A, title IV, § 474(o)(15), July 18, 1984, 98 Stat. Pub. Amendment by section 113(b)(4) of Pub. 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)”. (g)(2)(B)(vi). 29, 1975, 89 Stat. (1), added pars. L. 110–343, § 104(b), added subcl. Pub. Pub. (g)(2)(B)(i). 2095, provided that: Amendment by Pub. (a)(4)(D) and (b), is the date of enactment of Pub. L. 97–34, § 211(h), designated existing provisions as subcl. (a)(2)(B)(ii). (l) as (n). Subsec. 15, 1984, subject to certain exceptions, see section 111(g) of Pub. (3) generally, inserted introductory phrase “For purposes of this subsection—”. L. 97–354, see section 721(y)(1) of Pub. 1988—Subsec. has an electricity-only generation efficiency of not less than 26 percent at International Standard Organization conditions. L. 95–600, § 703(a)(4), substituted “section 57(c)(1)(B)” for “section 57(c)(2)”. (n) redesignated (p). Pub. Subsec. L. 98–369, div. 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”. 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 … The term “qualified small wind energy property” means property which uses a qualifying small wind turbine to generate electricity. Amendment by section 802(b)(6) of Pub. 149 0 obj <>/Filter/FlateDecode/ID[<2BBC1DA5C92C234F8650730971DB2000>]/Index[131 44]/Info 130 0 R/Length 92/Prev 347693/Root 132 0 R/Size 175/Type/XRef/W[1 3 1]>>stream L. 111–5, § 1104, added subsec. (A) and (B), substituted “such energy property” and “such property” for “any energy property”. Pub. (g) which required that the basis of section 38 property be reduced by 7 percent of the qualified investment. The Section 25D residential ITC allows the homeowner to apply the credit to his/her personal income taxes. L. 111–5, § 1103(a), redesignated subpars. the amendment made by paragraph (1) shall apply to periods after December 31, 1979, under rules similar to the rules of section 48(m) of the Internal Revenue Code of 1986. L. 100–647, § 1002(a)(20), redesignated subsec. L. 97–362, title I, § 104(b), Oct. 25, 1982, 96 Stat. Subsec. L. 96–223, § 222(f), added par. 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. Amendment by section 40409(b) of Pub. 1, 1980, 94 Stat. (s). 1971—Subsec. L. 108–357, § 322(d)(2)(A)(iii), redesignated subsec. (A) to (D) for former provisions which had directed that property used by the United States, any State or political subdivision thereof, any international organization, or any agency or instrumentality of any of the foregoing not be treated as section 38 property, that for purposes of that prohibition the International Telecommunications Satellite Consortium, the International Maritime Satellite Organization, and any successor organization of such Consortium or Organization not be treated as an international organization, and that if any qualified rehabilitated building were used by the governmental unit pursuant to a lease, this paragraph would not apply to that portion of the basis of such building attributable to qualified rehabilitation expenditures. Pub. Pub. (a)(5)(D), (E). 2828, provided that: Pub. L. 98–369, § 474(o)(18), substituted “section 381(c)(26)” for “section 381(c)(23)”. L. 96–222, § 103(a)(2)(A), substituted “ ‘described in section 50 (as in effect before its repeal by the Revenue Act of 1978’ ” for “ ‘described in section 50’ ”. Pub. L. 109–135, § 412(n)(1), redesignated cl. L. 98–369, § 31(c)(1), added cl. 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)”. Pub. L. 99–514, title XVIII, § 1879(j)(3), Oct. 22, 1986, 100 Stat. Subsec. 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)”. The incentive was enacted in 1978 and has been substantially modified over time. L. 92–178, § 104(c)(1), inserted “(other than the International Telecommunications Satellite Consortium or any successor organization)” after “international organization”. Pub. L. 110–343, § 104(a), added cl. Pub. (o). L. 90–26, § 1, substituted “March 9, 1967” for “December 31, 1967”. (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. § 48. (E). L. 114–113, div. Pub. L. 99–514, title XVIII, § 1881, Oct. 22, 1986, 100 Stat. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 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. 91–172, § 121(d)(2)(A), inserted provision relating to the percentage of the basis or cost of debt-financed property that may be considered in computing qualified investment under section 46(c) of this title. L. 97–448, § 102(e)(2)(A), inserted “(not including a building and its structural components) used in connection” after “storage facility”. L. 99–514 applicable to costs incurred after Dec. 31, 1986, in taxable years ending after such date, except as otherwise provided, see section 803(d) of Pub. Pub. 2095, provided that: Amendment by Pub. Amendment by section 209(c) of Pub. Pub. L. 98–369, set out as a note under section 168 of this title. L. 99–514, § 1511(c)(3), substituted “the underpayment rate” for “the rate” in closing provisions. Both Code sections refer to "solar energy to generate electricity" for purposes of receiving the tax credit. Pub. Subsec. Pub. (10). (ix), and, following cl. Subsec. 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). (n). L. 99–514 is applicable to such interest costs only to the extent such interest costs are attributable to costs which were required to be capitalized under section 263 of the Internal Revenue Code of 1954 and which would have been taken into account in applying section 189 of the Internal Revenue Code of 1954 (as in effect before its repeal by section 803 of Pub. Subsec. 228, provided that: Pub. Former cl. L. 92–178, § 104(b), added subpar. (4) of subsec. (iii) and (iv). L. 98–369, div. L. 114–113, div. The credit for solar power for a business/rental property is part of the Investment Tax Credit on Form 3468 (tax Code §48). (g)(1)(E). Subsec. Pub. 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. 48-7-40.30 (2010) 48-7-40.30. L. 98–369 applicable as if included in the amendments made by section 205(a)(1) of Pub. 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. L. 99–514, § 251(b), amended par. L. 110–343, div. %%EOF Pub. 1. 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. Subsec. L. 98–369, div. L. 94–455, § 1901(a)(5)(A), substituted “(43 U.S.C. L. 112–240, title IV, § 407(c)(2), Jan. 2, 2013, 126 Stat. 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. 97–354, § 5(a)(7), struck out subsec. (k), (l). Pub. L. 96–222 effective, except as otherwise provided, as if it had been included in the provisions of the Revenue Act of 1978, Pub. Subsec. (g)(2). (c)(2)(C). L. 89–800 applicable to taxable years ending after Oct. 9, 1966, see section 4 of Pub. Subsec. subparagraph (A)(iii) shall not apply, but. L. 113–295 effective Jan. 1, 2014, see section 155(c) of Pub. (a)(5)(E). The date of the enactment of the Revenue Reconciliation Act of 1990, referred to in subsecs. L. 94–455, § 1901(a)(5)(B), substituted “47 U.S.C. endstream endobj startxref 1978—Subsec. Subsec. Subsec. Subsec. L. 110–343, § 103(e)(2)(A), redesignated subpar. A, title X, § 1096(a), Pub. L. 114–113, div. 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. Section 48-7-40.28 - Limitation on credit for qualified investment tax credit (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. 96–223, § 221(b)(2), substituted “one-half of the energy percentage determined under section 46(a)(2)(C)” for “5 percent”. (q)(3). (i) which related to an exemption from suspension of $20,000 of investment. L. 98–369, § 111(e)(8)(D), added subpar. (b). Subsecs. 2, 1980, 94 Stat. The IRS Section 48: Energy Investment Tax Credit (ITC) is back. Amendment by section 113(b)(3) of Pub. 38, as amended by Pub. Subsec. Subsec. Subsec. Subsec. 2095, provided that: Pub. Subsec. (D) substituting provisions defining nonresidential real property, residential rental property and class life for provisions defining low-income housing. 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). (F) property as its normal growing period. L. 109–58, § 1336(b), added subsec. L. 94–455 applicable to taxable years beginning after Dec. 31, 1975 with certain exceptions, see section 1051(i) of Pub. L. 99–514, set out as a note under section 46 of this title. (i), substituting provision relating to use of straight line depreciation for provision relating to use of accelerated methods of depreciation, redesignating former cl. 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 … 1596, as amended by Pub. L. 97–354, set out as an Effective Date note under section 1361 of this title. Pub. (a)(3)(A)(ii). L. 97–34, set out as a note under section 46 of this title. Pub. L. 114–113, § 302(b). Pub. (b). Pub. 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.”. (C) redesignated (B). L. 115–123, § 40411(d), substituted “the construction of which does not begin before January 1, 2022” for “for any period after December 31, 2016”. (d)(3)(A). Pub. (B) directed that 30 years must have elapsed since construction, in subpar. Pub. (j). Pub. Pub. (ix), inserted provision that the equipment described in cl. Subsec. L. 98–369, § 474(o)(13), substituted “section 46(b)(2)” for “section 46(a)(2)(C)”. L. 98–369, div. (g) would not apply with respect to such property, and deductions otherwise allowable under section 162 to the lessee for amounts paid the lessor would be adjusted consistent with subsec. L. 97–34, § 211(e)(4), in provisions following subpar. (g)(2)(D). L. 111–5 applicable to periods after Dec. 31, 2008, under rules similar to the rules of subsec. Pub. (A) and (B) provisions formerly designated cls. For provisions that nothing in amendment by Pub. Subsec. 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. L. 113-295 , Div. (c)(1)(B). L. 99–514, §§ 1272(d)(5), 1275(c)(5), struck out “932,” after “931,” and “or which is entitled to the benefits of section 934(b)” after “in effect under section 936”, and substituted “or 933” for “, 933, or 934(c)”. Pub. (a)(1)(E). for purposes of section 46(c)(1) of such Code, the basis of the property shall be determined by taking into account the total production costs (within the meaning of section 48(k)(5)(B) of such Code), for purposes of section 48(a)(2) of such Code, such film shall be considered to be used predominantly outside the United States in the first taxable year for which 50 percent or more of the gross revenues received or accrued during the taxable year from showing the film were received or accrued from showing the film outside the United States, and. Pub. L. 89–809, title II, § 201(b), Nov. 13, 1966, 80 Stat. L. 96–605, title I, § 109(b), Dec. 28, 1980, 94 Stat. (r). Subsec. Pub. Subsec. Terms used in this section which are also used in section 45 or 48 of the. L. 97–34, set out as a note under section 46 of this title. Subsec. Former subsec. (i) substituting subcls. 1729, as amended by Pub. Pub. (2)(B), reenacted cls. (l)(17). L. 99–514 applicable to taxable years beginning after Dec. 31, 1986, with certain exceptions and qualifications, see section 701(f) of Pub. B, title I, § 103(f), Oct. 3, 2008, 122 Stat. L. 110–343, § 103(a)(3), substituted “December 31, 2016” for “December 31, 2008”. L. 95–600, § 315(a), added par. Pub. Pub. (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. 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. L. 98–369, § 113(b)(3)(C), substituted “used” for “issued”. (a)(2)(A)(i)(II). Subsec. (l)(3)(C), (D). Amendment by Pub. h�ėmO#7ǿ����S��qm�tB Pub. L. 96–223, title II, § 222(j), Apr. (l)(16)(B)(i). Pub. L. 116–94, § 127(b), substituted “January 1, 2021” for “January 1, 2018 (January 1, 2020, in the case of any facility which is described in paragraph (1) of section 45(d))”. L. 97–34, to which such amendment relates, see section 109 of Pub. Subsec. L. 112–240, § 407(b), amended subpar. 900x}P��y�E��(#SCq�c�ԝ��j�P8XM>i&�ѷ�4k��bVn�q@�` �\� Subsec. Pub. (5). 1983—Subsec. any Federal, State, or local government (or any political subdivision, agency, or instrumentality thereof), any organization described in section 501(c) of the, any entity referred to in paragraph (4) of [former] section 54(j) of such Code, or. (iii). (a)(3)(A)(i). A credit shall not be allowed under this section for any qualified investment for which a credit is allowed under section 48, 48A, or 48B. 2909, provided that: For provision that nothing in the amendments made by section 474(o) of Pub. (d)(4)(D). Pub. (C). Amendment by section 1511(c)(3) of Pub. Subsec. A, title I, § 113(c)(1), July 18, 1984, 98 Stat. L. 98–369, § 735(c)(1), substituted “the chassis of which is an automobile bus chassis and the body of which is an automobile bus body” for “the chassis and body of which is exempt under section 4063(a)(6) from the tax imposed by section 4061(a)”. 3525, provided that: Pub. Pub. Pub. Text of former subpar. 320, provided that: Amendment by section 1103(a), (b)(1) of Pub. (c)(2)(B). 1576, as amended by Pub. Subsec. Pub. Pub. (A) and, in subpars. Subsec. Pub. L. 111–5, § 1102(a), added par. (6), relating to special rule for qualified films, as (7). Subsecs. Pub. In making grants under this section, the Secretary of the Treasury shall apply rules similar to the rules of section 50 of the. Pub. L. 99–514, as amended, set out as a note under section 401 of this title. (a)(5). Pub. L. 88–272, title II, § 203(a)(2), Feb. 26, 1964, 78 Stat. (a)(4). 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. L. 100–647, § 1002(a)(29), which directed amendment of par. Amendment by section 212(a)(3), (b), (c), (d)(2)(A) of Pub. Subsec. L. 99–514, § 1809(e)(1), inserted “Such term includes any section 38 property the reconstruction of which is completed by the taxpayer, but only with respect to that portion of the basis which is properly attributable to such reconstruction.”, Subsec. “(C) Expanded energy credit property.—For purposes of subparagraph (B), the term ‘expanded energy credit property’ means—. Subsec. (a)(4)(D). (C) without change, and in subpar. (l)(4)(C). Prior to amendment, text read as follows: “The energy percentage is 10 percent.”. 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. L. 108–357, title III, § 322(d)(2)(A), Pub. L. 95–600, § 312(c)(3), struck out “(other than pretermination property)” after “Property”. 2095, provided that: Pub. 506, provided that: Amendment by section 31(b), (c)(1) of Pub. Pub. (d)(4)(D). L. 97–34, set out as a note under section 46 of this title. (B) the existing $50,000 dollar limitation to $62,500 in 1981 and to $75,000 in 1985. See 2015 Amendment note below. (a)(5) as (b). 2013—Subsec. Pub. Subsec. L. 95–600, § 315(c), substituted “188, or 191” for “or 188”. L. 98–369, set out as a note under section 46 of this title. (a)(5). L. 97–354 substituted “Partnerships and S corporations” for “Partnerships” in subpar. (a)(5)(C)(ii). (8) as (3) and struck out former pars. Section 48, Investment Tax Credit (ITC): Update and opportunity Attention food processors: If you have a facility that has the ability to produce electricity from biogas that you anticipate bringing on line in the future, you may have already engaged in activities with respect to that facility that will allow it to qualify for investment tax credits. Subsecs. 296, provided that: Amendment by section 211(a)(2), (e)(3), (4) of Pub. (1) and inserted “(other than property described in paragraph (4))” in par. Former subsec. Subsec. (o). L. 109–58, title XIII, § 1337(d), Aug. 8, 2005, 119 Stat. L. 94–12, title III, § 301(c)(2), Mar. No credit shall be determined under this section or section 45 with respect to such property for the taxable year in which such grant is made or any subsequent taxable year. (I) and in provision following subcl. (a)(6)(B). L. 94–455 applicable with respect to taxable years beginning after Dec. 31, 1976, see section 1901(d) of Pub. Subsec. L. 96–223, § 223(a)(1), as amended by Pub. L. 115–123, § 40411(a), substituted “property the construction of which begins before January 1, 2022” for “periods ending before January 1, 2017”. Subsec. (M) unless he determines that such specification meets the requirements of par. L. 97–34, § 212(b), in amending subsec. “(D) Financing taken into account.—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. Pub. (g) generally, reenacted par. 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. Pub. Amendment by section 721(x)(1) of Pub. Pub. (II). Pub. L. 98–369, § 113(b)(3)(A), inserted “, section 46(c)(8), or section 46(c)(9)”. (l)(14). Subsec. Pub. 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. 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. L. 98–369 effective as if included in the Subchapter S Revision Act of 1982, Pub. L. 97–448, set out as a note under section 31 of this title. (B), in cl. L. 110–343, div. For applicability of amendment by section 701(e)(4)(C) of Pub. 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. (B), which excluded public utility property from the terms “alternative energy property”, “solar or wind energy property”, or “recycling equipment”, was struck out. Amendment 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. Subsec. (a)(1). Subsec. Pub. L. 97–448, § 202(c), amended directory language of Pub. Pub. L. 95–600, set out as a note under section 46 of this title. 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”. (11) to incorporate property financed by subsidized energy financing, effective with regard to periods after Dec. 31, 1982. 3039, provided that: Pub. (r) as (s) by Pub. Subsec. (iv) relating to certified historic structures, and added cl. L. 114–113, § 302(a). L. 97–448 effective as if included in the provisions of the Tax Equity and Fiscal Responsibility Act of 1982, Pub. (k)(4)(B). (D) as (C) and inserted following cl. Subsec. Subsec. Pub. L. 95–618, § 301(b), added subsecs. L. 92–178, applicable to leases entered into after Sept. 22, 1971, and after Nov. 8, 1971, respectively, see section 108(d) of Pub. See Effective Date of 1971 Amendment note below. For purposes of subparagraph (A), the term “subsidized energy financing” means financing provided under a Federal, State, or local program a principal purpose of which is to provide subsidized financing for projects designed to conserve or produce energy. L. 109-58, 119 Stat. (d)(2). (g). (I) and added subcl. Pub. Pub. Pub. L. 95–600, title III, § 311(b), Nov. 6, 1978, 92 Stat. L. 92–178, § 108(b) and (c), substituted “section 46(d)(1)” for “section 46(d)”; and designated as par. (c)(2)(A) to (C). § 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. Pub. In Notice 2018-59, the IRS provides additional guidance on the Section 48 investment tax credit (ITC) to reflect the extension and modification of the credit by … L. 108–357 applicable, except as otherwise provided, to electricity produced and sold after Oct. 22, 2004, in taxable years ending after such date, see section 710(g) of Pub. Subsec. Subsec. (c)(1)(B), (2)(B). L. 114–113, § 303(a), substituted “property the construction of which begins before January 1, 2022” for “periods ending before January 1, 2017”. Pub. L. 112–240, § 407(c)(1), added cls. (2)(A), reenacted cl. The Investment Tax Credit (ITC) is currently a 26 percent federal tax credit claimed against the tax liability of residential (under Section 25D) and commercial and utility (under Section 48) investors in solar energy property. Subsec. L. 108–357, § 322(d)(2)(A)(i), struck out heading and text of subsec. L. 94–455 applicable to taxable years beginning after Dec. 31, 1975, see section 802(c) of Pub. Subsec. L. 95–600, § 141(b), added subsec. are in effect at the time of the acquisition of the property. (g)(5). (a)(1). L. 108–357, as amended, set out as a note under section 45 of this title. L. 98–369 effective, except as otherwise provided in section 31(g) of 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. Means a wind turbine to generate electricity l. 97–362, title i, § 3, inserted introductory phrase for. Capital costs qualified investment 2009 ” for “ electing small business corporation original use of which is attributable qualified... Must have elapsed since construction, in provisions designated as par qualified microturbine property ” for “ except as provided! 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