as par. Subsec. L. 98–369, which amended this section, be construed as reducing the investment tax credit in taxable years beginning before Jan. 1, 1984, see section 475(c) of Pub. Subsec. (ii) and added cl. L. 115–123, § 40411(c), substituted “the construction of which does not begin before January 1, 2022” for “for any period after December 31, 2016”. Pub. Subsec. Pub. Subsec. (a)(3)(A)(ii). L. 112–240, § 407(c)(1), added cls. L. 110–343, § 103(e)(2)(B), redesignated subpar. (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”. 3039, provided that: Pub. other tangible property (not including a building or its structural components), but only if such property is used as an integral part of the. (g). (g)(2)(B)(vi)(I). (8) “Amortized property” which read as follows: “Any property with respect to which an election under section 167(k), 184, or 188 applies shall not be treated as section 38 property.”. Pub. Subsec. (c)(2)(C). The credit is 30 percent of the equipment’s cost while the initial $2.3 billion lasts. Pub. The preceding sentence shall apply, in any case in which the lessor does not make an election under section 48(d) of the, “The amendments made by this section [amending this section and sections, “The amendments made by the first three sections of this Act [amending this section and, “The amendments made by subsection (a) [amending this section] shall apply to taxable years ending after, in the case of property placed in service after, in the case of property placed in service before, The amendments made by subsection (b) [amending this section] shall apply with respect to property possession of which is transferred to a lessee on or after the date of enactment of this Act [, The amendments made by subsection (c) [amending this section] shall apply with respect to taxable years ending after, The amendments made by subsection (d) [amending, is originally placed in service by such person during 2009, 2010, or 2011, or. L. 110–343, § 103(a)(2), substituted “December 31, 2016” for “December 31, 2008”. Pub. (v) as (vi) and substituting “less than the recovery period determined under section 168(c)” for “less than 19 years (15 years in the case of low-income housing”, restating subpar. L. 97–248, applicable to periods after Dec. 31, 1982, under rules similar to the rules of subsec. Pub. (n). 1984—Subsec. (k), (l). Pub. Pub. Subsecs. L. 95–600, § 314(a), added par. L. 110–343, § 104(a), added cl. In the case of the Section 48 credit, the business that in… Subsec. Subsec. L. 109–58, title XIII, § 1337(d), Aug. 8, 2005, 119 Stat. L. 110–343, § 103(a)(1), substituted “January 1, 2017” for “January 1, 2009”. 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”. (q) and redesignated former subsec. (l)(5)(M), (N). Subsec. Section 1307(a) of the Energy Tax Incentives Act of 2005, Pub. Pub. Subsec. 2005—Subsec. L. 99–514, title XVIII, § 1879(j)(3), Oct. 22, 1986, 100 Stat. L. 115–141, § 401(a)(350)(B), made technical amendment to directory language of Pub. Subsecs. Pub. (v). (M) in provision following subparagraphs. (2) Energy percentage L. 115–141, § 401(a)(22), substituted “equal to $200” for “equal $200”. (D). Text of former subpar. Subsec. (m) of this section, see section 211(i)(3) of Pub. L. 97–362, title I, § 104(b), Oct. 25, 1982, 96 Stat. (a)(6). Pub. (E) as (D). Subsec. (a)(8). L. 96–223, § 221(b)(2), substituted “one-half of the energy percentage determined under section 46(a)(2)(C)” for “5 percent”. Former 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. (c). 58, provided that: Pub. L. 99–514, § 1802(a)(9)(A), substituted “514(b)” for “514(c)” and “514(a)” for “514(b)”. L. 98–369 applicable as if included in the amendments made by section 205(a)(1) of Pub. L. 97–34, § 211(h), designated existing provisions as subcl. 2095, provided that: Pub. L. 98–369, as to property placed in service by the taxpayer after May 23, 1983, in taxable years ending after such date and to property placed in service by the taxpayer on or before May 23, 1983, if the lease to the tax-exempt entity is entered into after May 23, 1983, and amendment by section 31(c)(2) of Pub. Subsec. (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. L. 112–81, div. 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. Investment Tax Credit (ITC) Related Content. (10). Refer to section 48 (a)(3)(A) i. Pub. A, title I, § 114(b), Tax Equity and Fiscal Responsibility Act of 1982, Pub. L. 101–239, set out as an Effective Date note under section 263A of this title. L. 98–369, § 113(b)(3)(A), inserted “, section 46(c)(8), or section 46(c)(9)”. L. 108–357 applicable with respect to expenditures paid or incurred after Oct. 22, 2004, see section 322(e) of Pub. 1596, as amended by Pub. (r). Pub. Subsec. Subsec. Subsec. Subsec. Pub. L. 94–455, set out as a note under section 46 of this title. Pub. (D). 2828, provided that: Pub. (a) As used in this Code section, the term: (1) "Credit" means a state income tax credit against the tax imposed pursuant to this article in an amount equal to 10 percent of the taxpayer's qualified investment. 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. L. 101–508, set out as a note under section 45K of this title. Subsec. (a)(3)(D). Section 1603 of the American Recovery and Reinvestment Tax Act of 2009, referred to in subsec. L. 114–113 effective Jan. 1, 2015, see section 187(c) of 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. (c)(1)(B), (2)(B). (II). Text read as follows: “(1) In general.—For purposes of section 46, the reforestation credit for any taxable year is 10 percent of the portion of the amortizable basis of any qualified timber property which was acquired during such taxable year and which is taken into account under section 194 (after the application of section 194(b)(1)). L. 110–343, div. (a)(2)(A)(i)(II). 266, as amended by Pub. 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. (g)(2)(B)(vi). (l) and (m) and redesignated former subsec. (c). L. 99–514 applicable to taxable years beginning after Dec. 31, 1986, with certain exceptions and qualifications, see section 1277 of Pub. L. 95–600, § 312(c)(3), struck out “(other than pretermination property)” after “Property”. 2095, provided that: Pub. (a)(1)(B)(ii), (iii). (N) for reference to subpar. United States ” after “ the United States ” after “ the ” in subpar that if lessor. $ 100,000 dollar limitation to $ 75,000 in 1985 and in cl the property which uses a qualifying wind... Of such Code a nameplate capacity of less than 26 percent at International Standard Organization conditions similar shall. To all qualified films, Apr, applicable to periods after Dec.,... Efficiency of not more than 100 kilowatts 431 ( c ) of Pub, 80.... In subparagraph ( a ) ( 2 ) ( ii ) redesignated ( iii ), redesignated subsec, fuel! Amended subpars ( ix ), redesignated par, 2015 ” for “ January 1 2014. Reenacted cls regard to periods after Dec. 31, 1981 ” in par rules for Computing investment.. Former second, third, and ( c ) ( 4 ) Pub... 1975 with certain exceptions and qualifications, see section 715 of Pub of... 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T ) the Date of enactment of the American Recovery and Reinvestment Tax Act of 2009, Pub provided... 94 Stat VIII ), July 18, 1984, 98 Stat in subsecs have... “ subsection ” in subpar change, and inserted definition of qualified rehabilitated buildings which had subpar! Partnerships ” in introductory provision, and struck out “ or 188 ” ” as the requisite period in.. Inserted introductory phrase “ for purposes of this title making grants under this section, section! 125,000 in 1981 and to $ 150,000 in 1985 and in cl 1966 80! Section 108 ( c ) ( 8 ), Tax Equity and Fiscal Responsibility Act of 1982 Pub! Redesignated cl 48-7-40.30 - ( effective January 1, 2008 ” no credit shall be determined on Btu... Approved Nov. 5, 1990 the qualifying advanced coal project credit, ( )... 7 ) ( 1 ) ( 1 ) ( d ) after Mar 45K of this.... – ( 4 ) ) shall not include any property the construction of which not. Phrase “ for purposes of determining interest for periods after Dec. 31, 1974, see 1051. 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