26 U.S.C. § 48C
For purposes of section 46, the qualifying advanced energy project credit for any taxable year is an amount equal to 30 percent of the qualified investment for such taxable year with respect to any qualifying advanced energy project of the taxpayer.
For purposes of subsection (a), the qualified investment for any taxable year is the basis of eligible property placed in service by the taxpayer during such taxable year which is part of a qualifying advanced energy project.
Rules similar to the rules of subsections (c)(4) and (d) of section 46 (as in effect on the day before the enactment of the Revenue Reconciliation Act of 1990) shall apply for purposes of this section.
The amount which is treated as the qualified investment for all taxable years with respect to any qualifying advanced energy project shall not exceed the amount designated by the Secretary as eligible for the credit under this section.
The term "qualifying advanced energy project" means a project, any portion of the qualified investment of which is certified by the Secretary under subsection (e) as eligible for a credit under this section-
Such term shall not include any portion of a project for the production of any property which is used in the refining or blending of any transportation fuel (other than renewable fuels).
The term "eligible property" means any property-
Not later than 180 days after the date of enactment of this section, the Secretary, in consultation with the Secretary of Energy, shall establish a qualifying advanced energy project program to consider and award certifications for qualified investments eligible for credits under this section to qualifying advanced energy project sponsors.
The total amount of credits that may be allocated under the program shall not exceed $2,300,000,000.
Each applicant for certification under this paragraph shall submit an application containing such information as the Secretary may require during the 2-year period beginning on the date the Secretary establishes the program under paragraph (1).
Each applicant for certification shall have 1 year from the date of acceptance by the Secretary of the application during which to provide to the Secretary evidence that the requirements of the certification have been met.
An applicant which receives a certification shall have 3 years from the date of issuance of the certification in order to place the project in service and if such project is not placed in service by that time period, then the certification shall no longer be valid.
In determining which qualifying advanced energy projects to certify under this section, the Secretary-
Not later than 4 years after the date of enactment of this section, the Secretary shall review the credits allocated under this section as of such date.
The Secretary may reallocate credits awarded under this section if the Secretary determines that-
If the Secretary determines that credits under this section are available for reallocation pursuant to the requirements set forth in paragraph (2), the Secretary is authorized to conduct an additional program for applications for certification.
The Secretary shall, upon making a certification under this subsection, publicly disclose the identity of the applicant and the amount of the credit with respect to such applicant.
Not later than 180 days after the date of enactment of this subsection, the Secretary shall establish a program to consider and award certifications for qualified investments eligible for credits under this section to qualifying advanced energy project sponsors.
The total amount of credits which may be allocated under the program established under paragraph (1) shall not exceed $10,000,000,000, of which not greater than $6,000,000,000 may be allocated to qualified investments which are not located within a census tract which-
Each applicant for certification under this subsection shall submit an application at such time and containing such information as the Secretary may require.
Each applicant for certification shall have 2 years from the date of acceptance by the Secretary of the application during which to provide to the Secretary evidence that the requirements of the certification have been met.
An applicant which receives a certification shall have 2 years from the date of issuance of the certification in order to place the project in service and to notify the Secretary that such project has been so placed in service, and if such project is not placed in service by that time period, then the certification shall no longer be valid. If any certification is revoked under this subparagraph, the amount of the limitation under paragraph (2) shall be increased by the amount of the credit with respect to such revoked certification.
In the case of an applicant which receives a certification, if the Secretary determines that the project has been placed in service at a location which is materially different than the location specified in the application for such project, the certification shall no longer be valid.
For purposes of allocations under this subsection, the amount of the credit determined under subsection (a) shall be determined by substituting "6 percent" for "30 percent".
In the case of any project which satisfies the requirements of paragraphs (5)(A) and (6), subparagraph (A) shall not apply.
The requirements described in this subparagraph with respect to a project are that the taxpayer shall ensure that any laborers and mechanics employed by the taxpayer or any contractor or subcontractor in the re-equipping, expansion, or establishment of a manufacturing facility 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 chapter 31 of title 40, United States Code.
Rules similar to the rules of section 45(b)(7)(B) shall apply.
Rules similar to the rules of section 45(b)(8) shall apply.
The Secretary shall, upon making a certification under this subsection, publicly disclose the identity of the applicant and the amount of the credit with respect to such applicant.
A credit shall not be allowed under this section for any qualified investment for which a credit is allowed under section 48, 48A, 48B, 48E, 45Q, or 45V.
1 So in original. Probably should be followed by a closing parenthesis.
26 U.S.C. § 48C
EDITORIAL NOTES
REFERENCES IN TEXTSubsections (c)(4) and (d) of section 46 (as in effect on the day before the enactment of the Revenue Reconciliation Act of 1990), referred to in subsec. (b)(2), means section 46(c)(4) and (d) as in effect before enactment of Pub. L. 101-508, which amended section 46 generally.The date of enactment of this section, referred to in subsec. (d)(1)(A), (4)(A), is the date of enactment of Pub. L. 111-5, which was approved Feb. 17, 2009. The date of enactment of this subsection, referred to in subsec. (e)(1), (2)(B), is the date of enactment of Pub. L. 117-169, which was approved Aug. 16, 2022.
AMENDMENTS2022-Subsec. (c)(1)(A). Pub. L. 117-169, §13501(b)(1), inserted ", any portion of the qualified investment of which is certified by the Secretary under subsection (e) as eligible for a credit under this section" after "means a project" in introductory provisions.Subsec. (c)(1)(A)(i). Pub. L. 117-169, §13501(b)(2)(A), substituted "an industrial or manufacturing facility for the production or recycling of" for "a manufacturing facility for the production of" in introductory provisions.Subsec. (c)(1)(A)(i)(I). Pub. L. 117-169, §13501(b)(2)(B), inserted "water," after "sun,".Subsec. (c)(1)(A)(i)(II). Pub. L. 117-169, §13501(b)(2)(C), substituted "energy storage systems and components" for "an energy storage system for use with electric or hybrid-electric motor vehicles".Subsec. (c)(1)(A)(i)(III). Pub. L. 117-169, §13501(b)(2)(D), substituted "grid modernization equipment or components" for "grids to support the transmission of intermittent sources of renewable energy, including storage of such energy".Subsec. (c)(1)(A)(i)(IV). Pub. L. 117-169, §13501(b)(2)(E), substituted ", remove, use, or sequester carbon oxide emissions" for "and sequester carbon dioxide emissions".Subsec. (c)(1)(A)(i)(V). Pub. L. 117-169, §13501(b)(2)(F), added subcl. (V) and struck out former subcl. (V) which read as follows: "property designed to refine or blend renewable fuels or to produce energy conservation technologies (including energy-conserving lighting technologies and smart grid technologies),".Subsec. (c)(1)(A)(i)(VI) to (IX). Pub. L. 117-169, §13501(b)(2)(G) -(J), added subcls. (VI) to (VIII), redesignated former subcl. (VII) as (IX), struck out "and" at end of subcl. (IX), and struck out former subcl. (VI) which read as follows: "new qualified plug-in electric drive motor vehicles (as defined by section 30D) or components which are designed specifically for use with such vehicles, including electric motors, generators, and power control units, or".Subsec. (c)(1)(A)(ii), (iii). Pub. L. 117-169, §13501(b)(3), added cls. (ii) and (iii) and struck out former cl. (ii) which read as follows: "any portion of the qualified investment of which is certified by the Secretary under subsection (d) as eligible for a credit under this section."Subsec. (c)(2)(A). Pub. L. 117-169, §13501(c), amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: "which is necessary for the production of property described in paragraph (1)(A)(i),". Subsec. (e). Pub. L. 117-169, §13501(a), added subsec. (e). Former subsec. (e) redesignated (f).Subsec. (f). Pub. L. 117-169, §13501(a), (d), redesignated subsec. (e) as (f) and substituted "48B, 48E, 45Q, or 45V" for "or 48B". 2014-Subsec. (b)(3). Pub. L. 113-295, §209(g), inserted "as the qualified investment" after "The amount which is treated".Subsec. (c)(1)(A)(i)(VI). Pub. L. 113-295, §221(a)(2)(C), struck out ", qualified plug-in electric vehicles (as defined by section 30(d))," before "or components".
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 2022 AMENDMENT Pub. L. 117-169, §13501(e), Aug. 16, 2022, 136 Stat. 1971, provided that: "The amendments made by this section [amending this section] shall take effect on January 1, 2023."
EFFECTIVE DATE OF 2014 AMENDMENT Amendment by section 209(g) of Pub. L. 113-295 effective as if included in the provisions of the American Recovery and Reinvestment Tax Act of 2009, Pub. L. 111-5, div. B, title I, to which such amendment relates, see section 209(k) of Pub. L. 113-295, set out as a note under section 24 of this title.Amendment by section 221(a)(2)(C) of Pub. L. 113-295 effective Dec. 19, 2014, subject to a savings provision, see section 221(b) of Pub. L. 113-295, set out as a note under section 1 of this title.
EFFECTIVE DATESection applicable to periods after Feb. 17, 2009, under rules similar to the rules of section 48(m) of this title as in effect on the day before Nov. 5, 1990, see section 1302(d) of Pub. L. 111-5, set out as an Effective Date of 2009 Amendment note under section 46 of this title.
- Secretary
- The term "Secretary" means the Secretary of the Treasury or his delegate.
- taxable year
- The term "taxable year" means the calendar year, or the fiscal year ending during such calendar year, upon the basis of which the taxable income is computed under subtitle A. "Taxable year" means, in the case of a return made for a fractional part of a year under the provisions of subtitle A or under regulations prescribed by the Secretary, the period for which such return is made.
- taxpayer
- The term "taxpayer" means any person subject to any internal revenue tax.