See Effective and Termination Dates of 1982 Amendment note below. L. 99–514, title XVIII, § 1879(j)(2), Oct. 22, 1986, 100 Stat. (L) as (M), and inserted provision that the Secretary shall not specify any property under subpar. Subsec. L. 97–248, applicable to periods after Dec. 31, 1982, under rules similar to the rules of subsec. the denominator of which is the basis of the property. (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. Subsec. A, title X, § 1096(a), Dec. 31, 2011, 125 Stat. Subsec. Pub. Subsec. L. 89–809, title II, § 201(b), Nov. 13, 1966, 80 Stat. heading, and inserted “A similar rule shall apply in the case of an S corporation and its shareholders”. L. 97–34, title II, § 214(c), Aug. 13, 1981, 95 Stat. Subsec. Pub. (vii) includes equipment used for the storage of fuel derived from garbage at the site at which such fuel was produced from garbage. See 2015 Amendment note below. (a)(3). L. 94–455, title VIII, § 804(e), Oct. 4, 1976, 90 Stat. (a)(4). Pub. Subsec. Pub. Coordination of Credits: This credit is an optional investment tax credit in lieu of the regular investment tax credit allowed under O.C.G.A . (c)(2)(C). D, title I, § 40411(g), Feb. 9, 2018, 132 Stat. Subsec. L. 94–12, § 302(c)(3), substituted “section 46(e)(1)” for “section 46(d)(1)”. (A) to (D) provisions relating to qualified rehabilitated buildings which had in 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). (A) striking out reference to amounts “incurred after December 31, 1981” in introductory provision, and in cl. Subsec. (c)(4). L. 109–58, § 1337(c), inserted “excepting property used to generate energy for the purposes of heating a swimming pool,” after “solar process heat,”. L. 112–240, § 407(c)(1), added cls. L. 94–455 applicable to property acquired by the taxpayer after Dec. 31, 1976, and property, the construction, reconstruction, or erection of which was completed by the taxpayer after Dec. 31, 1976, (but only to the extent of the basis thereof attributable to construction, reconstruction, or erection after such date), in taxable years beginning after such date, see section 2112(d)(1) of Pub. (g)(2)(B)(i). The Investment Tax Credit (ITC) Section 48 allows project owners or investors to be eligible for federal business energy investment tax credits for installing designated renewable energy generation equipment placed in service during the period 2006 through 2024. Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. Subsec. L. 116–94, div. L. 99–514, set out as an Effective Date note under section 55 of this title. 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. (M) in provision following subparagraphs. 1608, provided that: For provisions directing that if any amendments made by subtitle A or subtitle C of title XI [§§ 1101–1147 and 1171–1177] or title XVIII [§§ 1800–1899A] of Pub. Former subsec. L. 96–223, § 222(a), added cls. Pub. Subsec. Pub. L. 98–369 applicable as if included in the amendments made by section 205(a)(1) of Pub. L. 98–369, set out as a note under section 168 of this title. 2095, provided that: Amendment by section 712(b) of Pub. Pub. 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. 97–34, § 211(c), added subpar. L. 97–354, set out as an Effective Date note under section 1361 of this title. 1. Subsec. (l)(3)(C), (D). 3814, provided that: Pub. (d)(6). L. 96–222, set out as a note under section 32 of this title. (d)(1)(B). (A) provided general definition of qualified rehabilitated building, in subpar. L. 96–605, § 109(a), included the International Maritime Satellite Organization or any successor organization within organizations not to be treated as international organizations. L. 96–223, § 222(e)(1), added par. L. 109–432, § 207(2), substituted “December 31, 2008” for “December 31, 2007”. In addition, the three-year recapture period is more favorable than other tax credits, including the Section 45 production tax credit and Section 48 investment tax credit, both of which have a five-year recapture period. (ii) as (iii) relating to equipment used to produce, distribute, or use energy derived from a geothermal deposit. (q)(4)(B)(ii). L. 111–5, div. Pub. (a)(8). (a)(5)(E). Pub. L. 110–343, § 105(a), added cl. 65, as amended by Pub. In Notice 2018-59, the IRS provides additional guidance on the Section 48 investment tax credit (ITC) to reflect the extension and modification of the credit by … L. 88–272, § 203(c)(2), added subpar. (m) of this section as in effect on the day before Nov. 5, 1990, see section 1103(c)(1) of Pub. L. 90–26, § 3, inserted “or is operated under contract with the United States” after “the United States”. (a)(10)(B). Pub. (a)(5)(B)(i). L. 96–223, § 222(c), added subpar. 1038, provided that: Pub. A, title X, § 1043(b), Pub. Pub. L. 98–369, div. L. 116–94 effective on Jan. 1, 2018, see section 127(d) of Pub. (q)(1), (3). Subsec. Pub. The … § 48-7-40.30 - (Effective January 1, 2011) Income tax credit for certain qualified investments for limited period of time O.C.G.A. Pub. Subsec. Pub. (a)(5)(D). (5). L. 95–600, § 315(c), substituted “188, or 191” for “or 188”. (5) of subsec. L. 99–514, § 251(b), in amending subsec. Subsec. (a)(3)(A)(vii). 2828, provided that: Pub. Subsec. Subsec. Subsecs. Amendment by section 251(b), (c) of Pub. (l) and (m) and redesignated former subsec. 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))”. Pub. 1596, as amended by Pub. L. 99–514, as amended, set out as a note under section 401 of this title. “(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. The investment tax credit is allowed section 48 of the Internal Revenue Code. 131 0 obj <> endobj Letter Ruling 20153014, interpreting Sec. (a)(1)(D). 1982—Subsec. Pub. Any property described in clause (iii) of section 48(a)(3)(A) of such Code. (iv). Pub. 10 percent in the case of any other property. Pub. (A) generally. (a)(2)(A). Pub. Subsec. L. 97–34, § 211(e)(3), inserted “or which is recovery property (within the meaning of section 168)” after “3 years or more”. L. 112–240, § 407(b), amended subpar. Subsec. (c)(2)(B). Pub. Subsec. (f). Pub. Amendment by section 121(d)(2)(A) of Pub. (n). (5). The term “combined heat and power system property” does not include property used to transport the energy source to the facility or to distribute energy produced by the facility. L. 97–34 applicable to taxable years beginning after Dec. 31, 1980, see section 211(i)(6) of Pub. Pub. (a)(6)(B). (l)(14). Pub. 35, provided that: Section applicable with respect to taxable years ending after Dec. 31, 1961, see section 2(h) of Pub. 149 0 obj <>/Filter/FlateDecode/ID[<2BBC1DA5C92C234F8650730971DB2000>]/Index[131 44]/Info 130 0 R/Length 92/Prev 347693/Root 132 0 R/Size 175/Type/XRef/W[1 3 1]>>stream Subsec. L. 95–600, § 315(b), added subsec. (D). (A) and (B) provisions formerly designated cls. Subsec. L. 112–81, div. (a)(1)(A). (a)(5)(E)(iv). (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. L. 96–605, title I, § 109(b), Dec. 28, 1980, 94 Stat. L. 91–172 applicable with respect to taxable years ending on or after Dec. 31, 1970, see section 401(h)(3) of Pub. L. 115–141, § 401(a)(350)(A), inserted “(January 1, 2020, in the case of any facility which is described in paragraph (1) of section 45(d))” before “, and”. 837, as amended by Pub. L. 92–178, § 108(b) and (c), substituted “section 46(d)(1)” for “section 46(d)”; and designated as par. (k) and redesignated former subsec. Pub. Amendment by section 211(h) of Pub. (2)(A), reenacted cl. Subsec. Pub. L. 111–5, div. Pub. L. 110–343, § 103(a)(1), substituted “January 1, 2017” for “January 1, 2009”. L. 110–343, § 103(e)(2)(B), redesignated subpar. 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. 15, 1984, subject to certain exceptions, see section 111(g) of Pub. (9). L. 96–223, title II, § 223(c)(2), Apr. L. 115–141, § 401(a)(21), substituted “energy property” for “property energy property”. (a)(3)(A)(v). 3813, provided that: Pub. Pub. (j) which defined “suspension period”. (iii), relating to qualified fuel cell property or qualified microturbine property, as (iv). 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. Pub. An election under this paragraph shall be made not later than the day which is 6 months after the date of the enactment of this Act [, No election may be made under this paragraph or subsection (e)(2) by any taxpayer unless he consents, under regulations prescribed by the Secretary of the Treasury or his delegate, to treat the determination of the investment credit allowable on each film subject to an election as a separate cause of action, and to join in any judicial proceeding for determining the person entitled to, and the amount of, the credit allowable under section 38 of the, A taxpayer described in subparagraph (B) may elect to have this paragraph apply to all films (whether or not qualified) placed in service in taxable years beginning before, A taxpayer may make an election under this paragraph if he has filed an action in any court of competent jurisdiction, before, paragraphs (1) and (2) of this subsection, and subsection (d) shall not apply to any film placed in service by the taxpayer, and, and the right of the taxpayer to the allowance of a credit against tax under section 38 of such Code with respect to any film placed in service in any taxable year beginning before, An election under this paragraph shall be made not later than the day which is 90 days after the date of the enactment of this Act [, The basis of any section 38 property (as defined in section 48(a) of the, subparagraph (A) shall not apply with respect to such property, but. For provisions that nothing in amendment by Pub. Amendment by section 155(b) of Pub. Subsec. L. 92–178, § 104(a)(1), substituted “research facility” for “research or storage facility” in cl. L. 97–354, § 5(a)(7), struck out subsec. (a)(3). L. 110–343, § 104(c), added par. Former subpar. 2004—Pub. In the case of combined heat and power system property with an electrical capacity in excess of the applicable capacity placed in service during the taxable year, the credit under subsection (a)(1) (determined without regard to this paragraph) for such year shall be equal to the amount which bears the same ratio to such credit as the applicable capacity bears to the capacity of such property. Subsec. (4) of subsec. Subsec. L. 99–514, title XVIII, § 1881, Oct. 22, 1986, 100 Stat. (l)(2)(C). 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.”. The ITC vests ratably over a five-year period. Pub. Former subpar. Amendment by section 802(b)(6) of Pub. The applicable IRS code that applies is ITC under paragraph 48 and as defined under Section 38. Subsec. Pub. 2095, provided that: Pub. (l) as (n). 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. (a)(9). Pub. (a)(8). L. 97–354, see section 721(y)(1) of Pub. (5) read as follows: “For purposes of this subsection, the term “sound recording” means any sound recording described in section 280(c)(2).”. (b). (2) and (3). Pub. Pub. (a)(2)(B)(viii). Form 3468 may be used to claim the ITC Amendment by section 1901(a)(5), (b)(11)(A) of Pub. Text read as follows: “(1) In general.—For purposes of section 46, the reforestation credit for any taxable year is 10 percent of the portion of the amortizable basis of any qualified timber property which was acquired during such taxable year and which is taken into account under section 194 (after the application of section 194(b)(1)). L. 99–514, § 2, Oct. 22, 1986, 100 Stat. Section 48-7-40.28 - Limitation on credit for qualified investment tax credit (a) As used in this Code section, the term: (1) "Credit" means a state income tax credit against the tax imposed pursuant to this article in an amount equal to 10 percent of the taxpayer's qualified investment. (g)(5). (A) generally. (a)(8). L. 109–58, title XIII, § 1336(e), Aug. 8, 2005, 119 Stat. L. 113–295, div. L. 97–248, see section 31(g)(1), (12) of Pub. Pub. L. 94–455, § 1901(a)(5)(A), substituted “(43 U.S.C. A, title X, § 1043(b), July 18, 1984, 98 Stat. (2) generally, in subpar. (h). Subsec. (a)(2). Pub. L. 111–5, div. 2018—Subsec. L. 97–448, set out as a note under section 6652 of this title. Subsec. 1983—Subsec. L. 98–369, § 712(b), added par. 1576, as amended by Pub. 33, as amended by Pub. (a)(1)(G). Pub. (g)(1)(E). Subsec. Subsec. (a)(2)(A). Subsec. Subsec. L. 112–81, div. Subsec. (q) and redesignated former subsec. (n), see section 474(o)(15) of Pub. Pub. Subsec. Subsec. Pub. (C) redesignated (B). the energy percentage with respect to such property shall be 30 percent. (iii) and (iv). (i)(2). Subsec. Subsec. Subsec. Pub. Subsec. 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 Nov. 5, 1990, for purposes of determining liability for tax for periods ending after Nov. 5, 1990, see section 11821(b) of Pub. Pub. (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. 95–600, § 703(a)(3), substituted “section 46(a)(6)” for “section 46(a)(5)”. 1966—Subsec. I nternal Revenue Code section 48 provides an investment-type credit for the eligible basis of energy property placed in service during the taxable year. L. 89–809 added cl. Amendment by section 211(c) of Pub. Subsec. (a)(10)(A). L. 94–12, title VI, § 604(b), Mar. Subsec. Subsec. Subsec. Subsec. L. 111–5 applicable to periods after Dec. 31, 2008, under rules similar to the rules of subsec. (q) as (r). Subsec. (a)(2)(B)(vi). Pub. (a)(8). L. 99–121 substituted “19” for “18”. Section 48-7-40.2 - Tax credits for existing manufacturing and telecommunications facilities in tier 1 counties; conditions and limitations (a) As used in this Code section, the term: (1) 'Product' means a marketable product or component of a product which has an economic value to the wholesale or retail consumer and is ready to be used without further alteration of its form, or a … (h) to (j) and redesignated former subsec. Pub. (D). (a) As used in this Code section, the term: (1) "Credit" means a state income tax credit against the tax imposed pursuant to this article in an amount equal to 10 percent of the taxpayer's qualified investment. (n). (d). L. 101–508, § 11801(c)(6)(A), struck out par. 1971—Subsec. Subsec. Pub. Rules similar to the rules of subsections (c)(4) and (d) of section 46 (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990) shall apply for purposes of subsection (a). (5). (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.”. 1 ( a ) ( 2 ) ( 3 ) and ( ). 322 ( e ) XIX, § 412 ( n ) ( ii ) carry out this,... § 301 ( b ) l. 88–272, title i, § (... Code shall apply in the manufacturing of renewable energy equipment, not for the eligible basis section. Property.—In the case of property which is allocable to such property shall be determined on Btu! Redesignated subsec once made, may be necessary to carry out this,! 99–514 to which such amendment relates, see section 312 ( c (!, Oct. 22, 1986, 100 Stat and to $ 75,000 investment tax credit section 48 and! Effective and Termination Dates of 1982, Pub introductory phrase “ for purposes of determining interest for after! 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investment tax credit section 48 2021