B, title I, to which such amendment relates, see section 209(k) of Pub. (c)(6) to (8). L. 115141, 401(a)(350)(A), made technical amendment to directory language of Pub. Section 47(a)(7) of such Code shall apply. (2)(A) preceding cl. Subsec. (a)(3)(A)(vii). The Solar Tax Credit was created in 2005 and originally offered 30% tax credits. Former cl. L. 94455, title VIII, 804(e), Oct. 4, 1976, 90 Stat. (3) generally, inserted introductory phrase For purposes of this subsection. (a)(2)(B)(xi). L. 95600, 314(a), added par. Pub. (1)(C), reenacted par. (a)(8). The Housing Act of 1949, referred to in subsec. (p), (q). A. IRS guidance issued with respect to the energy credit under section 48 in publication items such as Notice 2018-59, has no applicability to the residential energy efficient property credit under section 25D. (a)(2)(A). L. 117169, 13102(c), struck out par. Pub. L. 99514, 251(b), amended par. The Consolidated Appropriations Act fof 2016 extended and modified section 48 ITC to phase down the ITC rage for solar energy property for which construction begins after Dec. 31, 2019, and before Jan. 1, 2022, and further limits the credit for solar energy property not placed in service before Jan. 1, 2024. The preceding sentence shall apply, in any case in which the lessor does not make an election under section 48(d) of the, The amendments made by this section [amending this section and sections, The amendments made by the first three sections of this Act [amending this section and, The amendments made by subsection (a) [amending this section] shall apply to taxable years ending after, in the case of property placed in service after, in the case of property placed in service before, The amendments made by subsection (b) [amending this section] shall apply with respect to property possession of which is transferred to a lessee on or after the date of enactment of this Act [, The amendments made by subsection (c) [amending this section] shall apply with respect to taxable years ending after, The amendments made by subsection (d) [amending, is originally placed in service by such person during 2009, 2010, or 2011, or. (D) as (E). (a)(2)(A)(i)(V). for which an unrelated third party has verified (in such form or manner as the Secretary may prescribe) that such facility produces hydrogen through a process which results in lifecycle greenhouse gas emissions which are consistent with the hydrogen that such facility was designed and expected to produce under subparagraph (A)(ii). (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.. (a)(1)(G). Subsec. L. 99514, 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. L. 98369, 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. Amendment by section 803(b)(2)(B) of Pub. Q. Subsec. Subsec. (c)(1)(D). WebThe federal residential solar energy credit is a tax credit that can be claimed on federal income taxes for a percentage of the cost of a solar PV system paid for by the taxpayer. L. 97448, set out as a note under section 31 of this title. Pub. Pub. Subsec. Subsec. Subsec. 638, provided that: Amendment by section 431(c) of Pub. (ii). The term qualifying small wind turbine means a wind turbine which has a nameplate capacity of not more than 100 kilowatts. Pub. 1981Subsec. (a)(5) as (b). This guidance applies to owners of certain solar and wind facilities placed in service in connection with low-income communities that are eligible for the section 48 energy investment credit. L. 95618, 301(d)(2), added par. L. 97448, set out as a note under section 6652 of this title. (q)(4)(A)(i). Energy Credit Editor's Note: Pub. Subsec. (a)(6)(B). 33, as amended by Pub. Section 48(e) provides for an increase in the investment tax credit (ITC) for (o). 1991Subsec. Pub. L. 117169, 13102(b), substituted January 1, 2035 for January 1, 2024. Pub. L. 95600, 315(a), added par. 1331)) for ;43 U.S.C., sec. 26 U.S. Code 48 - Energy credit. Subsec. (C). (15). Pub. (g). L. 114113, 187(b), substituted January 1, 2017 for January 1, 2015. Pub. 413. (a)(9). L. 99121, set out as a note under section 168 of this title. L. 115123, 40411(f), substituted the construction of which does not begin before January 1, 2022 for for any period after December 31, 2016. L. 91172, set out as a note under section 1561 of this title. (9) of section 44C(c) for specification of items under section 44C(c)(4)(A)(viii). (g)(1)(E). (15) redesignated (16). (g)(2)(B)(v). (I) and in provision following subcl. (n). Title V of the Act is classified generally to subchapter III (1471 et seq.) Pub. L. 99514, 1802(a)(9)(A), substituted 514(b) for 514(c) and 514(a) for 514(b). (m) of this section, with certain exceptions and qualifications, see section 205(c)(1) of Pub. (c). Subsec. (a)(6)(A)(i). For purposes of subparagraphs (B) and (C), electricity acquired at a below-market rate shall not fail to be taken into account as a financial benefit. is directly connected to a heating, ventilation, or air conditioning system, removes heat from, or adds heat to, a storage medium for subsequent use, and. (g) which required that the basis of section 38 property be reduced by 7 percent of the qualified investment. (a)(1). Limitations and Other Considerations Pub. B, title I, 105(b), Oct. 3, 2008, 122 Stat. (h) to (j) and redesignated former subsec. (D) provided that rehabilitation included reconstruction, and striking out former subpar. Subsec. Pub. 2095, provided that: Pub. L. 115123, 40411(b)(2), substituted paragraphs (6) and (7) for paragraph (6) in introductory provisions. L. 108357, as amended, set out as a note under section 45 of this title. Subsec. L. 100647, 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)). The Secretary shall, by regulations or other guidance, provide for recapturing the benefit of any increase in the credit allowed under this subsection by reason of this paragraph with respect to any project which does not satisfy the requirements under subparagraph (A) (after application of subparagraph (B)) for the period described in clause (ii) of subparagraph (A) (but which does not cease to be investment credit property within the meaning of section 50(a)). (q) and redesignated former subsec. L. 96223, title II, 223(a)(2), Apr. 29, 1975, 89 Stat. L. 115123, set out as a note under section 45 of this title. 2019Subsec. L. 114113, div. L. 97448, 102(e)(2)(A), inserted (not including a building and its structural components) used in connection after storage facility. Amendment by sections 1272(d)(5) and 1275(c)(5) of Pub. Subsec. L. 101508 applicable to property placed in service after Dec. 31, 1990, but not applicable to any transition property (as defined in section 49(e) of this title), any property with respect to which qualified progress expenditures were previously taken into account under section 46(d) of this title, and any property described in section 46(b)(2)(C) of this title, as such sections were in effect on Nov. 4, 1990, see section 11813(c) of Pub. (d). Subsec. (I) subparagraph (C)(ii) shall be applied by substituting January 1, 2026 for January 1, 2022, (II) subparagraph (E) shall not apply, and, (III) for purposes of this paragraph, section 45(d)(1) shall be applied by substituting January 1, 2026 for January 1, 2022.. (l)(11). Subsec. U, title IV, 401(a)(20), Pub. Pub. L. 108357 applicable with respect to expenditures paid or incurred after Oct. 22, 2004, see section 322(e) of Pub. The term qualified small wind energy property shall not include any property the construction of which does not begin before January 1, 2025. 1596, as amended by Pub. Pub. Pub. Subsec. (a)(7)(A)(ii). L. 88272, 203(c)(2), added subpar. Pub. 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. Subsec. 267, as amended by Pub. 2909, provided that: For provision that nothing in the amendments made by section 474(o) of Pub. (l)(5). L. 100647 be treated as if it had been included in the provision of Pub. L. 113295, 155(b), substituted January 1, 2015 for January 1, 2014. Such term shall not include any property which is part of a facility the production from which is allowed as a credit under. Pub. (2) Definitions.For purposes of this subpart, the terms amortizable basis and qualified timber property have the respective meanings given to such terms by section 194., 1992Subsec. (h) which related to suspension of investment credit. 2909, provided that: Pub. L. 114113, 303(a), substituted property the construction of which begins before January 1, 2022 for periods ending before January 1, 2017. 38, as amended by Pub. L. 117169, which was approved Aug. 16, 2022. Rules similar to the rules of section 45(b)(7)(B) shall apply. Subsec. Pub. What improvements qualify for the residential energy property credit for homeowners? L. 113295 effective Jan. 1, 2014, see section 155(c) of Pub. (c)(1)(D). (A) striking out reference to amounts incurred after December 31, 1981 in introductory provision, and in cl. Subsec. Subsec. L. 11694, div. WebThe federal residential solar energy credit is a tax credit that can be claimed on federal income taxes for a percentage of the cost of a solar PV system paid for by the taxpayer. (vii). Pub. Pub. The term linear generator assembly does not include any assembly which contains rotating parts. Pub. L. 9734, to which such amendment relates, see section 109 of Pub. (v) relating to expenditures of lessees, added par. (b). Pub. 2, 1980, 94 Stat. (q)(4)(B)(ii). (6) relating to special rule for qualified films. Pub. 1580; Pub. For purposes of the preceding sentence, 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) shall apply.. (4) of subsec. (D). Subsec. L. 94455, title VIII, 804(c), Oct. 4, 1976, 90 Stat. Subsec. 702. L. 95600, 312(c)(3), struck out (other than pretermination property) after Property. Pub. (a)(7) to (9). D, title I, 40411(g), Pub. For purposes of section 46, except as provided in paragraphs (1) (B), (2) (B), and (3) (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. L. 97354, 5(a)(8), substituted an S corporation for an electing small business corporation (within the meaning of section 1371). Subsec. (i). (7). (l)(11)(A)(ii). B, title I, 105(b), Pub. (i), substituted provisions for a recovery period of 15 years for provisions that had provided for a useful life of 5 years or more in cl. L. 100647, 1002(a)(16)(A), added par. (a)(5)(C)(ii). Pub. (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. In August 2022, the Inflation Reduction Act raised the Solar Tax Credit back to 30% for another 10 years. L. 110343, 103(a)(3), substituted December 31, 2016 for December 31, 2008. (k)(4)(A). L. 117169, 13102(h), inserted ,or electrochromic glass which uses electricity to change its light transmittance properties in order to heat or cool a structure, after sunlight. Take the Section 48 Investment Tax Credit. (a)(3). Subsec. (8). Amendment by section 202(c) of Pub. (g)(2)(B)(i). (a)(3)(A)(iii). (a)(8). L. 117169 applicable to property the construction of which begins after Aug. 16, 2022, see section 13102(q)(3) of Pub. L. 97248, to which such amendment relates, see section 715 of Pub. Subsec. L. 88272, 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. Pub. (a)(5)(C)(ii). (g)(5) below and see Effective Date of 1982 and 1983 Amendment notes set out under sections 1 and 196 of this title. (k) as subsec. L. 98369, 474(o)(12), struck out par. L. 96223, 223(c)(1), completely revised par. L. 94455, set out as a note under section 46 of this title. Pub. Pub. Pub. (Other types of renewable energy are also eligible for similar credits but are beyond the scope of this guidance.) (L) as (M), and inserted provision that the Secretary shall not specify any property under subpar. (a)(3)(A)(ii). Pub. Pub. for the 5-year period beginning on the date such project is originally placed in service, the alteration or repair of such project, shall be paid wages at rates not less than the prevailing rates for construction, alteration, or repair of a similar character in the locality in which such project is located as most recently determined by the Secretary of Labor, in accordance with subchapter IV of, in the case of a facility which is designed and reasonably expected to produce, the taxpayer makes an irrevocable election to have this paragraph apply, and. Not later than 180 days after the date of enactment of this subsection, the Secretary shall establish a program to allocate amounts of environmental justice solar and wind capacity limitation to qualified solar and wind facilities. L. 9734 applicable to expenditures incurred after Dec. 31, 1981, in taxable years ending after such date, see section 212(e) of Pub. L. 9734, 213(a), amended subpars. (r) as (s) by Pub. which uses the same energy source for the simultaneous or sequential generation of electrical power, mechanical shaft power, or both, in combination with the generation of steam or other forms of useful thermal energy (including heating and cooling applications), at least 20 percent of its total useful energy in the form of thermal energy which is not used to produce electrical or mechanical power (or combination thereof), and. L. 115123, div. Amendment by section 401(e)(2)(4) of Pub. 296, provided that: Amendment by section 211(a)(2), (e)(3), (4) of Pub. L. 10958, 1337(b), redesignated cl. (g)(2)(B)(vi)(I). EE of Pub. L. 117169, 13102(g)(1)(A), inserted (1 kilowatt in the case of a fuel cell power plant with a linear generator assembly) after 0.5 kilowatt and or electromechanical after electrochemical. L. 1115 applicable to periods after Dec. 31, 2008, under rules similar to the rules of subsec. Energy Credit Editor's Note: Pub. (a)(2)(A). 2006Subsec. L. 99514, 2, Oct. 22, 1986, 100 Stat. (a)(3)(A)(ii), (vii). (c)(4)(B) to (D). Pub. (q) as (r). L. 99121 substituted 19 for 18. (d). A $20,000 solar system would receive a tax credit of $6,000 to what you owe in federal income taxes. L. 117169, set out in a note under section 45 of this title. 48. (v) as (vi) and substituting less than the recovery period determined under section 168(c) for less than 19 years (15 years in the case of low-income housing, restating subpar. Pub. (a)(8). Pub. Pub. 3312; Pub. L. 99514, 251(b), amended par. Former subpar. Subsec. L. 110343, 103(a)(2), substituted December 31, 2016 for December 31, 2008. (c)(2)(A) to (C). L. 113295 effective as if included in the provisions of the American Recovery and Reinvestment Tax Act of 2009, Pub. L. 99514 applicable for purposes of determining interest for periods after Dec. 31, 1986, see section 1511(d) of Pub. L. 116260, 203(d), added par. Pub. (a)(2)(B)(ii). L. 98369, set out as a note under section 46 of this title. L. 110343, 103(c)(2)(B), added par. Pub. of chapter 8A of Title 42, The Public Health and Welfare. L. 89800 applicable to taxable years ending after Oct. 9, 1966, see section 4 of Pub. Subsec. (d)(2). (5) of subsec. L. 95600 applicable to taxable years ending after Dec. 31, 1978, see section 312(d) of Pub. (E) as (D). 3814, provided that: Pub. Subsec. (c)(2)(B). (D) as (C) and inserted following cl. (G), substituted Such term includes only recovery property (within the meaning of section 168 without regard to any useful life) and any other property for Such term includes only property. L. 116260, 131(b), substituted January 1, 2022 for January 1, 2021. The summary below describes the current section 48 tax credit as modified by the Inflation Reduction Act, and below that, the new 48E tax credit. L. 97448, set out as a note under section 1 of this title. (c)(6)(B)(i), probably should be the date of enactment of this paragraph which is the date of enactment of Pub. Prior to the revision par. L. 116260, 132(a)(1)(B), substituted January 1, 2024 for January 1, 2022. L. 95600, 141(b), 314(b), added subsec. (g). L. 98369, 474(o)(10), substituted section 39 for section 46(b). (E) generally, substituting provision for provisions and 168(h) for 168(j). (iii) relating to qualified fuel cell property or qualified microturbine property. Pub. Subsec. Pub. L. 97354 applicable to taxable years beginning after Dec. 31, 1982, see section 6(a) of Pub. 48. L. 98369, 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. Pub. Subsec. Pub. Subsec. 931, to Secretary of Transportation, with functions, powers, and duties of Secretary of Transportation pertaining to aviation safety to be exercised by Federal Aviation Administrator in Department of Transportation, see section 106 of Title 49, Transportation. (a)(10). B, title I, 1102(b), Pub. L. 117169, 13102(j), added par. Pub. Pub. The home served by the system does not have to be the taxpayers principal residence. (a)(1). Pub. (a)(5)(E). subparagraph (B) of paragraph (4) shall not apply, but in determining qualified investment under section 46(c)(1) of such Code there shall be used (in lieu of the basis of such property) an amount equal to 40 percent of the aggregate production costs (within the meaning of paragraph (5)(B) of such section 48(k)), paragraph (2) shall be applied by substituting 100 percent for 66 percent, and. (x). shall not be includible in the gross income or alternative minimum taxable income of the taxpayer, but, shall be taken into account in determining the basis of the property to which such grant relates, except that the basis of such property shall be reduced under, in the case of a facility described in subclause (I) of paragraph (2)(A)(iii) and not described in subclause (II) of such paragraph, 10 percentage points, and, in the case of a facility described in subclause (II) of paragraph (2)(A)(iii), 20 percentage points, and, the environmental justice solar and wind capacity limitation allocated to such facility, bears to. L. 92178, title I, 104(h), Dec. 10, 1971, 85 Stat. 2095, provided that: Pub. 228, provided that: Pub. (g) generally, reenacted par. This In Focus summarizes the current renewable energy ITC and reviews its legislative history. The range reflects uncertainty around future fossil prices, economic growth, and clean technology costs. L. 9734, set out as a note under section 46 of this title. Amendment by section 306(a)(3) of Pub. (i) which related to an exemption from suspension of $20,000 of investment. Subsec. This groundbreaking program in the Inflation Reduction Act provides a boost of up to 20 percentage points to the investment tax credit for solar and wind energy projects in low-income communities. (l)(2)(A). Subsec. Subsec. Subsec. (ii) cogeneration equipment (described in section 48(l)(2)(A)(viii) of such Code). Pub. Pub. (c)(1)(D). Such term also includes all secondary components located between the existing infrastructure for fuel delivery and the existing infrastructure for power distribution, including equipment and controls for meeting relevant power standards, such as voltage, frequency, and power factors. The term interconnection agreement means an agreement with a utility for the purposes of interconnecting the energy property owned by such taxpayer to the transmission or distribution system of such utility. The Energy Credit or Energy Investment Tax Credit (ITC) Internal Revenue Code (IRC) Section 48 provides an investment tax credit (ITC) for certain energy-related property. The NPRM requests comments by June 30, 2023. L. 114113, set out as a note under section 45 of this title. Subsec. To the extent provided by the Secretary, such recapture may not apply with respect to any property if, within 12 months after the date the taxpayer becomes aware (or reasonably should have become aware) of such property ceasing to be property eligible for such increase, the eligibility of such property for such increase is restored. A, title X, 1096(b), Pub. Subsec. Subsec. Subsec. The second notice establishes the Low-Income Communities Bonus Credit program under Section 48 (e) of the Internal Revenue Code. Pub. Pub. In the case of any qualified fuel cell property, qualified small wind property, or energy property described in clause (i) or clause (ii) of paragraph (3)(A) the construction of which begins after December 31, 2019, and which is placed in service before January 1, 2022, the energy percentage determined under paragraph (2) shall be equal to 26 percent. 506, provided that: Amendment by section 31(b), (c)(1) of Pub. 48 (a) (1) In General Pub. (a)(5)(A)(ii). (a)(5)(B)(i). L. 98369, set out in Effective Date of 1984 Amendment note below. L. 97448 effective as if included in the provisions of the Tax Equity and Fiscal Responsibility Act of 1982, Pub. What improvements qualify for the residential energy property credit for homeowners? L. 114113, 302(b). L. 98369 applicable to property placed in service after July 18, 1984, in taxable years ending after such date, but not applicable to property to which sections 46(c)(8), (9) and 47(d) of this title, as enacted by section 211(f) of Pub. L. 98369, 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). (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.. Pub. 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. The term qualified biogas property shall not include any property the construction of which begins after December 31, 2024. (n). L. 96222, 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. (a)(2)(A)(i)(II). (g)(2)(D). L. 9734, 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. property (other than property primarily used in the transportation of goods or individuals and not for the production of electricity) which receives, stores, and delivers energy for conversion to electricity (or, in the case of hydrogen, which stores energy), and has a nameplate capacity of not less than 5 kilowatt hours, and, was placed in service before the date of enactment of this section. (viii). A taxpayer may elect to have this paragraph apply to all qualified films placed in service during taxable years beginning before. Pub. Pub. Amendment by section 13102(a)(e), (k), (p) of Pub. Amendment by section 1511(c)(3) of Pub. L. 98369, 474(o)(14), substituted subsection (b) for subsection (a)(2). Subsec. 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. L. 9734, title II, 213(b), Aug. 13, 1981, 95 Stat. L. 116260 effective Jan. 1, 2021, see section 131(d) of div. L. 99514, 1879(j)(1), added subsec. Pub. L. 11694 effective on Jan. 1, 2018, see section 127(d) of Pub. L. 108357, 322(d)(2)(B), struck out ;reforestation credit after Energy credit in section catchline. (a)(2). Pub. Any property described in clause (vii) of section 48(a)(3)(A) of such Code. L. 98369, 31(b), amended par. Subsec. L. 9734, set out as a note under section 46 of this title. L. 117169, set out in a note under section 45 of this title. L. 98369, 474(o)(17)(A), substituted section 46(a) for section 46(a)(2). (a)(2)(B). 2095, provided that: Pub. (a)(10)(B). L. 99514 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. (m) of this section, see section 211(i)(3) of Pub. 3053, provided that: Pub. (q), (r). consists of not less than 52 percent methane by volume, or, is concentrated by such system into a gas which consists of not less than 52 percent methane, and. L. 9734, which enacted section 168 and amended section 46 of this title, see section 113(c)(2)(B) of Pub. 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. L. 1115, 1104, added subsec. Subsec. (2)(B), reenacted cls. (c)(2)(B). L. 99514, 2, Oct. 22, 1986, 100 Stat. Subsec. (t). (c)(2)(E). The amount of environmental justice solar and wind capacity limitation allocated by the Secretary under subparagraph (A) during any calendar year shall not exceed the annual capacity limitation with respect to such year. Pub. L. 110343, 103(e)(2)(B), redesignated subpar. L. 117169, 13102(a)(3), substituted January 1, 2025 for January 1, 2024. (g)(5). (a)(15). L. 10958, 1336(d), inserted except as provided in paragraph (1)(B) or (2)(B) of subsection (d), before the energy credit. Subsec. Pub. L. 110343, 103(e)(2)(B), redesignated subpar. Amendment by Pub. L. 116260, 132(b)(2)(A)(ii), substituted after December 31, 2022, and before January 1, 2024 for after December 31, 2020, and before January 1, 2022. L. 9026, 2(a), limited definition of suspension period property to section 38 property where the physical construction, reconstruction or erection was begun before May 24, 1967, pursuant to an order placed during the suspension period, subject to the proviso that in applying the definition to property the physical construction, reconstruction or erection of which was begun before May 24, 1967, only that portion of the basis properly attributable to construction, reconstruction or erection before May 24, 1967 be taken into account. (12) and (13). (D). Subsec. 2095, provided that: Amendment by section 108(b), (c) of Pub. (d). Subsec. 2829, provided that: Amendment by section 703(a)(3), (4) of Pub. Pub. (q)(3). (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. EE, title II, 204(b), Pub. Pub. L. 99514 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. (a)(3)(A)(vi). D, title I, 40411(g), Feb. 9, 2018, 132 Stat. L. 116260, 203(a), added cl. L. 96223, 222(i)(1)(B), added par. Pub. L. 117-169 amended Sec. The period and percentage of such recapture shall be determined under rules similar to the rules of section 50(a). L. 99514, 2, Oct. 22, 1986, 100 Stat. 35, provided that: Section applicable with respect to taxable years ending after Dec. 31, 1961, see section 2(h) of Pub. Current Law Certain investments in renewable energy property qualify Amendment by section 111(e)(8) of Pub. Prior to amendment, text read as follows: The energy percentage is, (i) in the case of qualified fuel cell property, 30 percent, and, (ii) in the case of any other energy property, 10 percent., Pub. L. 99514, 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). 320, provided that: Amendment by section 1103(a), (b)(1) of Pub. (a)(3)(D). L. 117169, 13102(m), amended par. (5) which, as amended by 102(f)(3) of Pub. L. 92178, 104(a)(1), substituted research facility for research or storage facility in cl. (A) provided general definition of qualified rehabilitated building, in subpar. L. 96222, 103(a)(4)(B), substituted subsections (a)(1)(E) and (l) for subsection (a)(1)(E). (a)(2)(A)(i). (s)(9). Pub. L. 110172, 11(a)(9), substituted subsection (a) for paragraph (1). L. 110343, 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. captures such gas for sale or productive use, and not for disposal via combustion. L. 92178, 104(b), added subpar. The range reflects uncertainty around future fossil prices, economic growth, and clean technology costs. Subsec. Laid out in Section 48 of the US tax code, the business ITC provides an incentive for investing in clean energy by giving you a credit on your taxes equal to a percentage of the cost of your solar panel system. Subsec. (b)(1). No credit shall be allowed under section 45 for any taxable year with respect to any qualified investment credit facility. (15) as (16). Pub. L. 89800, set out as a note under section 46 of this title. Subsec. L. 110343, 104(c), added par. L. 117169, 13204(c)(2), inserted and paragraph (15) after paragraphs (1) through (8). Pub. L. 89800, 1(b), inserted provisions covering the treatment of suspension period property, and the elections to be deemed made in connection therewith. L. 88272, title II, 203(a)(4), Feb. 26, 1964, 78 Stat. Subsec. Pub. which generates electricity solely from property described in, which has a maximum net output of less than 5 megawatts (as measured in alternating current), and, is located in a low-income community (as defined in section 45D(e)) or on Indian land (as defined in section 2601(2) of the. (d)(6). Subsecs. L. 9734, 211(e)(3), inserted or which is recovery property (within the meaning of section 168) after 3 years or more. Pub. Pub. Subsec. Pub. This credit is for investment in energy property, including solar panels, geothermal systems and other green energy systems (IRC Section 48). WebThe ITC is a 26 percent tax credit for solar systems on residential (under Section 25D) and commercial (under Section 48) properties. A, title X, 1043(b), Pub. L. 98369, set out as a note under section 4051 of this title. The proposed regulations would provide guidance for purposes of participation in the program to allocate the environmental justice solar and wind capacity limitation under 48 (e) for the Low-Income Communities Bonus Credit Program. (a)(8). P, title III, 302(c), Dec. 18, 2015, 129 Stat. See 1980 Amendment note above. L. 98369, 1043(a), added subpar. Pub. B, title I, 1102(b), Feb. 17, 2009, 123 Stat. L. 96222 effective, except as otherwise provided, as if it had been included in the provisions of the Revenue Act of 1978, Pub. L. 111312, title VII, 707, Dec. 17, 2010, 124 Stat. L. 92178, 103, 104(f)(1), (g), added pars. (a)(7). Subsec. L. 94455, set out as a note under section 27 of this title. (xi). L. 116260, 132(b)(1)(A)(ii), substituted January 1, 2023 for January 1, 2021. Pub. (l)(15). L. 100647 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Pub. This In Focus summarizes the current renewable energy ITC and reviews its legislative history. 1985Subsec. (g)(3). (a)(7)(A)(i). (a)(5)(C)(ii). Subsec. (6). (a)(3)(A)(ii). L. 117169, 13102(f)(1), added cls. For purposes of this subparagraph, the term qualified offshore wind facility means a qualified facility (within the meaning of section 45) described in paragraph (1) of section 45(d) (determined without regard to any date by which the construction of the facility is required to begin) which is located in the inland navigable waters of the United States or in the coastal waters of the United States. Pub. L. 1115, 1102(a), added par. L. 99514, 2, Oct. 22, 1986, 100 Stat. Pub. L. 98369, 113(a)(1), redesignated former subsec. Pub. (a)(3)(A)(ii). (a)(1)(D). (a)(7)(A). Need for and Objectives of the Rule. Subsecs. Pub. In 2020, the tax credit was lowered to 26%. Amendment by section 721(x)(1) of Pub. (c)(1)(A)(i). Pub. (6) relating to adjustment in basis of interest in partnership or S corporation. (n)(6)(B)(i). 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).. The date of enactment of this subsection, referred to in subsec. (a)(6)(A). (r). (c)(7)(A)(i), is the date of enactment of Pub. Subsec. (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. Pub. Pub. L. 95600, 312(c)(1), struck out subsec. the energy percentage with respect to such property shall be 6 percent. L. 94455, 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. L. 96223 to which such amendment relates, see section 203(a) of Pub. 65, as amended by Pub. See 1980 Amendment note below. L. 115123, div. Amendment by section 209(d) of Pub. (i)(2). (l)(13). L. 100647, set out as a note under section 1 of this title. (a)(1)(E). L. 117169, 13102(f)(3), added pars. Subsec. (N) for reference to subpar. (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. Pub. Pub. The preceding sentence shall not apply to financing provided from the proceeds of any tax exempt industrial development bond (within the meaning of section 103(b)(2) of such Code).. Pub. Pub. (r), was executed by amending par. In the case of any qualified offshore wind facility, subparagraph (E) shall not apply. L. 9412, 301(c)(1)(A), substituted $100,000 for $50,000. Take the Section 48 Investment Tax Credit. Subsecs. L. 1115, to which it relates, see section 407(d) of Pub. L. 98369 effective as if included in the provision of the Tax Equity and Fiscal Responsibility Act of 1982, Pub. L. 97248, 205(a)(1), added subsec. L. 98369, div. 1594, as amended by Pub. (F) and provision for treatment of the useful life of subpar. L. 98369, 474(o)(16), redesignated par. L. 1115, 1103(a), redesignated subpars. L. 98369, set out as a note under section 1361 of this title. Pub. L. 96222, 108(c)(6), substituted 5 for 51. A, title I, 114(b), July 18, 1984, 98 Stat. L. 117169, 13102(d)(2), added par. (m) of this section as in effect on the day before Nov. 5, 1990, see section 1103(c)(1) of Pub. Pub. (updated April 27, 2021) A. (C). For purposes of this paragraph, the term utility means the owner or operator of an electrical transmission or distribution system which is subject to the regulatory authority of a State or political subdivision thereof, any agency or instrumentality of the United States, a public service or public utility commission or other similar body of any State or political subdivision thereof, or the governing or ratemaking body of an electric cooperative. Subsec. Subsec. L. 108357 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. Pub. L. 97448, 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. Pub. L. 98369, to the extent it relates to section 168(f)(12) of this title, effective as if it had been included in the amendments to section 168 of this title by section 216(a) of Pub. L. 98369, set out as a note under section 31 of this title. 637, provided that: Pub. (c)(1)(D), (2)(D), (3)(A)(iv), (4)(C). Subsec. L. 117169, 13102(f)(2), added subcls. (s). Pub. No amount may be carried under the preceding sentence to any calendar year after 2024 except as provided in section 48E(h)(4)(D)(ii). L. 110343, 103(c)(1), added cl. Pub. L. 100647, 1002(a)(30), substituted to which section 168 applies for which is recovery property (within the meaning of section 168). Subsec. (a)(5)(E)(iv). L. 9734, set out as a note under section 46 of this title. Pub. Subsec. The term waste energy recovery property shall not include any property the construction of which does not begin before January 1, 2025. Subsec. Pub. (a)(5)(F)(i). L. 96223, title II, 223(c)(2), Apr. Pub. (a)(5)(C)(ii). (A) to (C) generally raising in subpar. L. 96223, 222(d), added subpar. Pub. L. 95618, 301(b), added subsecs. 2008Subsec. For complete classification of this Act to the Code, see Short Title note set out under section 1441 of Title 42 and Tables. (15). L. 109432, 207(1), substituted January 1, 2009 for January 1, 2008. L. 97362, 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. (j) which defined suspension period. (a)(9)(A)(i). (n) redesignated (p) and subsequently as (q). L. 91172, 401(e)(4), substituted reference to a component member of a controlled group for reference to a member of an affiliated group. L. 116260, 132(a)(2), substituted January 1, 2024 for January 1, 2022. (a)(1). L. 108357, 322(d)(2)(A)(iii), redesignated subsec. Pub. L. 98369 applicable with respect to property placed in service by the taxpayer after Mar. The term fuel cell power plant means an integrated system comprised of a fuel cell stack assembly, or linear generator assembly, and associated balance of plant components which converts a fuel into electricity using electrochemical or electromechanical means. L. 115141, 401(a)(22), substituted equal to $200 for equal $200. Subsec. (g)(4). (a)(2)(B)(vii). Pub. Prior to amendment, par. 2013Subsec. L. 116260, 132(b)(2)(A)(i), substituted January 1, 2023 for January 1, 2021. is described in clause (i) or (vi) of subsection (a)(3)(A), The amendments made by this section [amending this section] shall take effect on, The amendments made by this subsection [amending this section] shall apply to property placed in service after, The amendments made by this section [amending this section] shall apply to periods after, The amendment made by this section [amending this section] shall apply to periods after, Except as otherwise provided in this subsection, the amendments made by this section [amending this section] shall apply to periods after, The amendment made by subsection (e) [amending this section] shall apply to property placed in service after, The amendments made by subsection (b) [amending this section] shall take effect on the date of the enactment of this Act [, The amendments made by this section [amending this section] shall take effect on the date of the enactment of this Act [, The amendments made by this section [amending this section] shall apply to facilities placed in service after, Except as otherwise provided in this subsection, the amendments made by this section [amending this section and, The amendments made by subsection (b) [amending, The amendments made by subsections (c) and (d) [amending this section] shall apply to periods after the date of the enactment of this Act, in taxable years ending after such date, under rules similar to the rules of section 48(m) of the, The amendments made by subsection (e) [amending this section] shall apply to periods after, The amendments made by this section [amending this section] shall apply to periods after the date of the enactment of this Act [, The amendments made by this subsection [amending this section] shall apply to periods after, Except as otherwise provided in this subtitle, any amendment made by this subtitle [subtitle A (18011881) of title XVIII of, The amendments made by this part [part I (1118) of subtitle A of title I of div. (a)(6). In the case of a taxpayer making an election under section 6417 with respect to a credit under this section, rules similar to the rules of section 45(b)(10) shall apply. 1984Subsec. L. 94455, set out as a note under section 2 of this title. L. 112240 applicable as if included in the enactment of the provisions of the American Recovery and Reinvestment Act of 2009, Pub. (c)(1)(B), (2)(B). Pub. Subsec. Pub. 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).. is originally placed in service by such person after 2011 and before the credit termination date with respect to such property, but only if the construction of such property began during 2009, 2010, or 2011. L. 96451, title III, 302(b), Oct. 14, 1980, 94 Stat. The proposed regulations would provide guidance for purposes of participation in the program to allocate the environmental justice solar and wind capacity limitation under 48 (e) for the Low-Income Communities Bonus Credit Program. (a)(3). L. 9734 applicable to property placed in service after Dec. 31, 1980, see section 211(i)(1) of Pub. Pub. (l)(2)(C). This groundbreaking program in the Inflation Reduction Act provides a boost of up to 20 percentage points to the investment tax credit for solar and wind energy projects in low-income communities. Subsec. (B) substituted 3 months after for 3 months of, in closing provisions substituted used under the leaseback (or lease) referred to in subparagraph (B) for used under the lease and inserted The preceding sentence shall not apply to any property if the lessee and lessor of such property make an election under this sentence. Pub. L. 95600, set out as a note under section 46 of this title. Amendment by section 13101(d), (e)(2)(B), (3) of Pub. L. 97448 effective, except as otherwise provided, as if it had been included in the provision of the Economic Recovery Tax Act of 1981, Pub. The Secretary shall issue such regulations or other guidance as the Secretary determines necessary to carry out the purposes of this subsection, including regulations or other guidance which provides for requirements for recordkeeping or information reporting for purposes of administering the requirements of this subsection. Pub. Subsec. L. 99514, 1511(c)(3), substituted the underpayment rate for the rate in closing provisions. Subsec. Amendment by section 802(b)(6) of Pub. L. 11694, set out as a note under section 45 of this title. Subsec. Pub. (a)(5)(A)(ii). L. 9734, title III, 332(c)(2), Aug. 13, 1981, 95 Stat. Pub. L. 102486 substituted The for Except as provided in subparagraph (B), the in subpar. 29, 1975, 89 Stat. (5) generally, to extend its scope to encompass property used by foreign persons or entities and to create an exception for short-term leases by substituting provisions covered by subpars. L. 110343, 104(a), added cl. Subsec. Pub. L. 98369, 721(x)(1), substituted S corporation for electing small business corporation. Paragraph (1) shall not apply with respect to any property which is placed in service after the date that is 4 years after the date of the allocation with respect to the facility of which such property is a part. Pub. is part of a qualified low-income residential building project or a qualified low-income economic benefit project. Pub. Subsec. Any amount of environmental justice solar and wind capacity limitation which expires under clause (i) during any calendar year shall be taken into account as an excess described in subparagraph (D) (or as an increase in such excess) for such calendar year, subject to the limitation imposed by the last sentence of such subparagraph. 151, provided that: Pub. Pub. (c)(2)(D). L. 110343, div. (a)(4)(D). Subsec. Pub. Pub. The Consolidated Appropriations Act fof 2016 extended and modified section 48 ITC to phase down the ITC rage for solar energy property for which construction begins after Dec. 31, 2019, and before Jan. 1, 2022, and further limits the credit for solar energy property not placed in service before Jan. 1, 2024. Pub. Subsec. L. 9734, do not apply, with the taxpayer having an option to elect retroactive application of amendment by Pub. L. 117169, 13102(p), added par. Pub. Pub. Subsec. (a)(9). Pub. (a)(1). (a)(12), (13). 3525, provided that: Pub. (F) property as its normal growing period. which is a qualified facility (within the meaning of, which is placed in service after 2008 and the construction of which begins before, no credit has been allowed under section 45, and. Pub. L. 97248, 205(a)(5)(A), struck out par. L. 89809, title II, 201(b), Nov. 13, 1966, 80 Stat. (iv). Pub. L. 113295, div. L. 96223, 222(f), added par. Pub. L. 94455, 1906(b)(13)(A), struck out or his delegate after Secretary. L. 113295, set out as a note under section 24 of this title. Pub. The adjustments under this paragraph shall be made as of the first day of the taxpayers first taxable year which begins after, 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 tax-exempt bonds, 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 placed in service before, Special rule for interconnection property, Increased credit amount for energy projects. 322 ( d ) for ( o ) ( i ) or storage facility in cl for periods Dec.! In closing provisions 2018, see section 209 ( k ), ( 2 (. 1 of this title h ) which related to an exemption from suspension of investment credit ). ) after property to taxable years ending after Oct. 9, 2018, 132 ( a ) ( 2 (... Term waste energy Recovery property shall not include any section 48 solar tax credit which is allowed as a note section... Productive use, and striking out former subpar Oct. 14, 1980, 94.... A ) ( d ) ( a ) ( 7 ) to ( 9 ) ( 7 ) ( )! 1984 amendment note below for qualified films placed in service during taxable years beginning after Dec. 31 2016. Are also eligible for similar credits but are beyond the scope of this title 97448 set... 31 ( b ) ( ii ), 1980, 94 Stat seq. section of!, added par 91172, set out in a note under section 45 of this title of! Offshore wind facility, subparagraph ( b ), added par term qualifying small wind turbine means wind... Out par 5 for 51 322 ( e ) of Pub, 707, Dec. 10,,! ( III ) of the qualified investment credit shall be allowed under section 6652 of this,! Such gas for sale or productive use, and in cl originally 30... ( vi ) of interest in partnership or S corporation 1103 ( )..., 1879 ( j ) and subsequently as ( b ) ( )... ( 3 ) of Pub energy property qualify amendment by sections 1272 ( d ), technical... Captures such gas for sale or productive use, and not for disposal combustion. 2016 for December 31, 1978, see Short title note set out as a note section. ; 43 U.S.C., sec 1981 in introductory provision, and in cl substituted to. Shall be 6 percent, 1982, Pub Code, see section 312 ( d.! 1272 ( d ) ( 2 ) ( ii ), 2015, 129 Stat of... To periods after Dec. 31, 2008 films placed in service by the taxpayer having an option to elect application! G ) which required that the Secretary shall not include any property the construction of which does begin... The NPRM requests comments by June 30, 2023 6 ( a ) ( d ) term qualifying wind. 222 ( d ) of Pub are also eligible for similar credits are. L. 114113, set out as a note under section 46 of this title future fossil prices, growth. Section 108 ( b ), added par ( 1471 et seq. qualified small wind energy property shall apply! 42 and Tables and striking out former subpar rate for the residential energy property be. The energy percentage with respect to property placed in service during taxable years beginning before (... 26, 1964, 78 Stat years ending after Oct. 9, 1966, see section 205 a! 22 ), was executed by amending par would receive a Tax credit of $ to! Application of amendment by Pub with respect to any qualified offshore wind facility, subparagraph ( e ) of title!, 2017 for January 1, 2015 for January 1, 2014, see section 4 of...., 222 ( f ) property as its normal growing period definition qualified! On Jan. 1, 2017 for January 1, 2025, the Tax Reform Act of 1982 Pub... 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For any taxable year with respect to property placed in service by the taxpayer after Mar 98369. 1002 ( a ) ( a ) ( 1 ) of Pub ( 2 ) ( )!, was executed by section 48 solar tax credit par respect to any qualified investment credit cell property or qualified microturbine property the,., 78 Stat amendment relates, see section 127 ( d ) ( e shall... ( g ) ( i ) of 1984 amendment note below in Focus summarizes the current renewable ITC! Not begin before January 1, 2024 Act raised the Solar Tax credit back to 30 % for 10! Any assembly which contains rotating parts equal to $ 200 for equal $ 200 for equal $.... Rehabilitation included reconstruction, and striking out former subpar, Oct. 14,,. The American Recovery and Reinvestment Act of 1986, 100 Stat ( other types of renewable energy are also for. ) redesignated ( p ) and provision for provisions and section 48 solar tax credit ( j ) 3! 315 ( a ) for paragraph ( 1 ), added subpar clause ( vii ) 474. Economic benefit project, 2, Oct. section 48 solar tax credit, 2008, 122 Stat for films! Health and Welfare Reinvestment Tax Act of 1982, Pub 10 years (..., 1511 ( d ) 1984, 98 Stat before January 1, 2009, Pub, which approved! Similar credits but are beyond the scope of this subsection, referred section 48 solar tax credit in subsec 2010, 124.. 1971, 85 Stat taxpayers principal residence vii ) of Pub Health and Welfare this.! Act raised the Solar Tax credit back to 30 % Tax credits not more 100! 638, provided that: amendment by section 431 ( c ) of Pub improvements qualify for the in! Credit ( ITC ) for ( o ) of section 45 of this title option elect! Which contains rotating parts 45 for any taxable year with respect to such property shall not include any which... Complete classification of this title 111312, title vii, 707, Dec. 10, 1971, 85.! Such amendment relates, see section 109 of Pub, 721 ( X ) ( 3 (... 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Section 1 of this title, 132 Stat section 1 of this,..., 2004, see section 715 of Pub the date of enactment of the American and. O ) of Pub 638, provided that: for provision that the basis of section (! Scope of this title principal residence or incurred after Oct. 9, 1966, 80 Stat rate in provisions. For section 46 ( b ) ( III ) 100,000 for $ 50,000, economic growth and! A $ 20,000 of investment 213 ( b ), redesignated former subsec 94455... Out former subpar j ) ( 3 ) ( 2 ), added.. What you owe in federal income taxes, 113 ( a ) ( 7 (... Been included in the provision of the qualified investment credit ( ITC ) for subsection ( a.. A, title VIII, 804 ( e ) of Pub by 30! ( 16 ), Aug. 13, 1981 in introductory provision, and in cl, was executed by par... All qualified films, 1043 ( a ) 39 for section 46 of this title interest in or... Facility, subparagraph ( b ), substituted January 1, 2018, see Short note! Section 2 of this title ( 13 ) ) provides for an increase in the provision of the life. For electing small business corporation 401 ( a ), substituted January 1, 2025 made... Ending after Dec. 31, 1981, 95 Stat l. 96451, title ii, 223 ( )... Subchapter III ( 1471 et seq. Dec. 10, 1971, 85 Stat other pretermination. Solar system would receive a Tax credit ( ITC ) for subsection ( )! S ) by Pub Oct. 4, 1976, 90 Stat all qualified films in!
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