Subsec. Pub. (a)(1). (A) generally. (N) for reference to subpar. (n) generally to reflect the renaming of an investment tax credit ESOP to a tax credit employee stock ownership plan and a leveraged employee stock ownership plan (commonly referred to as an ESOP) to an employee stock ownership plan. Subsec. 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. 99–514, § 1511(c)(3), substituted “the underpayment rate” for “the rate” in closing provisions. (2) and (4), incorporated provisions of former second, third, and fourth sentences in provisions designated as par. (vii). Pub. L. 97–448, § 102(f)(3), substituted “a credit is determined under section 46(a)(2)” for “a credit is allowed under this section” and “the credit so determined” for “the credit so allowed”. (a)(8). L. 98–369, § 113(a)(1), redesignated former subsec. L. 92–178, set out as a note under section 46 of this title. Amendment by section 721(x)(1) of Pub. Subsec. L. 115–141, § 401(a)(23)(A), struck out “shall” after “grant” in introductory provisions. Text read as follows: “The first sentence of the matter in subsection (a)(3) which follows subparagraph (D) thereof shall not apply to qualified microturbine 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).”. Pub. (F) and provision for treatment of the useful life of subpar. L. 96–223, title II, § 222(j), Apr. 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. Pub. 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. (B) directed that 30 years must have elapsed since construction, in subpar. which is acquired by the taxpayer if the original use of such property commences with the taxpayer, with respect to which depreciation (or amortization in lieu of depreciation) is allowable, and, have been prescribed by the Secretary by regulations (after consultation with the Secretary of Energy), and. Pub. Subsec. (E). Pub. Subsec. (l) as (n). 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. (l)(11). Pub. L. 116–94, set out as a note under section 45 of this title. (a)(2)(A)(i)(II), (3)(A)(ii). (a)(5)(D)(iii), (iv). (g)(3). Subsec. (l)(2)(A). Pub. (ix), inserted provision that the equipment described in cl. Pub. L. 97–448, title I, § 102(g), Jan. 12, 1983, 96 Stat. L. 97–34, § 212(d)(2)(A), substituted “or 188” for “188, or 191”. The adjustments under this paragraph shall be made as of the first day of the taxpayer’s first taxable year which begins after, {'misc': '', 'cleanpath': '/uscode/text/26/48', 'headtext': ' Energy credit', 'cfr_titles': [{'title': '25', 'parts': [{'part': '275', 'cleanpath': '/cfr/text/25/part-275', 'headtext': 'STAFFING'}]}, {'title': '26', 'parts': [{'part': '301', 'cleanpath': '/cfr/text/26/part-301', 'headtext': 'PROCEDURE AND ADMINISTRATION'}]}], 'section': '48'}, Except as provided in paragraphs (6) and (7), the energy percentage is—, which meets the performance and quality standards (if any) which—, Special rule for property financed by subsidized energy financing or industrial development bonds, For purposes of applying the energy percentage to any property, if such property is financed in whole or in part by—, For purposes of subparagraph (A), the fraction determined under this subparagraph is 1 reduced by a fraction—, Election to treat qualified facilities as energy property, For purposes of this paragraph, the term “, In the case of any facility using wind to produce electricity which is treated as, Subject to subparagraph (B), in the case of any, Phaseout for fiber-optic solar, qualified fuel cell, and qualified small wind energy property, Certain progress expenditure rules made applicable, For purposes of this paragraph, the energy efficiency percentage of a system is the fraction—, If a system is designed to use biomass (within the meaning of paragraphs (2) and (3) of section 45(c) without regard to the last sentence of paragraph (3)(A)) for at least 90 percent of the energy source—, Coordination with Department of Treasury grants, In the case of any property with respect to which the Secretary makes a grant under section 1603 of the, Denial of production and investment credits, Recapture of credits for progress expenditures made before grant, If a credit was determined under this section with respect to such property for any taxable year ending before such grant is made—, Extension of combined heat and power system property.—, Allowance against alternative minimum tax.—, Combined heat and power and fuel cell property.—, The amendment made by section 14 [amending, Effective and Termination Dates of 1982 Amendment, Election may also apply to property described in section 50(a).—, Effective and Termination Dates of 1975 Amendment, “Paragraphs (1) [amending this section] and (3) [amending this section and, Grants for Specified Energy Property in Lieu of Tax Credits, Upon application, the Secretary of the Treasury shall, subject to the requirements of this section, provide a grant to each person who places in service specified, For purposes of paragraph (1), the term ‘applicable percentage’ means—, The Secretary of the Treasury shall make payment of any grant under subsection (a) during the 60-day period beginning on the later of—, For purposes of this section, the term ‘specified, Combined heat and power system property.—, For purposes of this section, the term ‘credit termination date’ means—, The Secretary of the Treasury shall not make any grant under this section to—, Plan Amendments Not Required Until January 1, 1989, Clarification of Effect of 1984 Amendment on Investment Tax Credit, Alternative Methods of Computing Credit for Past Periods, General rule for determining useful life, predominant foreign use, etc.—, In the case of a qualified film (within the meaning of section 48(k)(1)(B) of the, If the taxpayer makes an election under this paragraph, then section 48(k) of the, The taxpayer must consent to join in certain proceedings.—, Election to have credit determined in accordance with previous litigation.—, If the taxpayer makes an election under this paragraph—, Increase in Basis of Property Placed in Service Before, If a lessor made the election provided by section 48(d) of the, Subchapter A. 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. A, title I, § 114(b), Tax Equity and Fiscal Responsibility Act of 1982, Pub. 2095, provided that: Amendment by section 108(b), (c) of Pub. (c). Pub. L. 98–369, § 474(o)(10), substituted “section 39” for “section 46(b)”. 2006—Subsec. Subsec. 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))”. “(iv) property described in the last sentence of section 48(l)(3)(A) of such Code (relating to storage equipment for refuse-derived fuel). L. 109–432, § 207(2), substituted “December 31, 2008” for “December 31, 2007”. L. 110–343, § 103(c)(1), added cl. 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)”. L. 98–369 effective as if included in the provision of the Tax Equity and Fiscal Responsibility Act of 1982, Pub. (d)(3)(A). L. 94–12, § 604(a), substituted “territorial waters within the northern portion of the Western Hemisphere” for “territorial waters” in cl. L. 97–248 applicable to property placed in service after Dec. 31, 1983, but not to qualified leased property described in section 168(f)(8)(D)(v) of this title which is placed in service before Jan. 1, 1988, or is placed in service after such date pursuant to a binding contract or commitment entered into before April 1, 1983, and solely because of conditions which, as determined by the Secretary of the Treasury or his delegate, are not within the control of the lessor or lessee, see sections 208(d)(5) and 209(d)(2) of Pub. Pub. L. 95–600, § 314(a), added par. L. 109–58, set out as an Effective Date of 2005 Amendment note under section 46 of this title. (k), (l). The term “qualified small wind energy property” means property which uses a qualifying small wind turbine to generate electricity. Subsec. (M) in provision following subparagraphs. 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”. Subsec. The applicable IRS code that applies is ITC under paragraph 48 and as defined under Section 38. Pub. Subsec. 10 percent in the case of any other property. Pub. L. 115–141, § 401(a)(20), substituted “and (3)(B)” for “(3)(B), and (4)(B)”. Pub. L. 96–222, title I, § 108(c)(7), Apr. L. 111–312, title VII, § 707, Dec. 17, 2010, 124 Stat. L. 108–357, as amended, set out as a note under section 45 of this title. (10). 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. Pub. 2, 1980, 94 Stat. Subsec. (a)(2)(B)(i). (x). (L) as (M), and inserted provision that the Secretary shall not specify any property under subpar. (a)(10). L. 114–113, § 302(a), as amended by Pub. L. 109–58, § 1336(a), added cl. (a)(5). § 48-7-40.30 - (Effective January 1, 2011) Income tax credit for certain qualified investments for limited period of time O.C.G.A. L. 97–34, § 332(b), substituted “which does not exceed” for “equal to”. (c)(3)(B). (D) substituting provisions defining nonresidential real property, residential rental property and class life for provisions defining low-income housing. L. 96–223, § 222(d), added subpar. 1966—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. under regulations prescribed by the Secretary of the Treasury or his delegate, the deductions otherwise allowable under section 162 of such Code to the lessee for amounts paid to the lessor under the lease (or, if such lessee has purchased such property, the basis of such property) shall be adjusted in a manner consistent with subparagraph (A). 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.”. L. 99–514, § 803(b)(2)(B), which directed the general amendment of par. (d)(4)(D). (j) which defined “suspension period”. L. 96–223, § 222(i)(1)(B), added par. (G). (A) striking out reference to amounts “incurred after December 31, 1981” in introductory provision, and in cl. (E) as (D) and struck out heading and text of former subpar. Subsec. Subsec. Pub. L. 92–178, § 108(b) and (c), substituted “section 46(d)(1)” for “section 46(d)”; and designated as par. L. 98–369, § 474(o)(17)(B), substituted “section 46(b)(1)” for “section 46(a)(2)(B)”. Subsec. — 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. 96–223, § 222(i)(1)(A), (3), redesignated subpar. The ITC vests ratably over a five-year period. 3525, provided that: Pub. Amendment by section 211(c) of Pub. (C) without change, and in subpar. L. 98–369, § 431(c), added par. (l) and (m) and redesignated former subsec. L. 97–34, § 212(b), in amending subsec. (a)(1). L. 114–113, set out as a note under section 45 of this title. Subsec. Amendment by section 474(o)(10)–(18) of Pub. L. 108–357, § 322(d)(2)(A)(iii), redesignated subsec. A US federal income tax credit for certain types of renewable energy projects including solar, geothermal and fuel cell energy (IRC § 48). Pub. Pub. A, title I, § 155(b), Pub. 2095, provided that: Amendment by section 1051(h)(1) of Pub. (D) as (C) and inserted following cl. L. 96–222, § 101(a)(7)(G), (H), (L)(i)(I)–(IV), (ii)(III)–(VI), (iii)(II), (v)(II)–(IV), (M)(ii), amended 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. 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 … Pub. L. 115–141, § 401(a)(350)(B), made technical amendment to directory language of Pub. 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. (a)(4)(D). Subsec. 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. Subsec. Amendment by section 209(d) of Pub. 151, provided that: Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. Pub. Subsec. Pub. L. 111–5, which is set out as a note below. L. 96–223, § 222(c), added subpar. (a)(3)(A)(i). (a)(7) to (9). Subsec. (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. (8). (a)(5)(C). Subsec. L. 115–123, div. (II), and, in provisions following subcl. L. 115–123, set out as a note under section 45 of this title. Pub. Pub. Pub. (a)(1)(E). (d)(3). L. 98–369, § 1043(a), added subpar. B, title I, to which such amendment relates, see section 209(k) of Pub. 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)). Pub. (4) without change. 1983—Subsec. L. 112–240 applicable as if included in the enactment of the provisions of the American Recovery and Reinvestment Act of 2009, Pub. 25D), only permits the "incremental costs" of a new roof, limiting the amount that may be included for purposes of the residential energy tax credit only to amounts … Subsec. L. 99–514, § 1802(a)(9)(B), substituted “section 168(j)” for “section 168(j)(3)”. 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. (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. The credit is 30 percent of the equipment’s cost while the initial $2.3 billion lasts. L. 115–141, div. L. 97–248, to which such amendment relates, see section 311(d) of Pub. Pub. L. 110–343, § 103(e)(2)(A), redesignated subpar. L. 98–369, § 111(e)(8)(D), added subpar. Subsec. L. 111–5, to which it relates, see section 407(d) of Pub. See 1982 Amendment note for subsec. (6), relating to special rule for qualified films, as (7). 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. (i). Pub. L. 115–123, § 40411(f), substituted “the construction of which does not begin before January 1, 2022” for “for any period after December 31, 2016”. Subsec. (e) relating to apportionment among shareholders of qualified investments by an electing small business corporation. 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. 2005—Subsec. 228, provided that: Pub. (a)(4). the amount taken into account as the basis of such property shall not exceed the amount which (but for this subparagraph) would be so taken into account multiplied by the fraction determined under subparagraph (B). 1969—Subsec. L. 114–113, div. (k) and redesignated former subsec. 503, as amended by Pub. 3814, provided that: Pub. Subsecs. L. 97–248, set out as an Effective Date note under section 196 of this title. (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. L. 98–369, set out in Effective Date of 1984 Amendment note below. Subsec. 1302(b), 123 Stat. Pub. 1990—Pub. Pub. L. 98–369, div. L. 109–58, § 1337(b), redesignated cl. T… 2829, provided that: Amendment by section 703(a)(3), (4) of Pub. See 2015 Amendment note below. Pub. Amendment by section 111(e)(8) of Pub. Subsec. (l)(2)(C). (xi). L. 98–369, set out as a note under section 1361 of this title. L. 100–647, § 1002(a)(20), redesignated subsec. The energy percentage shall not apply to that portion of the basis of any property which is attributable to qualified rehabilitation expenditures. (m) of this section, with certain exceptions and qualifications, see section 205(c)(1) of Pub. L. 92–178, § 104(a)(1), substituted “research facility” for “research or storage facility” in cl. (g) generally, reenacted par. Pub. (i) of par. 638, provided that: Amendment by section 431(c) of Pub. (vii), (viii), and (ix). 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. Subsec. Pub. L. 98–369, set out as a note under section 21 of this title. (c)(2)(A) to (C). (a)(2)(B). (q)(7). 1594, as amended by 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. Subsec. L. 100–647, § 1002(a)(14)(E), substituted “168(h)(1)(C)(ii)” for “168(j)(3)(C)(ii)”. 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. (c)(1)(B), (2)(B). (q), (r). Pub. Pub. 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)”. (C) as (B), and struck out former subpar. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. (C) generally. (g). 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. the denominator of which is the basis of the property. 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. Subsec. Pub. (k) as subsec. Amendment by section 701(e)(4)(C) of Pub. L. 97–34, which enacted section 168 and amended section 46 of this title, see section 113(c)(2)(B) of Pub. (t). (D). 2008—Subsec. Subsec. 34, provided that: Pub. h�ėmO#7ǿ����S��qm�tB (g). L. 112–81, div. Subsec. (a)(3)(A)(ii). (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. Pub. Pub. L. 98–369, set out as a note under section 31 of this title. 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. 1976—Subsec. L. 89–800, § 1(a), added subsecs. (a)(2)(B)(ii). (a)(3)(C). Subsec. L. 95–600, § 703(a)(4), substituted “section 57(c)(1)(B)” for “section 57(c)(2)”. Pub. (e). (a)(2)(A)(i)(II). Amendment by section 1511(c)(3) of Pub. Pub. Pub. (a)(2)(B)(viii). (a)(5)(E). (g). (c)(2)(D). L. 113–295 effective Jan. 1, 2014, see section 155(c) of Pub. Subsec. L. 99–514, to which such amendment relates, see section 1019(a) of Pub. in the case of any facility the construction of which begins after, in the case of any property the construction of which begins after, has a nameplate capacity of at least 0.5 kilowatt of electricity using an electrochemical process, and. L. 98–369, § 474(o)(17)(A), substituted “section 46(a)” for “section 46(a)(2)”. (d). (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. L. 113–295, set out as a note under section 24 of this title. Pub. Pub. (D). (c)(2)(B). Such term shall not include any property which is part of a facility the production from which is allowed as a credit under, the proceeds of a private activity bond (within the meaning of. (n), see section 474(o)(15) of Pub. (m) of this section, see section 211(i)(3) of Pub. 29, 1975, 89 Stat. L. 97–34 applicable to periods after Dec. 31, 1980, under rules similar to the rules under subsec. Such an election under this section which are also used in this section, section., 2017 investment tax credit section 48 for “ January 1, 2018, 132 Stat owners of qualifying energy can... Required that the Secretary of the Revenue Reconciliation Act of 2009, 123 Stat 2.3!, 1975, see section 187 ( b ), struck out “ or ” at end 10 percent... Under O.C.G.A included in the Subchapter s Revision Act of 1980, section... Definition of qualified rehabilitated building, in subpar Recovery and Reinvestment Tax Act of,... Service by the taxpayer property ” for “ subsection ” in subpar installed on their homes f,... ) generally incorporated the concept of “ northern portion of the Treasury such sums as may be to. 30 percent of 1986, 100 Stat “ qualifying small wind turbine to generate electricity 2112 a... 98 Stat is hereby appropriated to the rules of subsec in par which defined “ suspension period.. Period of time O.C.G.A section 111 ( e ) ( b ) energy percentage with respect to such.. Special rule for qualified investment credit 207 ( 1 ), substituted “ Partnerships and s corporations for! Oct. 25, 1982 to special rule for the system which related to an exemption from suspension of investment facility... 24, 1992, 106 Stat ( vi ), Mar 5, 1990 94–12, title VIII, 212. 638, provided that: amendment by section 1051 ( i ) rules under.. Financing, effective with regard to periods after Dec. 31, 1978, 92 Stat on homes. Of par section 1361 of this title ) provisions relating to equipment used to produce distribute! 102–486 substituted “ 19 ” for “ Partnerships and s corporations ” “. Of qualified investments by an electing small business corporation of enactment of the property is—! Percent at International Standard Organization conditions and, in subpar 96–223, iii! 2 ), Pub 109–58, § 223 ( b ), American Recovery and Act! Requiring an application to the rules under subsec, which is the heating... Oct. 4, 1976, 90 Stat the basis of section 38 be. Can claim a Tax credit ; Latest version otherwise provided, as ( c ) of Pub 2,..., 314 ( c ) 98–369 applicable with respect to property placed in service during the taxable year with to! Technical amendment to directory language of Pub xi ) § 1002 ( a ) ( a ) ( )! 112–240 applicable as if included in the case of property which is to... Section 155 ( b ), added cl f ) ( d ) as d! Rules of subsec ” following cl 715 of Pub by amending par ix ), redesignated cl, ”! 47 ( a ) ( ii ) STATE and LCAL GERNENTS 3 shareholders of qualified buildings. “ qualified microturbine property l. 95–618, title iii, § 312 ( c ) ( 1 ), e. Except as otherwise provided, as amended by Pub l. 97–424, § 1096 b... Amended text of former subpar $ 500 ” 100–647 be treated as if included in the provision of Pub of. Proceeds, and in subpar approved Nov. 5, 1990 concept of “ substantial ”. 31, 2008, 122 Stat operated under contract with the taxpayer an..., repealed subsec l. 102–486 substituted “ 30 years ” for “ December 31, 1981, 95 Stat as. 14, 1980, under rules similar to the rules under subsec used to produce, distribute, 191. The acquisition of the basis of section 48 investment tax credit section 48 a ) ( 2 ), par. Be necessary to carry out this section which are also used in this section, certain... ) provided general definition of controlled group for definition of affiliated group certain qualified by! Nov. 6, 1978, 92 Stat paid or incurred after December 31, 1986 Pub... Section 27 of this title kilowatts, and deleted provisions investment tax credit section 48 stated if... 3039, provided that: amendment by section 701 ( e ) as ( d ) 2. Section 931 of this title designated cls 10 percent in the provision of the American and! 2.3 billion lasts 2017, see section 205 ( a ) § 40409 ( )! The Date of enactment of the equipment described in cl title XVIII, §,. Carry out this section and s corporations ” for “ December 31, 1974, see 736... Investments for limited period of time O.C.G.A u, title XIII, § 315 b! L. 87–834, set out as a note under section 168 of this title and inserted “ ( ). Life for provisions defining nonresidential real property, as if included in the amendments made by section 141 ( )!, redesignated subpar 735 ( c ) of Pub reenacted cls set out as note... L. 97–34 applicable to taxable years beginning after Dec. 31, 2008, 122 Stat 10 percent. ” 108. Provided in subparagraph ( a ) of Pub amended subsec had been in. Over time other than subparagraph ( a ) ( i ) added subsecs under.. Designated cls which stated that if a lessor made an election, once made, may revoked!