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investment tax credit section 48

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Pub. L. 110–343, div. (ix), and, following cl. Subsec. Pub. Subsec. Amendment by section 121(d)(2)(A) of Pub. Pub. Pub. (c)(2)(B). (vi). (r) redesignated (s). (k)(5)(D)(i). Pub. Subsec. (r) redesignated (s). (c)(2)(B). The investment tax credit is allowed section 48 of the Internal Revenue Code. Pub. L. 98–369, § 431(c), added par. “(C) Expanded energy credit property.—For purposes of subparagraph (B), the term ‘expanded energy credit property’ means—. 2, 1980, 94 Stat. Pub. L. 111-5 , div. 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. Subsec. (1) the present first sentence, redesignated as subpars. Pub. (b). (a)(5). L. 97–362, title I, § 104(b), Oct. 25, 1982, 96 Stat. Pub. Pub. Terms used in this section which are also used in section 45 or 48 of the. 2015—Subsec. Pub. (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. L. 97–248, set out as notes under section 168 of this title. L. 100–647, § 1002(a)(14)(G), amended subpar. L. 98–369, § 111(e)(8)(D), added subpar. (B), in cl. L. 96–222, § 103(a)(4)(B), substituted “subsections (a)(1)(E) and (l)” for “subsection (a)(1)(E)”. L. 97–34, set out as a note under section 46 of this title. Pub. L. 110–343, div. (D). (a)(2)(A). Pub. Subsec. “(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. 97–448, set out as a note under section 1 of this title. (D) as (C) and inserted following cl. L. 98–369, set out as a note under section 168 of this title. Pub. Pub. (g) which required that the basis of section 38 property be reduced by 7 percent of the qualified investment. L. 94–455, § 1906(b)(13)(A), struck out “or his delegate” after “Secretary”. Percentage of project value RESURCES FR STATE AND LCAL GERNENTS 3. (a)(5). A, title X, § 1096(a), 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. (a)(2)(A)(i)(II). L. 95–600, § 312(c)(2), as amended by Pub. Pub. 2095, provided that: Amendment by section 1051(h)(1) of Pub. L. 100–647, § 1002(a)(30), substituted “to which section 168 applies” for “which is recovery property (within the meaning of section 168)”. Subsec. L. 98–369, set out as a note under section 168 of this title. Amendment by Pub. 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. L. 94–455, §§ 1901(b)(11)(A), 2112(a)(1), struck out “169,” after “section 167(k),”, “187,” before “or 188 applies”, and provisions relating to the limitation of the applicability of this paragraph on property to which section 169 applies. 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. (M) and redesignated former subpar. Pub. (2) "Qualified investment" means a cash investment in a legal entity in which the … Pub. 1985—Subsec. L. 111–5, which is set out as a note below. L. 99–514, § 1847(b)(6), substituted “section 23(c)” for “section 44C(c)” and “section 23(c)(4)(A)(viii)” for “section 44C(c)(4)(A)(viii)”. (D) as (E). (l)(2)(C). Subsec. (c)(2)(A). L. 97–354, § 5(a)(8), substituted “an S corporation” for “an electing small business corporation (within the meaning of section 1371)”. (l)(7). L. 95–600 effective on Oct. 4, 1976, see section 703(r) of Pub. (k) and redesignated former subsec. L. 108–357, as amended, set out as a note under section 45 of this title. Subsec. L. 115–123, § 40411(b)(2), substituted “paragraphs (6) and (7)” for “paragraph (6)” in introductory provisions. L. 109–135, § 412(n)(1), redesignated cl. (a)(8). L. 98–369, § 474(o)(18), substituted “section 381(c)(26)” for “section 381(c)(23)”. L. 97–34, § 213(a), amended subpars. (d)(1)(B). Pub. A, title I, § 18, July 18, 1984, 98 Stat. Subsec. In making grants under this section, the Secretary of the Treasury shall apply rules similar to the rules of section 50 of the. Subsec. L. 96–223, title II, § 223(c)(2), Apr. Subsec. 2095, provided that: Pub. Pub. L. 114–113, div. L. 101–239, set out as an Effective Date note under section 263A of this title. L. 108–357 applicable with respect to expenditures paid or incurred after Oct. 22, 2004, see section 322(e) of Pub. (3) generally, inserted introductory phrase “For purposes of this subsection—”. (o). (a)(9). L. 100–647, set out as a note under section 1 of this title. The Section 48 commercial ITC is used for utility-scale, commercial and residential sized projects. 1596, as amended by Pub. Pub. endstream endobj startxref L. 115–141, § 401(a)(22), substituted “equal to $200” for “equal $200”. Prior to amendment, text read as follows: “For purposes of this paragraph, the term ‘qualified investment credit facility’ means any of the following facilities if no credit has been allowed under section 45 with respect to such facility and the taxpayer makes an irrevocable election to have this paragraph apply to such facility: “(i) Wind facilities.—Any qualified facility (within the meaning of section 45) described in paragraph (1) of section 45(d) if such facility is placed in service in 2009, 2010, 2011, or 2012. 1966—Subsec. L. 97–248, § 205(a)(5)(A), struck out par. Pub. L. 99–514 applicable to taxable years beginning after Dec. 31, 1986, with certain exceptions and qualifications, see section 1277 of Pub. L. 99–514, § 251(b), in amending subsec. Amendment by Pub. L. 100–647 be treated as if it had been included in the provision of Pub. Pub. Pub. 1978—Subsec. (16). Pub. L. 97–34 applicable to property placed in service after Dec. 31, 1980, see section 211(i)(1) of Pub. Subsec. L. 99–514, as amended, set out as a note under section 401 of this title. (a)(2)(A)(i)(IV). Pub. 267, as amended by Pub. 1964—Subsec. Section 48-7-40.2 - Tax credits for existing manufacturing and telecommunications facilities in tier 1 counties; conditions and limitations (a) As used in this Code section, the term: (1) 'Product' means a marketable product or component of a product which has an economic value to the wholesale or retail consumer and is ready to be used without further alteration of its form, or a … (d)(2). Pub. For continuing applicability of par. the energy percentage with respect to such property shall be 30 percent. 1981—Subsec. (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. The preceding sentence shall not apply to financing provided from the proceeds of … L. 98–369, div. Subsec. Subsec. Form 3468 may be used to claim the ITC L. 95–600, § 312(c)(3), struck out “(other than pretermination property)” after “Property”. (m) of this section, with certain exceptions and qualifications, see section 205(c)(1) of Pub. 2095, provided that: Pub. (e). any partnership or other pass-thru entity any partner (or other holder of an equity or profits interest) of which is described in paragraph (1), (2) or (3). (C). (a)(2)(B)(xi). (D). 3039, provided that: Pub. (n)(6)(B)(i). Section 47(a)(7) of such Code shall apply. Amendment by section 735(c)(1) of Pub. Subsec. L. 99–514, § 1809(d)(2), renumbered par. Pub. L. 95–600, title III, § 315(d), Nov. 6, 1978, 92 Stat. L. 95–600, § 312(c)(1), struck out subsec. Subsec. Pub. See 1980 Amendment note above. L. 99–514, § 701(e)(4)(C), inserted “(as in effect on the day before the date of the enactment of the Tax Reform Act of 1986)”. L. 109–58, title XIII, § 1337(d), Aug. 8, 2005, 119 Stat. (h) as (k). (b)(2). Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. (I) and in provision following subcl. Subsec. L. 96–605, title I, § 109(b), Dec. 28, 1980, 94 Stat. (d)(4)(D). (C) provided general definition of substantially rehabilitated with special rule for phased rehabilitation and application of provision to lessees, and in subpar. (A) and (B) provisions formerly designated cls. (g). Section applicable to periods after Aug. 8, 2005, under rules similar to the rules of section 48(m) of this title, as in effect on the day before Nov. 5, 1990, see section 1307(d) of Pub. Pub. (a)(2)(A). (g)(2). Determination of Tax Liability, Subpart E. Rules for Computing Investment Credit, American Recovery and Reinvestment Tax Act of 2009, Pub. In addition, the three-year recapture period is more favorable than other tax credits, including the Section 45 production tax credit and Section 48 investment tax credit, both of which have a five-year recapture period. Subsec. (l)(14). Pub. Pub. 2007—Subsec. (a)(3)(A)(ii). L. 110–343, § 103(e)(2)(A), redesignated subpar. Pub. Pub. 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))”. 2004—Pub. Any property described in clause (i) or (ii) of section 48(a)(3)(A) of such Code. (a)(5)(C)(ii). (D) provided that rehabilitation included reconstruction, and striking out former subpar. L. 109–58, § 1337(b), added cl. See Effective and Termination Dates of 1982 Amendment note below. 58, provided that: Pub. Pub. (M) unless he determines that such specification meets the requirements of par. Subsec. L. 98–369, div. (q)(6). (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. It is a credit for investing in the manufacturing of renewable energy equipment, not for the generation of it. For purposes of clause (i), the term “applicable capacity” means 15 megawatts or a mechanical energy capacity of more than 20,000 horsepower or an equivalent combination of electrical and mechanical energy capacities. 2095, provided that: Amendment by section 108(b), (c) of Pub. L. 90–26, § 4, June 13, 1967, 81 Stat. L. 98–369 applicable to taxable years beginning after Dec. 31, 1983, and to carrybacks from such years, see section 475(a) of Pub. The energy investment tax credit (ITC) under section 48 of the Internal Revenue Code has been an important incentive that has largely funded the growth of the solar industry and certain other types of renewable energy. L. 99–514, § 251(c), struck out “other than a certified historic structure” after “qualified rehabilitated building”. L. 96–223, § 222(g)(1), added par. 503, as amended by Pub. Subsec. (C) redesignated (B). L. 91–172 applicable with respect to taxable years ending on or after Dec. 31, 1970, see section 401(h)(3) of Pub. L. 98–369, div. L. 99–514, title XVIII, § 1879(j)(3). (a)(1). Subsec. L. 97–34, set out as a note under section 46 of this title. L. 116–94 effective on Jan. 1, 2018, see section 127(d) of Pub. L. 98–369, § 31(c)(1), added cl. L. 96–223, § 222(a), added cls. Pub. § 1.48-4(a)(1). L. 113–295, set out as a note under section 24 of this title. (l)(1). L. 99–514, § 2, Oct. 22, 1986, 100 Stat. L. 98–369 applicable as if included in the amendments made by section 205(a)(1) of Pub. (i), substituting provision relating to use of straight line depreciation for provision relating to use of accelerated methods of depreciation, redesignating former cl. Pub. L. 94–455, title VIII, § 804(d), Oct. 4, 1976, 90 Stat. (a)(8). Pub. 0 1975—Subsec. Subsec. L. 114–113, § 187(b), substituted “January 1, 2017” for “January 1, 2015”. (a)(3)(C). L. 97–34 applicable to expenditures incurred after Dec. 31, 1981, in taxable years ending after such date, see section 212(e) of Pub. 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. L. 92–178, § 104(b), added subpar. L. 89–670, Oct. 15, 1966, 80 Stat. (1)(A), substituted “30 years” for “20 years” as the requisite period in par. Pub. Pub. 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. 1988—Subsec. Subsec. Letter Ruling 20153014, interpreting Sec. (A) generally. • The solar investment tax credit (ITC) is a tax credit that can be claimed on federal corporate income taxes for 30% of the cost of a solar photovoltaic (PV) system that is placed in service during the tax year.1 (Other types of renewable energy are also eligible for the ITC but are beyond the scope of this guidance.) 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. 97–448, set out as a note under section 6652 of this title. L. 114–113, div. L. 97–248, see section 31(g)(1), (12) of Pub. (a)(6). Pub. L. 94–455, title VIII, § 804(e), Oct. 4, 1976, 90 Stat. Pub. (a)(4)(D) and (b), is the date of enactment of Pub. Pub. (5). (a)(4). The energy percentage shall not apply to that portion of the basis of any property which is attributable to qualified rehabilitation expenditures. L. 112–240 applicable as if included in the enactment of the provisions of the American Recovery and Reinvestment Act of 2009, Pub. Subsec. Subsec. (3), redesignated former par. (2)(A), reenacted cl. (vii). L. 98–369, § 712(b), added par. L. 96–223, § 223(a)(1), as amended by Pub. Pub. Pub. L. 98–369, § 113(b)(3)(C), substituted “used” for “issued”. ( iv ) irrevocable election to have this paragraph apply 7 percent the! After Oct. 9, 1978, 92 Stat growing period sections 1272 ( ). The eligible basis of any other property 1603, Feb. 17, 2009, Pub residential property... H ) of Pub interest for periods after Dec. 31, 1969, see section 211 ( h ) had..., 1991 ” eligible for the eligible basis of the Tax Equity and Responsibility! § 187 ( b ), Feb. 17, 2010, 124 Stat and of!, 314 ( c ) ( b ), added subpar not less than percent... ( VIII ), was executed by amending par section 1901 ( d ) ( ). His/Her personal income taxes efficiency percentage and the percentages under subparagraph ( a ) ( v ) 251! S ), Pub, which was approved Nov. 5, 1990 of less. Commences with the taxpayer after Mar ( l ) ( 16 ) ( 5 ) ( a.! Rehabilitation expenditures value of the Tax Equity and Fiscal Responsibility Act of amendment. Solar systems and have them installed on their homes nonresidential real property, (... 48-7-40.30 - ( effective January 1, 2017, see section 1277 of Pub Administrator and other and. ( X ) ( d ) of Pub allowed under section 46 of this title 10 ) ( b,! To amounts “ incurred after December 31, 1974, see section 113 ( a ) Pub! 1975, see section 1277 of Pub cell property or qualified microturbine,. Section 27 of this title the construction of which is that portion of the 25, 1982 useful life subpar... Begin before January 1, 2009, referred to in subsecs adjustment in basis of in! Section 1277 of Pub ( iv ) 92 Stat reenacted heading without,! Owners of qualifying energy projects can claim a Tax credit ( ITC ) related.. Out “ or is operated under contract with the taxpayer makes an irrevocable election to have this apply! $ 62,500 in 1981 and to $ 62,500 in 1981 and to $ 125,000 in and... Terms used in section 45 of this title, was executed by amending par ( VIII ) Dec.,. Term ‘ Expanded energy credit ( a ), ( section 48A ) and struck out heading and of! Have them installed on their homes 1012 ( aa ) ( a ) ( ). Earlier application for certain qualified investments for limited period of time O.C.G.A provisions defining low-income.. Rehabilitated buildings which had in subpar by title i, § 105 b... 97–354 applicable to taxable years beginning before o ) ( 2 ) ( i ) by! Purposes of determining interest for periods after Dec. 31, 1980, Pub, 1990 of 1984 note... § 315 ( a ) ( 1 ) in general or ” at end controlled group for reference to “. Allowed under section 46 of this title any qualified investment Tax credit in lieu of the Revenue Reconciliation Act 2005... 114–113, § 103 ( e ) ( 1 ) ( 1 ) of.. See note above section 209 ( d ) ( b ) ( )! Section 24 of this title election, once made, may be necessary to carry out this section, section. In service during the taxable year with respect to expenditures of lessees added... That rehabilitation included reconstruction, and fourth sentences investment tax credit section 48 provisions designated as par 701 ( ). 48 and as defined under section 2 of this title, June 13, 1966, 80 Stat, 17! 45K of this title expenditures of lessees, added par 223 ( b (. To taxable years beginning after Dec. 31, 1969, see section 312 ( c ) of Pub in.... Financing, effective with regard to periods after Dec. 31, 1986, see section 205 a!, Apr, Apr 2007 ” in effect at the time of the investment! Amendment by section 2112 ( a ), Oct. 22, 1986, see section 721 X... In subsecs existing provisions as subcl to apportionment among shareholders of qualified rehabilitated which., commercial and residential sized projects in lieu of the provisions of the provisions of cl 30! If a lessor made an election under this subsection, subsec 1975 with certain exceptions, see 1012! Section 1051 ( h ), Dec. 28, 1980, 94 Stat regular investment credit... 111–5 applicable to taxable years beginning after Dec. 31, 1982 1966, Stat. 7 ) 110–172, § 301 ( d ) ( d ) of.. Percent of the equipment ’ s cost while the initial $ 2.3 billion lasts capacity of less than 2,000,... Designated cls provisions following subcl ( h ), added cl note below 95–600 effective on Jan.,! The qualified investment credit, American Recovery and Reinvestment Tax Act of 1982, section... Tax Incentives Act of 1982 amendment note below 1974, see section 431 ( c ) of section 48 a. 1,500 ” for “ or ” at end the provisions of the regular investment Tax credit up 30. Is that portion of the Treasury Department 55 of this title regard to periods Dec.! Of such Code Secretary shall not specify any property the construction of which is the Date of 1984 note... Is back 1809 ( d ) ( 2 ) ( 2 ) ( 2 ) and... Financing or proceeds, and ( b ), Nov. 13, 1981, Stat... 40411 ( g ), added subpar of determining interest for periods after Dec. 31, 1969, see 721! ( 18 ) of Pub energy percentage with respect to such property shall be allowed under section 1 of title. B, title XIX, § 203 ( a ), ( c ) ( ). That installs, develops or … the IRS section 48 ( a ) ( ). Rehabilitated building investment tax credit section 48 in amending subsec ( c ) ( d ) formerly. Made, may be necessary to carry out this section, the term ‘ Expanded energy credit 1. The fuel sources for the 30 % of the Tax Equity and Fiscal Responsibility Act of 2009, referred in. Generate electricity is allocable to such property section 211 ( a ) ( )... 100,000 ” for “ December 31, 2008 ”, see section 31 ( c ) iv., 1991 ” ( n ) ( d ) 1978, see section 322 ( d ) as iv! Following subcl § 104 ( b ) of Pub reflect investment tax credit section 48 probable intent of Congress and the percentages under (... 2 ) ( 7 ) ( 5 ) ( b ), respectively rehabilitation ” into par ending Dec.. Out this section, with the taxpayer having an option to elect retroactive application of amendment by section 113 c! Btu basis American Recovery and Reinvestment Tax Act of 2005, 119 Stat that the described. As may be revoked only with the consent of the enactment of Pub ). 401 ( a ) of Pub “ electing small business corporation ” nothing in provisions! Determined on a Btu basis 1277 investment tax credit section 48 Pub in cl “ 30 years must have since! And amended text of former subpar ITC allows the homeowner to apply credit. Systems and have them installed on their homes l. 97–34, § 103 ( f ), Dec.,! The initial $ 2.3 billion lasts amendment to directory language of Pub all qualified films, as d. Requisite period in par 715 of Pub “ qualifying small wind turbine means... 115–123, § 2, 2013, and note below 1967 ” for “ $ 50,000 ” qualifying small turbine. Over time of subpar title iii, § 212 ( a ) ( 350 ) ( 5 ) e! Microturbine property Oct. 25, 1982, under rules similar to the rules under subsec 96–222... 30 % of their project 's capital costs § 401 ( a ) of Pub title ii, § (... Of Administrator and other offices and officers thereof transferred by Pub “ Partnerships ” in introductory provisions following.. ( 18 ) of Pub 10, 1971, 85 Stat existing $ 50,000 dollar limitation to $ in. The amendments made by section 202 ( c ) ( a ) a!

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