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United States Code (Last Updated: May 24, 2014) |
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Title 26. INTERNAL REVENUE CODE |
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SubTitle A. Income Taxes |
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Chapter 1. NORMAL TAXES AND SURTAXES |
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SubChapter A. Determination of Tax Liability |
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Part IV. CREDITS AGAINST TAX |
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SubPart E. Rules for Computing Investment Credit |
§ 48. Energy credit
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(a) Energy credit (1) In general For purposes of section 46, except as provided in paragraphs (1)(B), (2)(B), (3)(B), and (4)(B) 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 section 50(c) in the same manner as a credit allowed under subsection (a).
References In Text
Paragraph (4)(B) of subsection (c), referred to in subsec. (a)(1), was repealed and par. (4)(C) of subsec. (c) was redesignated as (4)(B) by Pub. L. 111–5, div. B, title I, § 1103(a),
The date of the enactment of the Revenue Reconciliation Act of 1990, referred to in subsecs. (a)(4)(D) and (b), is the date of enactment of Pub. L. 101–508, which was approved
Section 1603 of the American Recovery and Reinvestment Tax Act of 2009, referred to in subsec. (d), is section 1603 of Pub. L. 111–5, which is set out as a note below.
Amendments
2013—Subsec. (a)(5)(C). Pub. L. 112–240, § 407(b), amended subpar. (C) generally. 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.
“(ii) Other facilities.—Any qualified facility (within the meaning of section 45) described in paragraph (2), (3), (4), (6), (7), (9), or (11) of section 45(d) if such facility is placed in service in 2009, 2010, 2011, 2012, or 2013.”
Subsec. (a)(5)(D)(iii), (iv). Pub. L. 112–240, § 407(c)(1), added cls. (iii) and (iv).
2009—Subsec. (a)(4)(D). Pub. L. 111–5, § 1103(b)(1), added subpar. (D).
Subsec. (a)(5). Pub. L. 111–5, § 1102(a), added par. (5).
Subsec. (c)(4)(B) to (D). Pub. L. 111–5, § 1103(a), redesignated subpars. (C) and (D) as (B) and (C), respectively, and struck out former subpar. (B). Text of former subpar. (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.”
Subsec. (d). Pub. L. 111–5, § 1104, added subsec. (d).
2008—Subsec. (a)(1). 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)”.
Pub. L. 110–343, § 103(c)(3), substituted “paragraphs (1)(B), (2)(B), and (3)(B)” for “paragraphs (1)(B) and (2)(B)”.
Subsec. (a)(2)(A)(i)(II). Pub. L. 110–343, § 103(a)(1), substituted “
Subsec. (a)(2)(A)(i)(IV). Pub. L. 110–343, § 104(b), added subcl. (IV).
Subsec. (a)(3). Pub. L. 110–343, § 103(e)(1), in concluding provisions, struck out “The term ‘energy property’ shall not include any property which is public utility property (as defined in section 46(f)(5) as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990).” before “Such term”.
Subsec. (a)(3)(A)(ii). Pub. L. 110–343, § 103(a)(1), substituted “
Subsec. (a)(3)(A)(v). Pub. L. 110–343, § 103(c)(1), added cl. (v).
Subsec. (a)(3)(A)(vi). Pub. L. 110–343, § 104(a), added cl. (vi).
Subsec. (a)(3)(A)(vii). Pub. L. 110–343, § 105(a), added cl. (vii).
Subsec. (c). Pub. L. 110–343, § 103(c)(2)(A), inserted heading and struck out former heading “Qualified fuel cell property; qualified microturbine property”.
Subsec. (c)(1)(B). Pub. L. 110–343, § 103(d), substituted “$1,500” for “$500”.
Subsec. (c)(1)(D). Pub. L. 110–343, § 103(e)(2)(A), redesignated subpar. (E) as (D) and struck out heading and text of former subpar. (D). 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).”
Subsec. (c)(1)(E). Pub. L. 110–343, § 103(e)(2)(A), redesignated subpar. (E) as (D).
Pub. L. 110–343, § 103(a)(2), substituted “
Subsec. (c)(2)(D). Pub. L. 110–343, § 103(e)(2)(B), redesignated subpar. (E) as (D) and struck out heading and text of former subpar. (D). 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).”
Subsec. (c)(2)(E). Pub. L. 110–343, § 103(e)(2)(B), redesignated subpar. (E) as (D).
Pub. L. 110–343, § 103(a)(3), substituted “
Subsec. (c)(3). Pub. L. 110–343, § 103(c)(2)(B), added par. (3).
Subsec. (c)(4). Pub. L. 110–343, § 104(c), added par. (4).
2007—Subsec. (c). Pub. L. 110–172, § 11(a)(8), substituted “section” for “subsection” in introductory provisions.
Subsec. (c)(1)(B), (2)(B). Pub. L. 110–172, § 11(a)(9), substituted “subsection (a)” for “paragraph (1)”.
2006—Subsec. (a)(2)(A)(i)(II), (3)(A)(ii). Pub. L. 109–432, § 207(1), substituted “
Subsec. (c)(1)(E), (2)(E). Pub. L. 109–432, § 207(2), substituted “
2005—Subsec. (a)(1). Pub. 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)”.
Pub. L. 109–58, § 1336(d), inserted “except as provided in paragraph (1)(B) or (2)(B) of subsection (d),” before “the energy credit”.
Subsec. (a)(2)(A). Pub. L. 109–58, § 1337(a), reenacted heading without change and amended text of subpar. (A) generally. 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. L. 109–58, § 1336(c), reenacted heading without change and amended text of subpar. (A) generally. Prior to amendment, text read as follows: “The energy percentage is 10 percent.”
Subsec. (a)(3)(A)(i). Pub. L. 109–58, § 1337(c), inserted “excepting property used to generate energy for the purposes of heating a swimming pool,” after “solar process heat,”.
Subsec. (a)(3)(A)(ii). Pub. L. 109–135, § 412(n)(2), struck out “or” at end.
Pub. L. 109–58, § 1337(b), added cl. (ii). Former cl. (ii) redesignated (iii) relating to equipment used to produce, distribute, or use energy derived from a geothermal deposit.
Subsec. (a)(3)(A)(iii). Pub. L. 109–58, § 1337(b), redesignated cl. (ii) as (iii) relating to equipment used to produce, distribute, or use energy derived from a geothermal deposit.
Pub. L. 109–58, § 1336(a), added cl. (iii) relating to qualified fuel cell property or qualified microturbine property.
Subsec. (a)(3)(A)(iv). Pub. L. 109–135, § 412(n)(1), redesignated cl. (iii), relating to qualified fuel cell property or qualified microturbine property, as (iv).
Subsec. (c). Pub. L. 109–58, § 1336(b), added subsec. (c).
2004—Pub. L. 108–357, § 322(d)(2)(B), struck out “; reforestation credit” after “Energy credit” in section catchline.
Subsec. (a)(3). 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.”
Subsec. (a)(5). Pub. L. 108–357, § 322(d)(2)(A)(iii), redesignated subsec. (a)(5) as (b).
Pub. L. 108–357, § 322(d)(2)(A)(ii), substituted “subsection (a)” for “this subsection”.
Subsec. (b). Pub. L. 108–357, § 322(d)(2)(A)(iii), redesignated subsec. (a)(5) as (b).
Pub. L. 108–357, § 322(d)(2)(A)(i), struck out heading and text of subsec. (b). 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)).
“(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. (a)(2). Pub. L. 102–486 substituted “The” for “Except as provided in subparagraph (B), the” in subpar. (A), redesignated subpar. (C) as (B), and struck out former subpar. (B) which read as follows: “(B) Termination.—Effective with respect to periods after
1991—Subsec. (a)(2)(B). Pub. L. 102–227 substituted “
1990—Pub. 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.
Subsec. (a)(8). Pub. L. 101–508, § 11801(c)(6)(A), struck out par. (8) “Amortized property” which read as follows: “Any property with respect to which an election under section 167(k), 184, or 188 applies shall not be treated as section 38 property.”
1988—Subsec. (a)(1). Pub. L. 100–647, § 1002(a)(29), which directed amendment of par. (1) by substituting “property to which section 168 applies” for “recovery property (within the meaning of section 168)” in penultimate sentence, was executed by making the substitution for “recovery property (within the meaning of section 168”, which results in retaining remaining parenthetical material and closing parenthesis.
Subsec. (a)(5)(A)(ii). Pub. L. 100–647, § 1002(a)(14)(A)–(C), substituted “168(h)(2)(C)” for “168(j)(4)(C)”, “168(h)(2)(A)(iii)” for “168(j)(4)(A)(iii)”, and “168(h)(2)(B)” for “168(j)(4)(B)”.
Subsec. (a)(5)(B)(i). Pub. L. 100–647, § 1002(a)(14)(D), substituted “168(i)(3)” for “168(j)(6)”.
Subsec. (a)(5)(B)(ii). Pub. L. 100–647, § 1002(a)(14)(E), substituted “168(h)(1)(C)(ii)” for “168(j)(3)(C)(ii)”.
Subsec. (a)(5)(D). Pub. 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. (a)(5)(E). Pub. L. 100–647, § 1002(a)(14)(G), amended subpar. (E) generally, substituting “provision” for “provisions” and “168(h)” for “168(j)”.
Subsec. (l)(2)(C). 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)(11)(A)(ii). Pub. L. 100–647, § 1013(a)(41), substituted “a private activity bond (within the meaning of section 141)” for “an industrial development bond (within the meaning of section 103(b)(2))”.
Subsec. (s). Pub. L. 100–647, § 1002(a)(20), redesignated subsec. (s), relating to cross reference, as (t).
Subsec. (s)(9). Pub. L. 100–647, § 1002(a)(16)(A), added par. (9).
Subsec. (t). Pub. L. 100–647, § 1002(a)(20), redesignated subsec. (s), relating to cross reference, as (t).
1986—Subsec. (a)(2)(B)(vii). Pub. 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)”.
Subsec. (a)(4). Pub. L. 99–514, § 1802(a)(9)(A), substituted “514(b)” for “514(c)” and “514(a)” for “514(b)”.
Subsec. (a)(5)(B)(iii). Pub. L. 99–514, § 1802(a)(5)(B), struck out cl. (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
Subsec. (a)(5)(D), (E). Pub. L. 99–514, § 1802(a)(4)(C), added subpar. (D) and redesignated former subpar. (D) as (E).
Subsec. (b)(1). Pub. 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. (b)(2). Pub. L. 99–514, § 1809(e)(2), in introductory provisions substituted “the first sentence of paragraph (1)” for “paragraph (1)”, in subpar. (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. Such an election, once made, may be revoked only with the consent of the Secretary.”
Subsec. (d)(4)(D). Pub. 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)”.
Subsec. (d)(6)(C)(ii). Pub. L. 99–514, § 1511(c)(3), substituted “the underpayment rate” for “the rate” in closing provisions.
Subsec. (g)(1). Pub. L. 99–514, § 251(b), amended par. (1) generally, restating in subpars. (A) to (D) provisions relating to qualified rehabilitated buildings which had in subpar. (A) provided general definition of qualified rehabilitated building, in subpar. (B) directed that 30 years must have elapsed since construction, in subpar. (C) provided general definition of substantially rehabilitated with special rule for phased rehabilitation and application of provision to lessees, and in subpar. (D) provided that rehabilitation included reconstruction, and striking out former subpar. (E) which had provided an alternative test for definition of qualified rehabilitated building.
Subsec. (g)(2). Pub. L. 99–514, § 251(b), amended par. (2) generally, in subpar. (A) striking out reference to amounts “incurred after
Subsec. (g)(2)(B)(vi)(I). Pub. L. 99–514, § 1802(a)(9)(B), substituted “section 168(j)” for “section 168(j)(3)”.
Subsec. (g)(3). Pub. L. 99–514, § 251(b), in amending par. (3) generally, inserted introductory phrase “For purposes of this subsection—”.
Subsec. (g)(4). Pub. L. 99–514, § 251(b), in amending subsec. (g) generally, reenacted par. (4) without change.
Subsec. (l)(5). 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)”.
Subsec. (q)(3). Pub. L. 99–514, § 251(c), struck out “other than a certified historic structure” after “qualified rehabilitated building”.
Subsec. (q)(7). Pub. L. 99–514, § 1809(d)(2), renumbered par. (6), relating to special rule for qualified films, as (7).
Subsec. (r). Pub. L. 99–514, § 1879(j)(1), added subsec. (r). Former subsec. (r) redesignated (s).
Subsec. (s). Pub. L. 99–514, § 1879(j)(1), redesignated former subsec. (r) as (s).
Subsec. (s)(5). Pub. L. 99–514, § 803(b)(2)(B), which directed the general amendment of par. (5) of subsec. (r), was executed by amending par. (5) of subsec. (s) to reflect the probable intent of Congress and the intervening redesignation of subsec. (r) as (s) by Pub. L. 99–514, § 1879(j)(1), see note above. Prior to amendment, par. (5) read as follows: “For purposes of this subsection, the term “sound recording” means any sound recording described in section 280(c)(2).”
1985—Subsec. (g)(2)(A)(i), (B)(v). Pub. L. 99–121 substituted “19” for “18”.
1984—Subsec. (a)(5). Pub. L. 98–369, § 31(b), amended par. (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. (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.
Subsec. (b). Pub. L. 98–369, § 114(a), amended subsec. (b) generally, substituting a general definition of “new section 38 property” for definitions which made reference to property constructed, reconstructed or erected after
Subsec. (c)(2)(A). Pub. 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.
Subsec. (c)(2)(B). Pub. 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)”.
Subsec. (c)(3)(B). Pub. L. 98–369, § 474(o)(10), substituted “section 39” for “section 46(b)”.
Subsec. (d)(1)(B). Pub. L. 98–369, § 474(o)(11), substituted “section 38(c)(3)(B)” for “section 46(a)(6)”.
Subsec. (d)(6). Pub. L. 98–369, § 431(c), added par. (6).
Subsec. (f)(3). Pub. L. 98–369, § 474(o)(12), struck out par. (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.
Subsec. (g)(1)(E). Pub. L. 98–369, § 1043(a), added subpar. (E).
Subsec. (g)(2)(A)(i). Pub. L. 98–369, § 111(e)(8)(A), (B), substituted “real property” for “property” in two places, and “18 (15 years in the case of low-income housing)” for “15”.
Subsec. (g)(2)(B)(i). Pub. L. 98–369, § 31(c)(2), inserted “The preceding sentence shall not apply to any expenditure to the extent subsection (f)(12) or (j) of section 168 applies to such expenditure.”
Subsec. (g)(2)(B)(v). Pub. L. 98–369, § 111(e)(8)(C), substituted “18 years (15 years in the case of low-income housing)” for “15 years”.
Subsec. (g)(2)(B)(vi). Pub. L. 98–369, § 31(c)(1), added cl. (vi).
Subsec. (g)(2)(D). Pub. L. 98–369, § 111(e)(8)(D), added subpar. (D).
Subsec. (k)(4). Pub. L. 98–369, § 113(b)(3)(B), inserted “or at-risk rules” after “test” in heading.
Subsec. (k)(4)(A). Pub. L. 98–369, § 113(b)(3)(A), inserted “, section 46(c)(8), or section 46(c)(9)”.
Subsec. (k)(4)(B). Pub. L. 98–369, § 113(b)(3)(C), substituted “used” for “issued”.
Subsec. (k)(5)(D)(i). Pub. L. 98–369, § 721(x)(1), substituted “S corporation” for “electing small business corporation”.
Subsec. (l)(1). Pub. L. 98–369, § 474(o)(13), substituted “section 46(b)(2)” for “section 46(a)(2)(C)”.
Subsec. (l)(16)(B)(i). Pub. 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)”.
Subsec. (m). Pub. L. 98–369, § 474(o)(14), substituted “subsection (b)” for “subsection (a)(2)”.
Subsec. (n). Pub. L. 98–369, § 474(o)(15), repealed subsec. (n). For continuing applicability of par. (4) of subsec. (n), see section 474(o)(15) of Pub. L. 98–369, set out in Effective Date of 1984 Amendment note below.
Subsec. (o)(3) to (8). Pub. L. 98–369, § 474(o)(16), redesignated par. (8) as (3) and struck out former pars. (3) to (7) which defined “employee plan credit”, “basic employee plan credit”, “matching employee plan credit”, “basic employee plan percentage”, and “matching employee plan percentage”, respectively.
Subsec. (q)(1), (3). Pub. L. 98–369, § 474(o)(17)(A), substituted “section 46(a)” for “section 46(a)(2)”.
Subsec. (q)(4)(A)(i). Pub. L. 98–369, § 474(o)(17), substituted “section 46(a)” for “section 46(a)(2)” and “section 46(b)(1)” for “section 46(a)(2)(B)”.
Subsec. (q)(4)(B)(ii). Pub. L. 98–369, § 474(o)(17)(B), substituted “section 46(b)(1)” for “section 46(a)(2)(B)”.
Subsec. (q)(6). Pub. L. 98–369, § 712(b), added par. (6) relating to adjustment in basis of interest in partnership or S corporation.
Pub. L. 98–369, § 113(b)(4), added par. (6) relating to special rule for qualified films.
Subsec. (r). Pub. L. 98–369, § 113(a)(1), added subsec. (r). Former subsec. (r) redesignated (s).
Pub. L. 98–369, § 474(o)(18), substituted “section 381(c)(26)” for “section 381(c)(23)”.
Subsec. (s). Pub. L. 98–369, § 113(a)(1), redesignated former subsec. (r) as (s).
1983—Subsec. (a)(1)(G). Pub. L. 97–448, § 102(e)(2)(A), inserted “(not including a building and its structural components) used in connection” after “storage facility”.
Subsec. (a)(10). Pub. L. 97–448, § 202(c), amended directory language of Pub. L. 96–223, § 223(a)(1), to correct an error, and did not involve any change in text. See 1980 Amendment note below.
Subsec. (g)(1)(C)(i). Pub. L. 97–448, § 102(f)(2), (6), substituted “the 24-month period selected by the taxpayer (at the time and in the manner prescribed by regulation) and ending with or within the taxable year” for “the 24-month period ending on the last day of the taxable year” in provisions preceding subcl. (I), substituted “adjusted basis of such building (and its structural components)” for “adjusted basis of such property” both in subcl. (I) and in provision following subcl. (II), and, in provisions following subcl. (II), substituted “holding period of the building” for “holding period of the property” and inserted provision that, for purposes of the preceding sentence, the determination of the beginning of the holding period shall be made without regard to any reconstruction by the taxpayer in connection with the rehabilitation.
Subsec. (g)(5)(A). 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”. See 1982 Amendment note for subsec. (g)(5) below and see Effective Date of 1982 and 1983 Amendment notes set out under sections 1 and 196 of this title.
Subsec. (l)(5). Pub. L. 97–424, § 546(a)(3), substituted reference to subpar. (N) for reference to subpar. (M) in provision following subparagraphs.
Subsec. (l)(5)(M), (N). Pub. L. 97–424, § 546(a)(1), (2), added subpar. (M) and redesignated former subpar. (M) as (N).
Subsec. (q)(3). 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)”.
1982—Subsec. (b). 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.
Subsec. (c)(2)(D). Pub. L. 97–354 substituted “Partnerships and S corporations” for “Partnerships” in subpar. heading, and inserted “A similar rule shall apply in the case of an S corporation and its shareholders”.
Subsec. (d)(5). Pub. L. 97–248, § 205(a)(4), added par. (5).
Subsec. (e). Pub. L. 97–354, § 5(a)(7), struck out subsec. (e) relating to apportionment among shareholders of qualified investments by an electing small business corporation.
Subsec. (g)(5). Pub. L. 97–248, § 205(a)(5)(A), struck out par. (5) which, as amended by § 102(f)(3) of Pub. L. 97–448, had provided that for purposes of this subtitle, if a credit were determined under section 46(a)(2) for any qualified rehabilitation expenditure in connection with a qualified rehabilitated building other than a certified historic structure, the increase in basis of such property which would (but for this paragraph) have resulted from such expenditure had to be reduced by the amount of the credit so determined, that if during any taxable year there was a recapture amount determined with respect to any qualified rehabilitated building the basis of which was reduced under subpar. (A), the basis of such building (immediately before the event resulting in such recapture), had to be increased by an amount equal to such recapture amount, and that for purposes of this paragraph “recapture amount” was defined as any increase in tax (or adjustment in carrybacks or carryovers) determined under section 47(a)(5). See 1983 Amendment note for subsec. (g)(5) above and see Effective Date of 1982 and 1983 Amendment notes set out under sections 1 and 196 of this title.
Subsec. (k)(5)(D)(i). Pub. L. 97–354, § 5(a)(8), substituted “an S corporation” for “an electing small business corporation (within the meaning of section 1371)”.
Subsec. (l)(7). Pub. L. 97–362, § 104(a), temporarily substituted the qualification that such term does not include equipment for hydrogenation, refining, or other process subsequent to retorting other than hydrogenation or other process which is applied in the vicinity of the property from which the shale was extracted and which is applied to bring the shale oil to a grade and quality suitable for transportation to and processing in a refinery, for the qualification that such equipment did not include equipment for hydrogenation, refining, or other processes subsequent to retorting. See Effective and Termination Dates of 1982 Amendment note below.
Subsecs. (q), (r). Pub. L. 97–248, § 205(a)(1), added subsec. (q) and redesignated former subsec. (q) as (r).
1981—Subsec. (a)(1). Pub. L. 97–34, § 211(e)(4), in provisions following subpar. (G), substituted “Such term includes only recovery property (within the meaning of section 168 without regard to any useful life) and any other property” for “Such term includes only property”.
Subsec. (a)(1)(G). Pub. L. 97–34, § 211(c), added subpar. (G).
Subsec. (a)(2)(B)(ii). Pub. L. 97–34, § 211(h), designated existing provisions as subcl. (I) and added subcl. (II).
Subsec. (a)(3)(D). Pub. L. 97–34, § 212(c), added subpar. (D).
Subsec. (a)(4). Pub. L. 97–34, § 214(a), inserted provision that, if any qualified rehabilitated building is used by the tax-exempt organization pursuant to a lease, this paragraph shall not apply to that portion of the basis of such building which is attributable to qualified rehabilitation expenditures.
Subsec. (a)(5). Pub. L. 97–34, § 214(b), inserted provision that, if any qualified rehabilitated building is used by the governmental unit pursuant to a lease, this paragraph shall not apply to that portion of the basis of such building which is attributable to qualified rehabilitation expenditures.
Subsec. (a)(8). Pub. L. 97–34, § 212(d)(2)(A), substituted “or 188” for “188, or 191”.
Subsec. (a)(9). Pub. L. 97–34, § 211(a)(2), struck out par. (9) which set out a special rule for the depreciation of railroad track.
Subsec. (c)(2)(A) to (C). Pub. L. 97–34, § 213(a), amended subpars. (A) to (C) generally raising in subpar. (A) the existing $100,000 dollar limitation to $125,000 in 1981 and to $150,000 in 1985 and in subpar. (B) the existing $50,000 dollar limitation to $62,500 in 1981 and to $75,000 in 1985.
Subsec. (g). Pub. L. 97–34, § 212(b), in amending subsec. (c) generally incorporated the concept of “substantial rehabilitation” into par. (1)(A), substituted “30 years” for “20 years” as the requisite period in par. (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. (1)(C), reenacted par. (1)(D) without change, substituted “
Subsec. (l)(2)(C). Pub. L. 97–34, § 211(e)(3), inserted “or which is recovery property (within the meaning of section 168)” after “3 years or more”.
Subsec. (n)(1)(A)(i). Pub. L. 97–34, § 332(b), substituted “which does not exceed” for “equal to”.
Subsec. (o)(8). Pub. L. 97–34, § 212(a)(3), added par. (8).
1980—Subsec. (a)(1). Pub. L. 96–451 added subpar. (F) and provision for treatment of the useful life of subpar. (F) property as its normal growing period.
Subsec. (a)(2)(B)(xi). Pub. L. 96–223, § 222(i)(2), added cl. (xi).
Subsec. (a)(5). Pub. L. 96–605, § 109(a), included the International Maritime Satellite Organization or any successor organization within organizations not to be treated as international organizations.
Subsec. (a)(7)(B). Pub. L. 95–600, § 312(c)(2), as amended by Pub. 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’ ”.
Subsec. (a)(10)(A). Pub. L. 96–223, § 223(a)(1), as amended by Pub. L. 97–448, § 202(c), provided that “petroleum or petroleum products” does not include petroleum coke or petroleum pitch.
Subsec. (a)(10)(B). Pub. L. 96–222, § 108(c)(6), substituted “5” for “51”.
Subsec. (g)(2)(B)(i). Pub. L. 96–222, § 103(a)(4)(B), substituted “subsections (a)(1)(E) and (l)” for “subsection (a)(1)(E)”.
Subsec. (l)(1). Pub. L. 96–223, § 221(b)(1), substituted “For any period for which the energy percentage determined under section 46(a)(2)(C) for any energy property is greater than zero” for “For the period beginning on
Subsec. (l)(2)(A). Pub. L. 96–223, § 222(a), added cls. (vii), (viii), and (ix).
Subsec. (l)(3)(A). Pub. L. 96–223, § 222(b), (g)(2), struck out “(other than coke or coke gas)” after “solid fuel” in cl. (iii) and, in cl. (v), substituted provisions relating to equipment which converts coal into a substitute for a petroleum or natural gas derived feedstock for the manufacture of chemicals or other products and equipment which converts coal into methanol, ammonia, or hydroprocessed coal liquid or solid for provisions which had related simply to equipment which used coal as feedstock for the manufacture of chemicals or other products other than coke or coke gas, added cl. (ix), and, following cl. (ix), inserted provision that the equipment described in cl. (vii) includes equipment used for the storage of fuel derived from garbage at the site at which such fuel was produced from garbage.
Subsec. (l)(3)(B). Pub. L. 96–223, § 222(i)(1)(A), redesignated subpar. (C) as (B). Former subpar. (B), which excluded public utility property from the terms “alternative energy property”, “solar or wind energy property”, or “recycling equipment”, was struck out.
Subsec. (l)(3)(C), (D). Pub. L. 96–223, § 222(i)(1)(A), (3), redesignated subpar. (D) as (C) and inserted following cl. (ii) provision that, for the purposes of the preceding sentence, in the case of property which is alternative energy property solely by reason of the amendments made by section 222(b) of the Crude Oil Windfall Profit Tax Act of 1980, “
Subsec. (l)(4)(C). Pub. L. 96–223, § 222(c), added subpar. (C).
Subsec. (l)(5). Pub. L. 96–223, § 222(d), added subpar. (L), redesignated former subpar. (L) as (M), and inserted provision that the Secretary shall not specify any property under subpar. (M) unless he determines that such specification meets the requirements of par. (9) of section 44C(c) for specification of items under section 44C(c)(4)(A)(viii).
Subsec. (l)(11). Pub. L. 96–223, § 221(b)(2), substituted “one-half of the energy percentage determined under section 46(a)(2)(C)” for “5 percent”.
Pub. L. 96–223, § 223(c)(1), completely revised par. (11) to incorporate property financed by subsidized energy financing, effective with regard to periods after
Subsec. (l)(13). Pub. L. 96–223, § 222(e)(1), added par. (13).
Subsec. (l)(14). Pub. L. 96–223, § 222(f), added par. (14).
Subsec. (l)(15). Pub. L. 96–223, § 222(g)(1), added par. (15).
Subsec. (l)(16). Pub. L. 96–223, § 222(h), added par. (16).
Subsec. (l)(17). Pub. L. 96–223, § 222(i)(1)(B), added par. (17).
Subsec. (n). Pub. L. 96–222, § 101(a)(7)(G), (H), (L)(i)(I)–(IV), (ii)(III)–(VI), (iii)(II), (v)(II)–(IV), (M)(ii), amended subsec. (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. (n)(6)(B)(i). Pub. 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)”.
Subsec. (o). Pub. 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. (5).
1978—Subsec. (a)(1)(A). Pub. L. 95–618, § 301(d)(1), inserted “(other than an air conditioning or heating unit)” after “personal property”.
Subsec. (a)(1)(D). Pub. L. 95–600, § 314(a), added par. (D).
Subsec. (a)(1)(E). Pub. L. 95–600, § 315(a), added par. (E).
Subsec. (a)(2)(B)(ii). Pub. L. 95–473, § 2(a)(2)(A), substituted “providing transportation subject to subchapter I of chapter 105 of title 49” for “subject to part I of the Interstate Commerce Act”.
Subsec. (a)(7)(A). Pub. L. 95–600, § 312(c)(3), struck out “(other than pretermination property)” after “Property”.
Subsec. (a)(7)(B). Pub. L. 95–600, § 312(c)(2), struck out “described in section 50” after “with respect to property”. See 1980 Amendment note above.
Subsec. (a)(8). Pub. L. 95–600, § 315(c), substituted “188, or 191” for “or 188”.
Subsec. (a)(10). Pub. L. 95–618, § 301(d)(2), added par. (10).
Subsec. (d)(1)(B). Pub. L. 95–600, § 703(a)(3), substituted “section 46(a)(6)” for “section 46(a)(5)”.
Subsec. (d)(4)(D). Pub. L. 95–600, § 703(a)(4), substituted “section 57(c)(1)(B)” for “section 57(c)(2)”.
Subsec. (g). Pub. L. 95–600, § 315(b), added subsec. (g).
Subsec. (h). Pub. L. 95–600, § 312(c)(1), struck out subsec. (h) which related to suspension of investment credit.
Subsec. (i). Pub. L. 95–600, § 312(c)(1), struck out subsec. (i) which related to an exemption from suspension of $20,000 of investment.
Subsec. (j). Pub. L. 95–600, § 312(c)(1), struck out subsec. (j) which defined “suspension period”.
Subsecs. (l), (m). Pub. L. 95–618, § 301(b), added subsecs. (l) and (m) and redesignated former subsec. (l) as (n).
Subsec. (n). Pub. L. 95–618, § 301(b), redesignated former subsec. (l) as (n).
Pub. L. 95–600, § 141(b), added subsec. (n). Former subsec. (n) redesignated (p).
Subsec. (o). Pub. L. 95–600, § 141(b), added subsec. (o).
Subsecs. (p), (q). Pub. L. 95–600, §§ 141(b), 314(b), added subsec. (p). Former subsec. (n) redesignated (p) and subsequently as (q).
1976—Subsec. (a)(2)(B)(vi). Pub. L. 94–455, § 1901(a)(5)(A), substituted “(43 U.S.C. 1331))” for “; 43 U.S.C., sec. 1331)”.
Subsec. (a)(2)(B)(vii). 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))”.
Subsec. (a)(2)(B)(viii). Pub. L. 94–455, § 1901(a)(5)(B), substituted “47 U.S.C. 702” for “47 U.S.C., sec. 702”.
Subsec. (a)(8). Pub. 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.
Subsecs. (c)(2)(A), (d)(1), (2)(A). Pub. L. 94–455, § 1906(b)(13)(A), struck out “or his delegate” after “Secretary”.
Subsec. (f). Pub. L. 94–455, § 802(b)(6), substituted “section 46(a)(3)” for “section 46(a)(2)”.
Subsec. (i)(2). Pub. L. 94–455, § 1906(b)(13)(A), struck out “or his delegate” after “Secretary”.
Subsecs. (k), (l). Pub. L. 94–455, § 804(a), added subsec. (k) and redesignated former subsec. (k) as subsec. (l).
1975—Subsec. (a)(2)(B). Pub. L. 94–12, § 604(a), substituted “territorial waters within the northern portion of the Western Hemisphere” for “territorial waters” in cl. (x) and inserted definition of “northern portion of the Western Hemisphere” following cl. (x).
Subsec. (c)(2)(A). Pub. L. 94–12 § 301(c)(1)(A), substituted “$100,000” for “$50,000”.
Subsec. (c)(2)(B). Pub. L. 94–12, § 301(c)(1)(A), (B), substituted “$50,000” for “$25,000” and “$100,000” for “$50,000”.
Subsec. (c)(2)(C). Pub. L. 94–12, § 301(c)(1)(A), substituted “$100,000” for “$50,000”.
Subsec. (d)(1), (2)(A). Pub. L. 94–12, § 302(c)(3), substituted “section 46(e)(1)” for “section 46(d)(1)”.
1971—Subsec. (a)(1). Pub. L. 92–178, § 102(a)(2), substituted “3 years” for “4 years” in second sentence.
Subsec. (a)(1)(B)(ii), (iii). Pub. L. 92–178, § 104(a)(1), substituted “research facility” for “research or storage facility” in cl. (ii) and added cl. (iii).
Subsec. (a)(2)(B). Pub. L. 92–178, § 104(c)(2), (3), (d), added cls. (viii) to (x), respectively.
Subsec. (a)(3)(C). Pub. L. 92–178, § 104(b), added subpar. (C).
Subsec. (a)(5). Pub. L. 92–178, § 104(c)(1), inserted “(other than the International Telecommunications Satellite Consortium or any successor organization)” after “international organization”.
Subsec. (a)(6). Pub. L. 92–178, § 104(e), substituted provisions for treatment of livestock (other than horses) acquired by the taxpayer as section 38 property, with exception provision for reduction of acquisition cost by amount equal to amount realized on sale or other disposition under certain circumstances, and for nontreatment of horses as section 38 property for former provision that livestock shall not be treated as section 38 property.
Subsec. (a)(7) to (9). Pub. L. 92–178, §§ 103, 104(f)(1), (g), added pars. (7) to (9), respectively.
Subsec. (d). Pub. L. 92–178, § 108(b) and (c), substituted “section 46(d)(1)” for “section 46(d)”; and designated as par. (1) the present first sentence, redesignated as subpars. (A) and (B) provisions formerly designated cls. (1) and (2), again substituted “section 46(d)(1)” for “section 46(d)” in par. (1) and inserted “(other than property described in paragraph (4))” in par. (1), added pars. (2) and (4), incorporated provisions of former second, third, and fourth sentences in provisions designated as par. (3), substituted in par. (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. See Effective Date of 1971 Amendment note below.
1969—Subsec. (a)(4). 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.
Subsec. (c)(2)(C). Pub. L. 91–172, § 401(e)(2), reenacted subpar. (C) with minor changes and substituted reference to controlled group for reference to affiliated group.
Subsec. (c)(3)(C). Pub. L. 91–172, § 401(e)(3), substituted definition of controlled group for definition of affiliated group.
Subsec. (d)(2). Pub. L. 91–172, § 401(e)(4), substituted reference to a component member of a controlled group for reference to a member of an affiliated group.
1967—Subsec. (a)(2)(B)(i). Pub. L. 90–26, § 3, inserted “or is operated under contract with the United States” after “the United States”.
Subsec. (h)(2). Pub. L. 90–26, § 2(a), limited definition of suspension period property to section 38 property where the physical construction, reconstruction or erection was begun before
Subsec. (j). Pub. L. 90–26, § 1, substituted “
1966—Subsec. (a)(2)(B). Pub. L. 89–809 added cl. (vii).
Subsec. (d). Pub. L. 89–800, § 1(b), inserted provisions covering the treatment of suspension period property, and the elections to be deemed made in connection therewith.
Subsecs. (h) to (k). Pub. L. 89–800, § 1(a), added subsecs. (h) to (j) and redesignated former subsec. (h) as (k).
1964—Subsec. (a)(1)(C). Pub. L. 88–272, § 203(c)(2), added subpar. (C).
Subsec. (d). Pub. L. 88–272, § 203(a)(3)(A), (b), substituted “except as provided in paragraph (2)” for “if such property was constructed by the lessor (or by a corporation which controls or is controlled by the lessor within the meaning of section 368(c))” in par. (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. (2), and deleted provisions which stated that if a lessor made an election under this subsection, subsec. (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. (g).
Subsec. (g). Pub. L. 88–272, § 203(a)(1), repealed subsec. (g) which required that the basis of section 38 property be reduced by 7 percent of the qualified investment.
Effective Date Of Amendment
Amendment by Pub. L. 112–240 effective on
Pub. L. 111–5, div. B, title I, § 1102(b),
Amendment by section 1103(a), (b)(1) of Pub. L. 111–5 applicable to periods after
Pub. L. 110–343, div. B, title I, § 103(f),
Pub. L. 110–343, div. B, title I, § 104(e),
Pub. L. 110–343, div. B, title I, § 105(b),
Pub. L. 109–58, title XIII, § 1336(e),
Pub. L. 109–58, title XIII, § 1337(d),
Amendment by section 322(d)(2)(A), (B) of Pub. L. 108–357 applicable with respect to expenditures paid or incurred after
Amendment by section 710(e) of Pub. L. 108–357 applicable, except as otherwise provided, to electricity produced and sold after
Pub. L. 102–486, title XIX, § 1916(b),
Amendment by section 11813(a) of Pub. L. 101–508 applicable to property placed in service after
Amendment by Pub. L. 100–647 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Pub. L. 99–514, to which such amendment relates, see section 1019(a) of Pub. L. 100–647, set out as a note under section 1 of this title.
If any interest costs incurred after
Amendment by section 251(b), (c) of Pub. L. 99–514 applicable to property placed in service after
Amendment by section 701(e)(4)(C) of Pub. L. 99–514 applicable to taxable years beginning after
Amendment by section 803(b)(2)(B) of Pub. L. 99–514 applicable to costs incurred after
Amendment by sections 1272(d)(5) and 1275(c)(5) of Pub. L. 99–514 applicable to taxable years beginning after
Amendment by section 1511(c)(3) of Pub. L. 99–514 applicable for purposes of determining interest for periods after
Pub. L. 99–514, title XVIII, § 1879(j)(2),
Pub. L. 99–514, title XVIII, § 1881,
Amendment by Pub. L. 99–121 applicable with respect to property placed in service by the taxpayer after
Pub. L. 98–369, div. A, title I, § 18,
Amendment by section 31(b), (c)(1) of Pub. L. 98–369 effective, except as otherwise provided in section 31(g) of Pub. L. 98–369, as to property placed in service by the taxpayer after
Amendment by section 111(e)(8) of Pub. L. 98–369 applicable with respect to property placed in service by the taxpayer after
Amendment by section 113(b)(3) of Pub. L. 98–369 applicable as if included in the amendments made by sections 201(a), 211(a)(1), and 211(f)(1) of Pub. L. 97–34, which enacted section 168 and amended section 46 of this title, see section 113(c)(2)(B) of Pub. L. 98–369, set out as a note under section 168 of this title.
Amendment by section 113(b)(4) of Pub. L. 98–369 applicable as if included in the amendments made by section 205(a)(1) of Pub. L. 97–248, see section 113(c)(2)(C) of Pub. L. 98–369, set out as a note under section 168 of this title.
Pub. L. 98–369, div. A, title I, § 113(c)(1),
Pub. L. 98–369, div. A, title I, § 114(b),
Amendment by section 431(c) of Pub. L. 98–369 applicable to property placed in service after
Amendment by section 474(o)(10)–(18) of Pub. L. 98–369 applicable to taxable years beginning after
Pub. L. 98–369, div. A, title IV, § 474(o)(15),
Amendment by section 712(b) of Pub. L. 98–369 effective as if included in the provision of the Tax Equity and Fiscal Responsibility Act of 1982, Pub. L. 97–248, to which such amendment relates, see section 715 of Pub. L. 98–369, set out as a note under section 31 of this title.
Amendment by section 721(x)(1) of Pub. L. 98–369 effective as if included in the Subchapter S Revision Act of 1982, Pub. L. 97–354, see section 721(y)(1) of Pub. L. 98–369, set out as a note under section 1361 of this title.
Amendment by section 735(c)(1) of Pub. L. 98–369 effective, except as otherwise provided, as if included in the provisions of the Highway Revenue Act of 1982, title V of Pub. L. 97–424, to which such amendment relates, see section 736 of Pub. L. 98–369, set out as a note under section 4051 of this title.
Pub. L. 98–369, div. A, title X, § 1043(b),
Amendment by title I of Pub. L. 97–448 effective, except as otherwise provided, as if it had been included in the provision of the Economic Recovery Tax Act of 1981, Pub. L. 97–34, to which such amendment relates, see section 109 of Pub. L. 97–448, set out as a note under section 1 of this title.
Amendment by section 202(c) of Pub. L. 97–448 effective, except as otherwise provided, as if it had been included in the provision of the Crude Oil Windfall Profit Tax Act of 1980, Pub. L. 96–223 to which such amendment relates, see section 203(a) of Pub. L. 97–448, set out as a note under section 6652 of this title.
Amendment by section 306(a)(3) of Pub. L. 97–448 effective as if included in the provisions of the Tax Equity and Fiscal Responsibility Act of 1982, Pub. L. 97–248, to which such amendment relates, see section 311(d) of Pub. L. 97–448, set out as a note under section 31 of this title.
Pub. L. 97–362, title I, § 104(b),
Amendment by Pub. L. 97–354 applicable to taxable years beginning after
Amendment by section 205(a)(1), (4), (5)(A) of Pub. L. 97–248, applicable to periods after
Amendment by section 209(c) of Pub. L. 97–248 applicable to property placed in service after
Pub. L. 97–34, title II, § 213(b),
Pub. L. 97–34, title II, § 214(c),
Pub. L. 97–34, title III, § 332(c)(2),
Amendment by section 211(a)(2), (e)(3), (4) of Pub. L. 97–34 applicable to property placed in service after
Amendment by section 211(c) of Pub. L. 97–34 applicable to periods after
Amendment by section 211(h) of Pub. L. 97–34 applicable to taxable years beginning after
Amendment by section 212(a)(3), (b), (c), (d)(2)(A) of Pub. L. 97–34 applicable to expenditures incurred after
Pub. L. 96–605, title I, § 109(b),
Pub. L. 96–605, title II, § 223(b),
Pub. L. 96–451, title III, § 302(b),
Pub. L. 96–223, title II, § 222(j),
Pub. L. 96–223, title II, § 223(a)(2),
Pub. L. 96–223, title II, § 223(c)(2),
“(B) Earlier application for certain property.—In the case of property which is—
“(i) qualified hydroelectric generating property (described in section 48(l)(2)(A)(vii) of such Code),
“(ii) cogeneration equipment (described in section 48(l)(2)(A)(viii) of such Code),
“(iii) qualified intercity buses (described in section 48(l)(2)(A)(ix) of such Code),
“(iv) ocean thermal property (described in section 48(l)(3)(A)(ix) of such Code), or
“(v) expanded energy credit property,
the amendment made by paragraph (1) shall apply to periods after
“(C) Expanded energy credit property.—For purposes of subparagraph (B), the term ‘expanded energy credit property’ means—
“(i) property to which section 48(l)(3)(A) of such Code applies because of the amendments made by paragraphs (1) and (2) of section 222(b) [amending this section],
“(ii) property described in section 48(l)(4)(C) of such Code (relating to solar process heat),
“(iii) property described in section 48(l)(5)(L) of such Code (relating to alumina electrolytic cells), and
“(iv) property described in the last sentence of section 48(l)(3)(A) of such Code (relating to storage equipment for refuse-derived fuel).
“(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
Amendment by 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. L. 95–600, to which such amendment relates, see section 201 of Pub. L. 96–222, set out as a note under section 32 of this title.
Pub. L. 96–222, title I, § 108(c)(7),
Pub. L. 95–618, title III, § 301(d)(4),
Amendment by section 141(b) of Pub. L. 95–600 effective with respect to qualified investment for taxable years beginning after
Amendment by section 312(c)(1), (2), (3) of Pub. L. 95–600 applicable to taxable years ending after
Pub. L. 95–600, title III, § 314(c),
Pub. L. 95–600, title III, § 315(d),
Amendment by section 703(a)(3), (4) of Pub. L. 95–600 effective on
Amendment by section 802(b)(6) of Pub. L. 94–455 applicable to taxable years beginning after
Pub. L. 94–455, title VIII, § 804(e),
Amendment by section 1051(h)(1) of Pub. L. 94–455 applicable to taxable years beginning after
Amendment by section 1901(a)(5), (b)(11)(A) of Pub. L. 94–455 applicable with respect to taxable years beginning after
Amendment by section 2112(a) of Pub. L. 94–455 applicable to property acquired by the taxpayer after
Pub. L. 94–12, title III, § 301(c)(2),
Amendment by section 302(c)(3) of Pub. L. 94–12 applicable to taxable years ending after
Pub. L. 94–12, title VI, § 604(b),
Pub. L. 92–178, title I, § 104(h),
Amendment by section 108(b), (c) of Pub. L. 92–178, applicable to leases entered into after
Amendment by section 121(d)(2)(A) of Pub. L. 91–172 applicable to taxable years beginning after
Amendment by section 401(e)(2)–(4) of Pub. L. 91–172 applicable with respect to taxable years ending on or after
Pub. L. 90–26, § 4,
Pub. L. 89–809, title II, § 201(b),
Amendment by Pub. L. 89–800 applicable to taxable years ending after
Pub. L. 88–272, title II, § 203(a)(4),
Pub. L. 88–272, title II, § 203(f),
Effective Date
Section applicable with respect to taxable years ending after
Savings
For provisions that nothing in amendment by Pub. L. 101–508 be construed to affect treatment of certain transactions occurring, property acquired, or items of income, loss, deduction, or credit taken into account prior to
Transfer Of Functions
Functions, powers, and duties of Federal Aviation Agency and of Administrator and other offices and officers thereof transferred by Pub. L. 89–670,
Miscellaneous
Pub. L. 111–5, div. B, title I, § 1603,
[Pub. L. 112–81, div. A, title X, § 1096(b),
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. 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
For applicability of amendment by section 701(e)(4)(C) of Pub. L. 99–514 notwithstanding any treaty obligation of the United States in effect on
Pub. L. 99–514, title XVIII, § 1879(j)(3),
For provision that nothing in the amendments made by section 474(o) of Pub. L. 98–369, which amended this section, be construed as reducing the investment tax credit in taxable years beginning before
Pub. L. 94–455, title VIII, § 804(c),
Pub. L. 94–455, title VIII, § 804(d),
Pub. L. 88–272, title II, § 203(a)(2),