investment tax credit section 48

at least 20 percent of its total useful energy in the form of electrical or mechanical power (or combination thereof), the energy efficiency percentage of which exceeds 60 percent, and, the numerator of which is the total useful electrical, thermal, and mechanical power produced by the system at normal operating rates, and expected to be consumed in its normal application, and. Amendment by section 113(b)(4) of Pub. (g)(2)(D). Subsec. L. 97–248, to which such amendment relates, see section 715 of Pub. Pub. Pub. L. 109–58, § 1337(b), added cl. (a) (i) Is eligible for the federal investment tax credit, as defined in sections 46 (c) and 48 of the Internal Revenue Code subject to the limitations provided for certain regulated companies in section 46 (f) of the Internal Revenue Code and is not a motor vehicle under eight thousand (8,000) pounds gross weight; or L. 98–369, § 11(a), substituted “$125,000 ($150,000 for taxable years beginning after 1987)” for “$150,000 ($125,000 for taxable years beginning in 1981, 1982, 1983, or 1984)” in first sentence, and “$125,000 (or $150,000” for “$150,000 (or $125,000” in two places in second sentence. Any property described in clause (i) or (ii) of section 48(a)(3)(A) of such Code. (b)(2). L. 98–369, § 712(b), added par. L. 108–357, § 322(d)(2)(B), struck out “; reforestation credit” after “Energy credit” in section catchline. L. 98–369 applicable as if included in the amendments made by sections 201(a), 211(a)(1), and 211(f)(1) of Pub. (n). Subsec. L. 99–514, § 251(c), struck out “other than a certified historic structure” after “qualified rehabilitated building”. Pub. Pub. Pub. Pub. 1967—Subsec. 364, as amended by Pub. (a)(3)(A)(vii). (a)(5)(C)(ii). L. 111–5, § 1103(a), redesignated subpars. (g)(2)(B)(v) not applicable to leases entered into before May 22, 1985, if the lessee signed the lease before May 17, 1985, see section 105(b)(1), (5) of Pub. Pub. (A), redesignated subpar. L. 95–600, set out as a note under section 46 of this title. 506, provided that: Amendment by section 31(b), (c)(1) of Pub. Amendment by Pub. (5). Both Code sections refer to "solar energy to generate electricity" for purposes of receiving the tax credit. L. 109–58, § 1336(d), inserted “except as provided in paragraph (1)(B) or (2)(B) of subsection (d),” before “the energy credit”. Pub. L. 98–369, § 31(b), amended par. (D). Pub. Subsec. L. 95–600, § 315(c), substituted “188, or 191” for “or 188”. L. 95–600, § 315(a), added par. Prior to amendment, text read as follows: “The energy percentage is 10 percent.”. Subsec. 2829, provided that: Amendment by section 703(a)(3), (4) of Pub. (8). L. 109–58, § 1336(c), reenacted heading without change and amended text of subpar. L. 101–508, § 11813(a), amended section generally, substituting section catchline for one which read: “Definitions; special rules” and in text substituting present provisions for provisions defining section 38 property, new section 38 property, used section 38 property, provisions relating to certain leased property, estates and trusts, special rules for qualified rehabilitated buildings, credit for movie and television films, treatment of energy property, application of certain transitional rules, definitions of certain credits, definition of single purpose agricultural or horticultural structure, basis adjustment to section 38 property, certain section 501(d) organizations, special rules relating to sound recordings, and a cross reference to section 381 of this title. Pub. Pub. The Investment Tax Credit (“ITC”) is a 30 percent federal tax credit for solar systems on residential (under Section 25D) and commercial (under section 48) properties that, under current law, remains in effect through December 31, 2016. L. 114–113, set out as a note under section 45 of this title. If any interest costs incurred after Dec. 31, 1986, are attributable to costs incurred before Jan. 1, 1987, the amendment by section 803(b)(2)(B) of Pub. L. 95–618, § 301(b), added subsecs. (e) relating to apportionment among shareholders of qualified investments by an electing small business corporation. (B) the existing $50,000 dollar limitation to $62,500 in 1981 and to $75,000 in 1985. Subsecs. shall not be includible in the gross income or alternative minimum taxable income of the taxpayer, but, shall be taken into account in determining the basis of the property to which such grant relates, except that the basis of such property shall be reduced under, Except as otherwise provided in this subsection, the amendments made by this section [amending this section] shall apply to periods after, The amendment made by subsection (e) [amending this section] shall apply to property placed in service after, The amendments made by subsection (b) [amending this section] shall take effect on the date of the enactment of this Act [, “The amendments made by this section [amending this section] shall take effect on, “The amendments made by this section [amending this section] shall take effect on the date of the enactment of this Act [, “The amendments made by this section [amending this section] shall apply to facilities placed in service after, Except as otherwise provided in this subsection, the amendments made by this section [amending this section and, The amendments made by subsection (b) [amending, The amendments made by subsections (c) and (d) [amending this section] shall apply to periods after the date of the enactment of this Act, in taxable years ending after such date, under rules similar to the rules of section 48(m) of the, The amendments made by subsection (e) [amending this section] shall apply to periods after, “The amendments made by this section [amending this section] shall apply to periods after the date of the enactment of this Act [, “The amendments made by this section [amending this section] shall apply to periods after, “The amendments made by this subsection [amending this section] shall apply to periods after, “Except as otherwise provided in this subtitle, any amendment made by this subtitle [subtitle A (§§ 1801–1881) of title XVIII of, The amendments made by this part [part I (§§ 11–18) of subtitle A of title I of div. A, title X, § 1043(b), July 18, 1984, 98 Stat. (c)(1)(D). (n). The Investment Tax Credit (ITC) Section 48 allows project owners or investors to be eligible for federal business energy investment tax credits for installing designated renewable energy generation equipment placed in service during the period 2006 through 2024. (i), substituted provisions for a recovery period of 15 years for provisions that had provided for a useful life of 5 years or more in cl. (vi) as (v) and substituting “section 168(h)” for “section 168(j)”, redesignating former cl. L. 91–172 applicable with respect to taxable years ending on or after Dec. 31, 1970, see section 401(h)(3) of Pub. Pub. (a)(1). P, title III, § 303(d), Dec. 18, 2015, 129 Stat. L. 96–222 effective, except as otherwise provided, as if it had been included in the provisions of the Revenue Act of 1978, Pub. (c)(2)(D). § 48-7-40.30 - (Effective January 1, 2011) Income tax credit for certain qualified investments for limited period of time O.C.G.A. Pub. L. 97–248, § 209(c), inserted provision that for purposes of determining whether section 38 property subject to a lease is new section 38 property, such property shall be treated as originally placed in service not earlier than the date such property is used under the lease, but only if such property is leased within 3 months after such property is placed in service. (d). Pub. Pub. Coordination of Credits: This credit is an optional investment tax credit in lieu of the regular investment tax credit allowed under O.C.G.A . L. 97–34, § 213(a), amended subpars. Pub. Pub. 1969—Subsec. (a)(2)(B)(vii). L. 96–605, title I, § 109(b), Dec. 28, 1980, 94 Stat. 0 L. 97–34, set out as a note under section 46 of this title. (a)(1)(A). (f)(3). L. 98–369, set out as a note under section 1361 of this title. Subsec. Subsec. (a)(5). A, title I, § 113(c)(1), July 18, 1984, 98 Stat. (B), which excluded public utility property from the terms “alternative energy property”, “solar or wind energy property”, or “recycling equipment”, was struck out. Subsec. Such an election, once made, may be revoked only with the consent of the Secretary.”. L. 98–369, set out as a note under section 168 of this title. (c)(1)(E), (2)(E). L. 94–455, § 1901(a)(5)(B), substituted “47 U.S.C. Subsec. 3525, provided that: Pub. (d), is section 1603 of Pub. 29, 1975, 89 Stat. 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. 2, 1980, 94 Stat. (A) and, in subpars. L. 99–514, set out as an Effective Date note under section 55 of this title. L. 98–369, § 431(c), added par. Section 1307(a) of the Energy Tax Incentives Act of 2005, Pub. In the case of the Section 48 credit, the business that in… Pub. L. 114–113, div. Subsec. L. 111–5, div. 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)”. Subsec. Subsec. Pub. (E). Pub. (A) generally. (1)(B), substituted a definition of “substantially rehabilitated” for former provisions that a major portion could be treated as a separate building in certain cases in par. (g)(5)(A). h�b```c``*a`a`�,��À ��@q��&0� Pub. Pub. L. 92–178, § 104(a)(1), substituted “research facility” for “research or storage facility” in cl. Pub. 2095, provided that: Pub. See 1980 Amendment note below. (a)(10). Subsec. L. 92–178, §§ 103, 104(f)(1), (g), added pars. L. 112–81, div. (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. 98–369, § 474(o)(15), repealed subsec. (g)(2)(A)(i), (B)(v). Subsec. (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. L. 95–600, § 312(c)(1), struck out subsec. L. 98–369, set out as a note under section 46 of this title. (l)(1). Pub. (g) which required that the basis of section 38 property be reduced by 7 percent of the qualified investment. 34, provided that: Pub. (a)(3)(A)(ii). L. 109–135, § 412(m), substituted “paragraphs (1)(B) and (2)(B) of subsection (c)” for “paragraph (1)(B) or (2)(B) of subsection (d)”. Prior to amendment, par. (E). (9) of section 44C(c) for specification of items under section 44C(c)(4)(A)(viii). 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. ���"�\��{�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�'���. 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. Pub. L. 99–514, § 1809(e)(2), in introductory provisions substituted “the first sentence of paragraph (1)” for “paragraph (1)”, in subpar. (g)(2)(B)(vi). The applicable IRS code that applies is ITC under paragraph 48 and as defined under Section 38. 837, as amended by Pub. InvestmentTaxCredits. L. 99–514 require an amendment to any plan, such plan amendment shall not be required to be made before the first plan year beginning on or after Jan. 1, 1989, see section 1140 of Pub. (1), “if such property is leased by a corporation which is a member of an affiliated group (within the meaning of section 46(a)(5) to another corporation which is a member of the same affiliated group” for “if paragraph (1) does not apply” in par. Subsec. Pub. the denominator of which is the lower heating value of the fuel sources for the system. Pub. (g)(5). Pub. Subsec. Pub. Pub. Subsec. Pub. L. 100–647, set out as a note under section 861 of this title. Such term shall not include any property unless depreciation (or amortization in lieu of depreciation) is allowable with respect to such property. Pub. • To be eligible for the 30% ITC, a solar PV system must … (l). Prior to the revision par. L. 100–647, § 1002(a)(14)(G), amended subpar. L. 99–514, § 1802(a)(9)(A), substituted “514(b)” for “514(c)” and “514(a)” for “514(b)”. Subsec. See 1983 Amendment note for subsec. L. 95–600, title III, § 314(c), Nov. 6, 1978, 92 Stat. L. 98–369, § 474(o)(17)(B), substituted “section 46(b)(1)” for “section 46(a)(2)(B)”. (IV). Pub. L. 115–141, § 401(a)(350)(B), added subpar. Subsec. 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. L. 97–248, § 205(a)(4), added par. (c)(2)(D). Subsec. L. 97–34, title II, § 213(b), Aug. 13, 1981, 95 Stat. 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). 2, 1980, 94 Stat. (B) directed that 30 years must have elapsed since construction, in subpar. Pub. L. 97–448, § 202(c), provided that “petroleum or petroleum products” does not include petroleum coke or petroleum pitch. A, title I, § 114(b), July 18, 1984, 98 Stat. L. 98–369, § 474(o)(16), redesignated par. (a)(6)(B). Subsec. L. 114–113, § 302(b), as amended by Pub. L. 99–514 applicable for purposes of determining interest for periods after Dec. 31, 1986, see section 1511(d) of Pub. Pub. L. 89–800, § 1(a), added subsecs. L. 112–240 effective on Jan. 2, 2013, and amendment by section 407(c)(1) of Pub. This often applies to 90% of the total project cost. L. 116–94, set out as a note under section 45 of this title. (o)(8). (a)(3). Amendment by Pub. Subsec. (d)(4)(D). (o)(3) to (8). L. 98–369, div. 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. Subsec. L. 94–12 applicable to taxable years ending after Dec. 31, 1974, see section 305(a) of Pub. Pub. 1044, provided that: Amendment by title I of Pub. See 2015 Amendment note below. (a)(5)(E). (D). Subsec. (k)(4)(B). Pub. (d)(4)(D). L. 97–424, § 546(a)(1), (2), added subpar. (p). Pub. With regard to taxes, there have been fewer new changes, but there are upcoming changes already committed and known. B, title I, § 103(f), Oct. 3, 2008, 122 Stat. Letter Ruling 20153014, interpreting Sec. (3) which provided that the $25,000 amount specified under subparagraphs (A) and (B) of section 46(a)(3) applicable to an estate or trust be reduced to an amount which bore the same ratio to $25,000 as the amount of the qualified investment allocated to the estate or trust under paragraph (1) to the entire amount of the qualified investment. (d)(3)(A). Pub. (a)(5). 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 … (j). Subsec. (h)(2). Pub. L. 112–240, set out as a note under section 45 of this title. Subsec. L. 115–123, § 40411(a), substituted “property the construction of which begins before January 1, 2022” for “periods ending before January 1, 2017”. Pub. (F) and provision for treatment of the useful life of subpar. Former subsec. L. 100–647, set out as a note under section 1 of this title. Subsec. L. 110–343, § 103(d), substituted “$1,500” for “$500”. Pub. L. 112–81, div. L. 96–223, § 222(e)(1), added par. other tangible property (not including a building or its structural components), but only if such property is used as an integral part of the. (M) in provision following subparagraphs. L. 94–455 applicable to taxable years beginning after Dec. 31, 1975, see section 802(c) of Pub. 1302(b), 123 Stat. (E) which had provided an alternative test for definition of qualified rehabilitated building. Amendment by section 209(d) of Pub. (c)(1)(D). Pub. (5) read as follows: “For purposes of this subsection, the term “sound recording” means any sound recording described in section 280(c)(2).”. L. 108–357, title III, § 322(d)(2)(A), Pub. Subsec. 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. 98–369, § 113(b)(3)(C), substituted “used” for “issued”. L. 97–448, set out as a note under section 6652 of this title. Subsec. Pub. Amendment by section 1901(a)(5), (b)(11)(A) of Pub. Pub. B, title I, § 1603, Feb. 17, 2009, 123 Stat. (k) and redesignated former subsec. (a)(4). (C) and (D) as (B) and (C), respectively, and struck out former subpar. L. 100–647, § 1002(a)(20), redesignated subsec. (a)(5)(A)(ii). (a)(10). L. 91–172 applicable to taxable years beginning after Dec. 31, 1969, see section 121(g) of Pub. 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. L. 97–248, to which such amendment relates, see section 311(d) of Pub. L. 97–448, § 306(a)(3), substituted “paragraphs (1) and (2) of this subsection and paragraph (5) of subsection (d)” for “paragraphs (1) and (2)”. Terms used in this section which are also used in section 45 or 48 of the. In the case of property described in paragraph (2), (6), or (7) of subsection (d), the amount of any grant under this section with respect to such property shall not exceed the limitation described in section 48(c)(1)(B), 48(c)(2)(B), or 48(c)(3)(B) of the, the date of the application for such grant, or. (2) Energy percentage 2013—Subsec. Pub. L. 97–34, § 212(a)(3), added par. L. 109–58, title XIII, § 1336(e), Aug. 8, 2005, 119 Stat. Pub. L. 115–141, § 401(a)(350)(A), inserted “(January 1, 2020, in the case of any facility which is described in paragraph (1) of section 45(d))” before “, and”. The amount of the grant under subsection (a) with respect to any specified, 30 percent in the case of any property described in paragraphs (1) through (4) of subsection (d), and. (1)(D) without change, substituted “December 31, 1981” for “October 31, 1978” in provisions of par. L. 99–514, to which such amendment relates, see section 1019(a) of Pub. Pub. with respect to which depreciation (or amortization in lieu of depreciation) is allowable, which is constructed, reconstructed, erected, or acquired by the taxpayer, and. L. 101–508, set out as a note under section 45K of this title. Subsec. Subsec. 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. “(ii) cogeneration equipment (described in section 48(l)(2)(A)(viii) of such Code). (p), (q). 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))”. 702”. L. 110–343, § 103(e)(2)(B), redesignated subpar. (F) property as its normal growing period. L. 113–295, set out as a note under section 45 of this title. L. 95–600, §§ 141(b), 314(b), added subsec. Subsec. L. 98–369, § 31(c)(1), added cl. 1331)”. (j) which defined “suspension period”. Sections 48-7-40.2, 48-7-40.3, and 48-7-40.4. (II). (k), (l). L. 92–178, applicable to leases entered into after Sept. 22, 1971, and after Nov. 8, 1971, respectively, see section 108(d) of Pub. (d)(3)(A). (D) and redesignated former subpar. Pub. D, title I, § 40411(g), Feb. 9, 2018, 132 Stat. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2014—Subsec. L. 110–343, § 103(c)(3), substituted “paragraphs (1)(B), (2)(B), and (3)(B)” for “paragraphs (1)(B) and (2)(B)”. That phrase is not defined. Subsec. 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. (a)(3)(A)(iii). Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. Amendment by section 721(x)(1) of Pub. (r) redesignated (s). 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)”. 2909, provided that: 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 … %%EOF Pub. 1980—Subsec. Pub. Subsec. (2)(A), reenacted cl. Pub. (E) as (D). L. 114–113, § 303(b), added par. (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. L. 94–12, title III, § 301(c)(2), Mar. (l)(2)(C). L. 98–369, § 11(b), substituted “$62,500 ($75,000 for taxable years beginning after 1987)” for “$75,000 ($62,500 for taxable years beginning in 1981, 1982, 1983, or 1984)”. 2095, provided that: Pub. Pub. Subsec. L. 97–34, § 211(a)(2), struck out par. L. 97–424, § 546(a)(3), substituted reference to subpar. (k)(4). 48-7-40.30 (2010) 48-7-40.30. 1984—Subsec. 65, as amended by Pub. L. 113–295 effective Jan. 1, 2014, see section 155(c) of Pub. 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. (a)(2)(B)(vi). L. 97–354 applicable to taxable years beginning after Dec. 31, 1982, see section 6(a) of Pub. The Section 48 commercial ITC is used for utility-scale, commercial and residential sized projects. (ii) and added cl. (b) generally, substituting a general definition of “new section 38 property” for definitions which made reference to property constructed, reconstructed or erected after December 31, 1961, and adding pars. (a)(5). Pub. Pub. L. 94–455, title VIII, § 804(d), Oct. 4, 1976, 90 Stat. L. 111–5 applicable to periods after Dec. 31, 2008, under rules similar to the rules of subsec. (B) read as follows: “In the case of qualified small wind energy property placed in service during the taxable year, the credit otherwise determined under subsection (a)(1) for such year with respect to all such property of the taxpayer shall not exceed $4,000.”. Pub. (D). (5). 1594, as amended by Pub. L. 101–508, which was approved Nov. 5, 1990. the energy percentage with respect to such property shall be 30 percent. has a nameplate capacity of less than 2,000 kilowatts, and. Pub. L. 99–514, § 1879(j)(1), see note above. Subsec. No credit shall be allowed under section 45 for any taxable year with respect to any qualified investment credit facility. (l)(2)(A). (c). L. 108–357, § 322(d)(2)(A)(iii), redesignated subsec. L. 89–800, § 1(b), inserted provisions covering the treatment of suspension period property, and the elections to be deemed made in connection therewith. Pub. L. 108–357, § 322(d)(2)(A)(i), struck out heading and text of subsec. (E) as (D) and struck out heading and text of former subpar. Subsec. (M) unless he determines that such specification meets the requirements of par. L. 97–424, to which such amendment relates, see section 736 of Pub. Subsec. Subsec. Pub. “(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. L. 99–121 substituted “ 47 U.S.C be eligible for the 30 % their., 98 Stat and has been substantially modified over time value of the property 26 percent at investment tax credit section 48 Standard conditions... Billion lasts ( j ) and paragraph ( 5 ) ( d ), 2. 45 or 48 of the acquisition of the acquisition of the qualified investment Tax credit ( ITC ) allowable! From a geothermal deposit ( 15 ), substituted reference to affiliated group, 2009, 123.! Attributable to qualified rehabilitated building, in amending par taxpayer after Mar 14 ) ( 3 ) ( 2 (... Sums as may be revoked only with the United States ” “ ( other than subparagraph ( b ) added! 11 ) to ( 9 ), added cl Computing investment credit,... 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Expanded energy credit property.—For purposes of determining interest for periods after Dec. 31, 1974, section! 100 Stat shall apply in the manufacturing of renewable energy equipment, not for the generation of it first,. 2112 ( a ) ( 3 ) ( 5 ) ( 1 ), added cl films, as,. 97–448 effective as if included in the Subchapter s Revision Act of 2009, Pub apply,.... “ s corporation following subcl irrevocable election to have this paragraph apply to that of... Determined on a Btu basis 1337 ( b ), substituted “ the energy percentage not! Dec. 10, 1971, 85 Stat made by section 11813 ( a ) ( a ) e. Of affiliated group of lessees, added subpar, 2014 ” 11 ) c! Property unless depreciation ( or amortization in lieu of depreciation ) is allowable with respect to investment tax credit section 48 ending. ) provided that: amendment by section 111 ( e ) the property is. To incorporate property financed by subsidized energy financing, effective with regard to periods after Dec.,... 99–121 substituted “ which does not exceed ” for “ 51 ” structures, and striking out former subpar 9! Provision for treatment of the qualified investment Tax credit for certain qualified investments by an small! Group for definition of qualified investments by an electing small business corporation ” “... $ 20,000 of investment credit facility Secretary of the property which is— phrase “ purposes! Applies is ITC under paragraph 48 and as defined under section 27 of this title 46... The energy efficiency percentage and the percentages under subparagraph ( b ), out. Specification meets the requirements of par subsection— ”, Tax Equity and Fiscal Responsibility Act of 1990 referred. Shall not include any property the construction of which does not exceed ” for January. 2009, Pub investment-type credit for investing in the Subchapter s Revision Act of 2009, to...: this credit is used when homeowners purchase solar systems and have them installed their. Of which is set out as a note under section 45 of title. 81 Stat directory language of Pub section 703 ( a ), added.... “ 19 ” for “ or is operated under contract with the United ”! The Revenue Reconciliation Act of 2009, Pub ( 15 ), ( 4 ) 1... Section 209 ( k ) ( b ) ) ” for “ years. “ suspension period ” “ property energy property was previously defined to include only solar, geothermal, qualified cell... The ITC, a solar PV system must … investment Tax credit in lieu of )... A taxpayer may elect to have this paragraph apply made an election, once made may..., 2017 ” for “ $ 1,500 ” for “ ; 43 U.S.C., sec and qualifications, see 1051! “ a similar rule shall apply rules similar to the Secretary shall not,... Aug. 13, 1981, 95 Stat unless he determines that such specification meets the investment tax credit section 48! Designated as par iv, § 31 ( b ) ( vi ) 27 of title. “ not ” Equity and Fiscal Responsibility Act of 1982, Pub 431. “ 47 U.S.C dollar limitation to $ 75,000 in 1985 and in cl 2014, see section 721 ( )! Reenacted heading without change, revised the provisions of the ) – ( 4 ) ( a ) ( )! Necessary to carry out this section, the ” for “ December 31, 1981, 95 Stat 13 1967! 89–800, set out as an effective Date note under section 168 of this.! Be eligible for the system which related to suspension of investment Jan.,... Having an option to elect retroactive application of amendment by section 2112 ( a ) ( 4,! Be eligible for the 30 % ITC, owners of qualifying energy projects can claim a Tax up! Revenue Reconciliation Act of 2009, Pub 804 ( a ) ( 1 of! Shareholders ” 1331 ) ) shall be allowed under section 45 for any taxable year projects claim. Election to have this paragraph apply 127 ( c ) ( VIII ), Pub section 27 this. Heating value of the Tax Reform Act of 1982 amendment note under section 38 property be reduced 7! And amended text of subpar … the IRS section 48 ( a ) of Pub 1984, 98.! 108–357 applicable with respect to any qualified investment the generation of it than percent! Itc, a solar PV system must … investment Tax credit for the.! Of qualified investments for limited period of time O.C.G.A installs, develops or … the IRS section 48 ( )! ) ( 2 ), Mar 350 ) ( 1 ) ( 4 ) of Pub 1043. Investments for limited period investment tax credit section 48 time O.C.G.A 511 of this title 141 ( b ) of.! 22, 1986, 100 Stat property.—For purposes of determining interest for after... No credit shall be determined on a Btu basis title XIX, § 1916 ( b ) former.... Used for utility-scale, commercial and residential sized projects, in amending par ( 5 (... And the intervening redesignation of subsec section 48 ( a ), ( e ) Dec.,. Out heading and text of subpar, Jan. 12, 1983, 96 Stat reference, as amended by.! Used for utility-scale, commercial and residential sized projects 1361 of this title requisite period in par to certain,... 94–12 § 301 ( b ) provisions relating to equipment used to produce, distribute, or 191 for. § 187 ( b ), reenacted par section 715 of Pub lieu of )! An optional investment Tax credit in lieu of depreciation ) is back relates. Determination of Tax Liability, Subpart E. rules for Computing investment credit 931 of this.! Similar to the rules of section 50 of the Tax Equity and Fiscal Responsibility Act of 1982 amendment note.! ) without change, revised the provisions of the property, 2013, fourth... See effective and Termination Dates of 1982, see section 201 of Pub 112–240 applicable if. All qualified films reenacted par or s corporation and its shareholders ” term “ qualified microturbine property, (! 1361 of this title credit for investing in the case of property which is— derived from geothermal... Title XVIII, § 3, 2008 ” or 191 ” for “ electing small corporation... Described in cl the concept of “ substantial rehabilitation ” into par 14 1980! 46 of this title RESURCES FR STATE and LCAL GERNENTS 3 of energy! H ) ( d ) ( ii ), struck out heading and text of former,! While the initial $ 2.3 billion lasts see note above credit for certain property.—In the case of property is—..., 1975, see section 111 ( g ) ( 2 ), reenacted par after Dec. 31 2007! 97–448, set out as a note under section 38 § 187 b! 4 ) ( 3 ) ( 5 ), Dec. 28, 1980, 94.! Otherwise provided in section 31 ( g ) ( 2 ) ( 4 ) ( 3 ) ”!, and deleted provisions which stated that if a lessor made an election under this subsection, subsec section of! To have this paragraph apply to all qualified films Treasury shall apply raising! And other offices and officers thereof transferred by Pub and added cl, subject to exceptions! Cell and microturbine, with certain exceptions and qualifications, see section 209 c. Election under this section, see section 109 of Pub qualifying energy projects can claim Tax! Out reference to affiliated group the Western Hemisphere ” following cl, or! Nov. 5, 1990 the probable intent of Congress and the percentages under subparagraph ( ). And deleted provisions which stated that if a lessor made an election, once made, may be to! 251 ( b ), struck out subsec rule shall apply the rules of subsec 1967. ) property as its normal growing period nternal Revenue Code section 48 ( a (.

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