Pub. L. 117–169, title I, § 13701(b)(1), (c),
(39) the clean electricity production credit determined under section 45Y(a).
See 2022 Amendment note below.
Pub. L. 117–169, title I, § 13704(b)(3), (c),
(40) the clean fuel production credit determined under section 45Z(a).
See 2022 Amendment note below.
The date of the enactment of this paragraph, referred to in subsec. (c)(4)(B)(iv)(I), is the date of enactment of Pub. L. 108–357, which was approved
The date of the enactment of the Revenue Reconciliation Act of 1990, referred to in subsec. (c)(6)(C), is the date of enactment of Pub. L. 101–508, which was approved
Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
A prior section 38, added Pub. L. 87–834, § 2(a),
Another prior section 38 was renumbered section 37 of this title.
2022—Subsec. (b)(30). Pub. L. 117–169, § 13401(i)(3), substituted “clean” for “qualified plug-in electric drive motor”.
Subsec. (b)(34). Pub. L. 117–169, § 13105(b)(1), added par. (34).
Subsec. (b)(35). Pub. L. 117–169, § 13203(b), added par. (35).
Subsec. (b)(36). Pub. L. 117–169, § 13204(a)(4)(A), added par. (36).
Subsec. (b)(37). Pub. L. 117–169, § 13403(b)(1), added par. (37).
Subsec. (b)(38). Pub. L. 117–169, § 13502(b)(1), added par. (38).
Subsec. (b)(39). Pub. L. 117–169, § 13701(b)(1), added par. (39).
Subsec. (b)(40). Pub. L. 117–169, § 13704(b)(3), added par. (40).
Subsec. (b)(41). Pub. L. 117–328 added par. (41).
Subsec. (c)(6)(E). Pub. L. 117–169, § 10101(d), amended subpar. (E) generally. Prior to amendment, text read as follows: “In the case of a corporation, this subsection shall be applied by treating the corporation as having a tentative minimum tax of zero.”
2019—Subsec. (b)(33). Pub. L. 116–94 added par. (33).
2018—Subsec. (b)(24), (25). Pub. L. 115–141, § 401(d)(2)(B), redesignated pars. (25) and (26) as (24) and (25), respectively, and struck out former par. (24) which read as follows: “the energy efficient appliance credit determined under section 45M(a),”.
Subsec. (b)(26) to (29). Pub. L. 115–141, § 401(d)(2)(B), (6)(B)(i), redesignated pars. (31) to (34) first as (30) to (33), and then as (26) to (29), respectively. Former par. (26) redesignated (25), and former pars. (27) to (29) redesignated (26) to (28), respectively, and then struck out.
Pub. L. 115–141, § 401(d)(2)(B), (6)(B)(i), redesignated pars. (27) to (30) as (26) to (29), respectively, and then struck them out. Prior to amendment, these four pars. set out credits for the Hurricane Katrina housing credit determined under section 1400P(b), the Hurricane Katrina employee retention credit determined under section 1400R(a), the Hurricane Rita employee retention credit determined under section 1400R(b), and the Hurricane Wilma employee retention credit determined under section 1400R(c).
Subsec. (b)(30) to (32). Pub. L. 115–141, § 401(d)(2)(B), (6)(B)(i), redesignated pars. (35) to (37) first as (34) to (36), and then as (30) to (32), respectively. Former par. (30) redesignated (29) and then struck out, and former pars. (31) and (32) first redesignated (30) and (31), then (26) and (27), respectively.
Subsec. (b)(33) to (37). Pub. L. 115–141, § 401(a)(8), (d)(2)(B), (6)(B)(i), inserted comma at end of par. (34) and subsequently redesignated pars. (33) to (37) first as (32) to (36), and then as (28) to (32), respectively.
Subsec. (c)(2)(A)(ii)(II). Pub. L. 115–141, § 401(d)(6)(B)(ii), struck out “, the New York Liberty Zone business employee credit,” after “empowerment zone employment credit”.
Pub. L. 115–141, § 401(b)(5)(B), struck out “the eligible small business credits,” before “and the specified credits”.
Subsec. (c)(3). Pub. L. 115–141, § 401(d)(6)(B)(iii), struck out par. (3) which related to special rules for New York Liberty Zone business employee credit.
Subsec. (c)(4)(A)(ii)(II). Pub. L. 115–141, § 401(b)(5)(C), struck out “the eligible small business credits and” before “the specified credits”.
Subsec. (c)(4)(B)(ii). Pub. L. 115–141, § 401(b)(5)(D), substituted “(as defined in paragraph (5)(A) after application of the rules of paragraph (5)(B))” for “(as defined in paragraph (5)(C), after application of rules similar to the rules of paragraph (5)(D))”.
Subsec. (c)(5). Pub. L. 115–141, § 401(b)(5)(A)(i), substituted “Rules related to eligible small businesses” for “Special rules for eligible small business credits in 2010” in heading.
Subsec. (c)(5)(A). Pub. L. 115–141, § 401(b)(5)(A)(i), (ii), redesignated subpar. (C) as (A) and struck out former subpar. (A) which related to eligible small business credits determined in taxable years beginning in 2010.
Subsec. (c)(5)(B). Pub. L. 115–141, § 401(b)(5)(A)(iii), amended subpar. (B) generally. Prior to amendment, text read as follows: “Credits determined with respect to a partnership or S corporation shall not be treated as eligible small business credits by any partner or shareholder unless such partner or shareholder meets the gross receipts test under subparagraph (C) for the taxable year in which such credits are treated as current year business credits.”
Pub. L. 115–141, § 401(b)(5)(A)(i), (ii), redesignated subpar. (D) as (B) and struck out former subpar. (B) which defined “eligible small business credits”.
Subsec. (c)(5)(C), (D). Pub. L. 115–141, § 401(b)(5)(A)(ii), redesignated subpars. (C) and (D) as (A) and (B), respectively.
2017—Subsec. (b)(35) to (37). Pub. L. 115–97, § 13403(b), struck out “plus” at end of par. (35), substituted “, plus” for period at end of par. (36), and added par. (37).
Subsec. (c)(4)(B)(ix) to (xii). Pub. L. 115–97, § 13403(c), added cl. (ix) and redesignated former cls. (ix) to (xi) as (x) to (xii), respectively.
Subsec. (c)(6)(E). Pub. L. 115–97, § 12001(b)(1), added subpar. (E).
2015—Subsec. (c)(4)(B)(ii) to (iv). Pub. L. 114–113, § 121(b), added cl. (ii) and redesignated former cls. (ii) and (iii) as (iii) and (iv), respectively. Former cl. (iv) redesignated (v).
Subsec. (c)(4)(B)(v) to (x). Pub. L. 114–113, § 186(d)(1), added cl. (v) and redesignated former cls. (v) to (ix) as (vi) to (x), respectively. Former cl. (x) redesignated (xi).
Pub. L. 114–113, § 121(b), redesignated cls. (iv) to (ix) as (v) to (x), respectively.
Subsec. (c)(4)(B)(xi). Pub. L. 114–113, § 186(d)(1), redesignated cl. (x) as (xi).
2014—Subsec. (b)(35) to (37). Pub. L. 113–295, § 221(a)(2)(B), inserted “plus” at end of par. (35), redesignated par. (37) as (36), and struck out former par. (36) which read as follows: “the portion of the qualified plug-in electric vehicle credit to which section 30(c)(1) applies, plus”.
Pub. L. 113–295, § 209(f)(1), struck out “plus” at end of par. (35), added par. (36), and redesignated former par. (36) as (37). Amendment was executed to subsec. (b) as it appeared after amendment by Pub. L. 111–148, § 1421(b), to reflect the probable intent of Congress, despite amendment being effective as if included in the enactment of Pub. L. 111–5. See 2010 Amendment and Effective Date of 2014 Amendment notes below.
Subsec. (c)(2)(A). Pub. L. 113–295, § 220(b), substituted “credit” for “credit credit” in introductory provisions.
Subsec. (d)(3). Pub. L. 113–295, § 221(a)(6), struck out par. (3) which related to ordering of credits no longer listed.
2010—Subsec. (b)(36). Pub. L. 111–148, § 1421(b), added par. (36).
Subsec. (c)(2)(A)(ii)(II). Pub. L. 111–240, § 2013(c)(1), inserted “the eligible small business credits,” after “the New York Liberty Zone business employee credit,”.
Subsec. (c)(3)(A)(ii)(II). Pub. L. 111–240, § 2013(c)(2), inserted “, the eligible small business credits,” after “the New York Liberty Zone business employee credit”.
Subsec. (c)(4)(A)(ii)(II). Pub. L. 111–240, § 2013(c)(3), inserted “the eligible small business credits and” before “the specified credits”.
Subsec. (c)(4)(B)(vi) to (ix). Pub. L. 111–148, § 1421(c), added cl. (vi) and redesignated former cls. (vi) to (viii) as (vii) to (ix), respectively.
Subsec. (c)(5), (6). Pub. L. 111–240, § 2013(a), added par. (5) and redesignated former par. (5) as (6).
2009—Subsec. (b)(35). Pub. L. 111–5 substituted “30D(c)(1)” for “30D(d)(1)”.
2008—Subsec. (b)(32). Pub. L. 110–246, § 15343(b), added par. (32).
Subsec. (b)(33). Pub. L. 110–245 added par. (33).
Subsec. (b)(34). Pub. L. 110–343, § 115(b), added par. (34).
Subsec. (b)(35). Pub. L. 110–343, § 205(c), added par. (35).
Subsec. (c)(4)(B)(ii) to (iv). Pub. L. 110–289, § 3022(b), added cl. (ii) and redesignated former cls. (ii) and (iii) as (iii) and (iv), respectively. Former cl. (iv) redesignated (v).
Subsec. (c)(4)(B)(v). Pub. L. 110–343, § 316(b)(2), added cl. (v). Former cl. (v) redesignated (vi).
Pub. L. 110–343, § 103(b)(1), added cl. (v). Former cl. (v) redesignated (vi).
Pub. L. 110–289, § 3022(c), added cl. (v). Former cl. (v) redesignated (vi).
Pub. L. 110–289, § 3022(b), redesignated cl. (iv) as (v).
Subsec. (c)(4)(B)(vi). Pub. L. 110–343, § 316(b)(1), redesignated cl. (v) as (vi). Former cl. (vi) redesignated (vii).
Pub. L. 110–343, § 103(b)(2), substituted “section 46 to the extent that such credit is attributable to the rehabilitation credit under section 47, but only with respect to” for “section 47 to the extent attributable to”.
Pub. L. 110–343, § 103(b)(1), which directed amendment of subpar. (B) by “redesignating clause (vi) as clause (vi) and (vii), respectively”, was executed by redesignating cls. (v) and (vi) as (vi) and (vii), respectively, to reflect the probable intent of Congress.
Pub. L. 110–289, § 3022(c), redesignated cl. (v) as (vi).
Subsec. (c)(4)(B)(vii). Pub. L. 110–343, § 316(b)(1), redesignated cl. (vi) as (vii). Former cl. (vii) redesignated (viii).
Pub. L. 110–343, § 103(b)(1), which directed amendment of subpar. (B) by “redesignating clause (vi) as clause (vi) and (vii), respectively”, was executed by redesignating cls. (v) and (vi) as (vi) and (vii), respectively, to reflect the probable intent of Congress.
Subsec. (c)(4)(B)(viii). Pub. L. 110–343, § 316(b)(1), redesignated cl. (vii) as (viii).
2007—Subsec. (b)(8), (24). Pub. L. 110–172, § 11(a)(6)(A), struck out “and” at end.
Subsec. (b)(30). Pub. L. 110–172, § 11(a)(6)(C), inserted “plus” at end.
Pub. L. 110–172, § 11(a)(6)(B), struck out “plus” at end.
Subsec. (c)(4)(B)(iii), (iv). Pub. L. 110–28 added cls. (iii) and (iv).
2006—Subsec. (b)(29) to (31). Pub. L. 109–432 struck out “and” at end of par. (29), substituted “, plus” for period at end of par. (30), and added par. (31).
2005—Subsec. (b)(20). Pub. L. 109–59, § 11126(b), added par. (20).
Subsec. (b)(21). Pub. L. 109–58, § 1306(b), as amended by Pub. L. 109–59, § 11151(d)(1), added par. (21).
Subsec. (b)(22). Pub. L. 109–58, § 1322(a)(2), added par. (22).
Subsec. (b)(23). Pub. L. 109–58, § 1332(b), added par. (23).
Subsec. (b)(24). Pub. L. 109–58, § 1342(b)(1), which directed the striking out of “plus” at end, could not be executed because “plus” did not appear at end.
Pub. L. 109–58, § 1334(b), added par. (24).
Subsec. (b)(25). Pub. L. 109–58, § 1341(b)(1), added par. (25).
Subsec. (b)(26). Pub. L. 109–58, § 1342(b)(1), added par. (26).
Subsec. (b)(27). Pub. L. 109–135, § 103(b)(1), added par. (27).
Subsec. (b)(28) to (30). Pub. L. 109–135, § 201(b)(1), added pars. (28) to (30).
Subsec. (c)(2)(A)(ii)(II). Pub. L. 109–135, § 412(f)(1), substituted “, the New York Liberty Zone business employee credit, and the specified credits” for “or the New York Liberty Zone business employee credit or the specified credits”.
Subsec. (c)(3)(A)(ii)(II). Pub. L. 109–135, § 412(f)(2), substituted “and the specified credits” for “or the specified credits”.
Subsec. (c)(4)(B). Pub. L. 109–135, § 412(f)(3), substituted “means” for “includes” in introductory provisions and inserted “and” at end of cl. (i).
2004—Subsec. (b)(16). Pub. L. 108–357, § 245(c)(1), added par. (16).
Subsec. (b)(17). Pub. L. 108–357, § 302(b), added par. (17).
Subsec. (b)(18). Pub. L. 108–357, § 339(b), added par. (18).
Subsec. (b)(19). Pub. L. 108–357, § 341(b), added par. (19).
Subsec. (c)(2)(A)(ii)(II), (3)(A)(ii)(II). Pub. L. 108–357, § 711(b), inserted “or the specified credits” after “employee credit”.
Subsec. (c)(4), (5). Pub. L. 108–357, § 711(a), added par. (4) and redesignated former par. (4) as (5).
2002—Subsec. (b)(15). Pub. L. 107–147, § 411(d)(2), substituted “45F(a)” for “45F”.
Subsec. (c)(2)(A)(ii)(II). Pub. L. 107–147, § 301(b)(2), inserted “or the New York Liberty Zone business employee credit” after “employment credit”.
Subsec. (c)(3), (4). Pub. L. 107–147, § 301(b)(1), added par. (3) and redesignated former par. (3) as (4).
2001—Subsec. (b)(12). Pub. L. 107–16, § 619(b), struck out “plus” at end.
Subsec. (b)(13). Pub. L. 107–16, § 619(b), substituted “, plus” for period at end.
Pub. L. 107–16, § 205(b)(1), struck out “plus” at end.
Subsec. (b)(14). Pub. L. 107–16, § 619(b), added par. (14).
Pub. L. 107–16, § 205(b)(1), substituted “, plus” for period at end.
Subsec. (b)(15). Pub. L. 107–16, § 205(b)(1), added par. (15).
2000—Subsec. (b)(13). Pub. L. 106–554 added par. (13).
1996—Subsec. (b)(2). Pub. L. 104–188, § 1201(e)(1), substituted “work opportunity credit” for “targeted jobs credit”.
Subsec. (b)(12). Pub. L. 104–188, § 1205(a)(2), added par. (12).
Subsec. (c)(2)(C). Pub. L. 104–188, § 1702(e)(4), amended subpar. (C), as in effect on day before date of enactment of the Revenue Reconciliation Act of 1990 (title XI of Pub. L. 101–508, approved
1993—Subsec. (b)(7). Pub. L. 103–66, § 13302(a)(1), struck out “plus” at end.
Subsec. (b)(8). Pub. L. 103–66, § 13322(a), which directed amendment of par. (8) by striking “plus” at end, could not be executed because “plus” did not appear at end.
Pub. L. 103–66, § 13302(a)(1), substituted “, and” for period at end.
Subsec. (b)(9). Pub. L. 103–66, § 13443(b)(1), struck out “plus” at end.
Pub. L. 103–66, § 13322(a), substituted “, plus” for period at end.
Pub. L. 103–66, § 13302(a)(1), added par. (9).
Subsec. (b)(10). Pub. L. 103–66, § 13443(b)(1), substituted “, plus” for period at end.
Pub. L. 103–66, § 13322(a), added par. (10).
Subsec. (b)(11). Pub. L. 103–66, § 13443(b)(1), added par. (11).
Subsec. (c)(2), (3). Pub. L. 103–66, § 13302(c)(1), added par. (2) and redesignated former par. (2) as (3).
1992—Subsec. (b)(6) to (8). Pub. L. 102–486 struck out “plus” at end of par. (6), substituted “; plus” for period at end of par. (7), and added par. (8).
1990—Subsec. (b)(1). Pub. L. 101–508, § 11813(b)(2)(A), substituted “section 46” for “section 46(a)”.
Subsec. (b)(4). Pub. L. 101–508, § 11511(b)(1), struck out “plus” at end.
Subsec. (b)(5). Pub. L. 101–508, § 11611(b)(1), struck out “plus” at end.
Pub. L. 101–508, § 11511(b)(1), substituted “, plus” for period at end.
Subsec. (b)(6). Pub. L. 101–508, § 11611(b)(1), substituted “, plus” for period at end.
Pub. L. 101–508, § 11511(b)(1), added par. (6).
Subsec. (b)(7). Pub. L. 101–508, § 11611(b)(1), added par. (7).
Subsec. (c)(2). Pub. L. 101–508, § 11813(b)(2)(B), redesignated par. (3) as (2) and struck out former par. (2) which permitted an offset of regular investment tax credit against 25 percent of minimum tax.
Subsec. (c)(2)(C). Pub. L. 101–508, § 11813(b)(2)(C), inserted “(as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990)” after “46(e)(1)” and “(as so in effect)” after “46(e)(2)”.
Subsec. (c)(3). Pub. L. 101–508, § 11813(b)(2)(B), redesignated par. (3) as (2).
Subsec. (d). Pub. L. 101–508, § 11813(b)(2)(D)(i), substituted “any provision” for “sections 46(f), 47(a), 196(a), and any other provision” in introductory provisions.
Subsec. (d)(2). Pub. L. 101–508, § 11813(b)(2)(D)(ii), amended par. (2) generally. Prior to amendment, par. (2) read as follows: “The order in which credits attributable to a percentage referred to in section 46(a) are used shall be determined on the basis of the order in which such percentages are listed in section 46(a) as of the close of the taxable year in which the credit is used.”
Subsec. (d)(3)(B). Pub. L. 101–508, § 11813(b)(2)(D)(iii), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: “the employee plan percentage (as defined in section 46(a)(2)(E), as in effect on the day before the date of the enactment of the Tax Reform Act of 1984) shall be treated as referred to after section 46(a)(2).”
1988—Subsec. (c). Pub. L. 100–647, § 1007(g)(2), amended pars. (1) to (3) generally, substituting pars. (1) and (2) for former pars. (1) to (3), redesignating former par. (4) as (3), and substituting “subparagraph (B) of paragraph (1)” for “subparagraphs (A) and (B) of paragraph (1)” in subpars. (A), (B), (C), and (D).
Pub. L. 100–647, § 1007(g)(8), made technical correction to directory language of Pub. L. 99–514, § 701(c)(4), see 1986 Amendment note below.
Subsec. (d). Pub. L. 100–647, § 1002(e)(8)(A), substituted “Ordering rules” for “Special rules for certain regulated companies” in heading and amended text generally. Prior to amendment, text read as follows: “In the case of any taxpayer to which section 46(f) applies, for purposes of sections 46(f), 47(a), and 196(a) and any other provision of this title where it is necessary to ascertain the extent to which the credits determined under section 40(a), 41(a), 42(a), 46(a), or 51(a) are used in a taxable year or as a carryback or carryforward, the order in which such credits are used shall be determined on the basis of the order in which they are listed in subsection (b).”
1986—Subsec. (b)(4). Pub. L. 99–514, § 231(d)(1), added par. (4).
Pub. L. 99–514, § 1171(b)(1), struck out former par. (4) which read as follows: “the employee stock ownership credit determined under section 41(a)”.
Subsec. (b)(5). Pub. L. 99–514, § 252(b)(1), added par. (5).
Subsec. (c). Pub. L. 99–514, § 701(c)(4), as amended by Pub. L. 100–647, § 1007(g)(8), added pars. (1) to (3), redesignated former par. (3) as (4), and struck out former par. (1) “In general” which provided: “The credit allowed under subsection (a) for any taxable year shall not exceed the sum of—
“(A) so much of the taxpayer’s net tax liability for the taxable year as does not exceed $25,000, plus
“(B) 75 percent of so much of the taxpayer’s net tax liability for the taxable year as exceeds $25,000.”
and former par. (2) “Net tax liability”, which provided: “For purposes of paragraph (1), the term ‘net tax liability’ means the tax liability (as defined in section 26(b)), reduced by the sum of the credits allowable under subparts A and B of this part.”
Subsec. (c)(1)(B). Pub. L. 99–514, § 221(a), substituted “75 percent” for “85 percent”.
Subsec. (d). Pub. L. 99–514, § 252(b)(2), inserted “42(a),”.
Pub. L. 99–514, § 1171(b)(2), substituted “and 196(a)” for “196(a), and 404(i)” and struck out “41(a),” after “40(a)”.
Pub. L. 99–514, § 231(d)(3)(B), inserted “41(a),” after “40(a),”.
1984—Subsec. (c)(2). Pub. L. 98–369, § 612(e)(1), substituted “section 26(b)” for “section 25(b)”.
Pub. L. 117–328, div. T, title I, § 112(e),
Amendment by section 10101(d) of Pub. L. 117–169 applicable to taxable years beginning after
Amendment by section 13105(b)(1) of Pub. L. 117–169 applicable to electricity produced and sold after
Amendment by section 13203(b) of Pub. L. 117–169 applicable to fuel sold or used after
Amendment by section 13204(a)(4)(A) of Pub. L. 117–169 applicable to hydrogen produced after
Amendment by section 13401(i)(3) of Pub. L. 117–169 applicable to vehicles placed in service after
Amendment by section 13403(b)(1) of Pub. L. 117–169 applicable to vehicles acquired after
Amendment by section 13502(b)(1) of Pub. L. 117–169 applicable to components produced and sold after
Amendment by section 13701(b)(1) of Pub. L. 117–169 applicable to facilities placed in service after
Amendment by section 13704(b)(3) of Pub. L. 117–169 applicable to transportation fuel produced after
Pub. L. 116–94, div. O, title I, § 105(d),
Amendment by section 12001(b)(1) of Pub. L. 115–97 applicable to taxable years beginning after
Pub. L. 115–97, title I, § 13403(e),
Pub. L. 114–113, div. Q, title I, § 121(d), “(1) The amendments made by subsection (a) [amending sections 41 and 45C of this title] shall apply to shall apply to [sic] amounts paid or incurred after “(2) The amendments made by subsection (b) [amending this section] shall apply to credits determined for taxable years beginning after “(3) The amendments made by subsection (c) [amending sections 41 and 3111 of this title] shall apply to taxable years beginning after
Pub. L. 114–113, div. Q, title I, § 186(e)(3),
Amendment by section 209(f)(1) 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)(B), (6) of Pub. L. 113–295 effective
Pub. L. 111–240, title II, § 2013(d),
Pub. L. 111–148, title I, § 1421(f), title X, § 10105(e)(4), “(1) The amendments made by this section [enacting section 45R of this title and amending this section and sections 196 and 280C of this title] shall apply to amounts paid or incurred in taxable years beginning after “(2) The amendments made by subsection (c) [amending this section] shall apply to credits determined under section 45R of the Internal Revenue Code of 1986 in taxable years beginning after
Amendment by Pub. L. 111–5 applicable to vehicles acquired after
Amendment by section 103(b) of Pub. L. 110–343 applicable to credits determined under section 46 of this title in taxable years beginning after
Pub. L. 110–343, div. B, title I, § 115(d),
Amendment by section 205(c) of Pub. L. 110–343 applicable to taxable years beginning after
Pub. L. 110–343, div. C, title III, § 316(c)(2),
Pub. L. 110–289, div. C, title I, § 3022(d)(2), (3), “(2) The amendments made by subsection (b) [amending this section] shall apply to credits determined under section 42 of the Internal Revenue Code of 1986 to the extent attributable to buildings placed in service after “(3) The amendments made by subsection (c) [amending this section] shall apply to credits determined under section 47 of the Internal Revenue Code of 1986 to the extent attributable to qualified rehabilitation expenditures properly taken into account for periods after
Pub. L. 110–245, title I, § 111(e),
Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective
Pub. L. 110–234, title XV, § 15343(e),
[Pub. L. 110–234 and Pub. L. 110–246 enacted identical provisions. Pub. L. 110–234 was repealed by section 4(a) of Pub. L. 110–246, set out as a note under section 8701 of Title 7, Agriculture.]
Pub. L. 110–28, title VIII, § 8214(b),
Pub. L. 109–432, div. A, title IV, § 405(e),
Pub. L. 109–59, title XI, § 11126(d),
Pub. L. 109–59, title XI, § 11151(d)(2),
Pub. L. 109–59, title XI, § 11151(f)(3),
Pub. L. 109–58, title XIII, § 1306(d),
Amendment by section 1322(a)(2) of Pub. L. 109–58 applicable to credits determined under the Internal Revenue Code of 1986 for taxable years ending after
Pub. L. 109–58, title XIII, § 1332(f),
Pub. L. 109–58, title XIII, § 1334(d),
Amendment by section 1341(b)(1) of Pub. L. 109–58 applicable to property placed in service after
Amendment by section 1342(b)(1) of Pub. L. 109–58 applicable to property placed in service after
Pub. L. 108–357, title II, § 245(e),
Pub. L. 108–357, title III, § 302(d),
Pub. L. 108–357, title III, § 339(f),
Pub. L. 108–357, title III, § 341(e),
Pub. L. 108–357, title VII, § 711(c),
Pub. L. 107–147, title III, § 301(b)(3),
Amendment by section 411(d)(2) of Pub. L. 107–147 effective as if included in the provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001, Pub. L. 107–16, to which such amendment relates, see section 411(x) of Pub. L. 107–147, set out as a note under section 25B of this title.
Pub. L. 107–16, title II, § 205(c),
Pub. L. 107–16, title VI, § 619(d),
Pub. L. 106–554, § 1(a)(7) [title I, § 121(e)],
Pub. L. 104–188, title I, § 1201(g),
Amendment by section 1205(a)(2) of Pub. L. 104–188 applicable to amounts paid or incurred in taxable years ending after
Pub. L. 104–188, title I, § 1702(i),
Pub. L. 103–66, title XIII, § 13303,
Pub. L. 103–66, title XIII, § 13322(f),
Pub. L. 103–66, title XIII, § 13443(d),
Pub. L. 102–486, title XIX, § 1914(e),
Amendment by section 11511(b)(1) of Pub. L. 101–508 applicable to costs paid or incurred in taxable years beginning after
Pub. L. 101–508, title XI, § 11611(e), “(1) Except as provided in paragraph (2), the amendments made by this section [enacting section 44 of this title and amending this section and sections 39 and 190 of this title] shall apply to expenditures paid or incurred after the date of the enactment of this Act [“(2) The amendment made by subsection (c) [amending section 190 of this title] shall apply to taxable years beginning after the date of the enactment of this Act.”
Amendment by section 11813(b)(2) of Pub. L. 101–508 applicable to property placed in service after
Pub. L. 100–647, title I, § 1002(e)(8)(C),
Amendment by section 1007(g)(2), (8) of 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.
Pub. L. 99–514, title II, § 221(b),
Amendment by section 231(d)(1), (3)(B) of Pub. L. 99–514 applicable to taxable years beginning after
Amendment by section 252(b) of Pub. L. 99–514 applicable to buildings placed in service after
Amendment by section 701(c)(4) of Pub. L. 99–514 applicable to taxable years beginning after
Pub. L. 99–514, title XI, § 1171(c), “(1) Except as provided in paragraph (2), the amendments made by this section [amending this section and sections 56, 108, 401, and 404 of this title and repealing sections 41 and 6699 of this title] shall apply to compensation paid or accrued after “(2) The provisions of sections 404(i) and 6699 of the Internal Revenue Code of 1986 shall continue to apply with respect to credits under section 41 of such Code attributable to compensation paid or accrued before
Amendment by Pub. L. 98–369 applicable to interest paid or accrued after
Section applicable to taxable years beginning after
For provisions that amendment made by section 401(d)(6)(B)(i)–(iii) of Pub. L. 115–141 not apply, in the case of certain repeals, to various types of wages, bonds, property, or other items before specific dates, see section 401(d)(6)(C) of Pub. L. 115–141, set out as a note under former section 1400L of this title.
For provisions that nothing in amendment by section 401(b)(5)(A)–(D), (d)(2)(B), (6)(B)(i)–(iii) of Pub. L. 115–141 be construed to affect treatment of certain transactions occurring, property acquired, or items of income, loss, deduction, or credit taken into account prior to
For provisions that nothing in amendment by section 11813(b)(2) of 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
Pub. L. 111–147, title I, § 102, “(a) In the case of any taxable year ending after the date of the enactment of this Act [“(1) $1,000, or“(2) 6.2 percent of the wages (as defined in section 3401(a) [probably means section 3401(a) of the Internal Revenue Code of 1986]) paid by the taxpayer to such retained worker during the 52 consecutive week period referred to in subsection (b)(2).“(b) For purposes of this section, the term ‘retained worker’ means any qualified individual (as defined in [former] section 3111(d)(3) or [former] section 3221(c)(3) of the Internal Revenue Code of 1986)—“(1) who was employed by the taxpayer on any date during the taxable year,“(2) who was so employed by the taxpayer for a period of not less than 52 consecutive weeks, and“(3) whose wages (as defined in section 3401(a) [probably means section 3401(a) of the Internal Revenue Code of 1986]) for such employment during the last 26 weeks of such period equaled at least 80 percent of such wages for the first 26 weeks of such period.“(c) No portion of the unused business credit under section 38 of the Internal Revenue Code of 1986 for any taxable year which is attributable to the increase in the current year business credit under this section may be carried to a taxable year beginning before the date of the enactment of this section [“(d) “(1) “(A) The Secretary of the Treasury shall pay to each possession of the United States with a mirror code tax system amounts equal to the loss to that possession by reason of the application of this section (other than this subsection). Such amounts shall be determined by the Secretary of the Treasury based on information provided by the government of the respective possession.“(B) The Secretary of the Treasury shall pay to each possession of the United States which does not have a mirror code tax system amounts estimated by the Secretary of the Treasury as being equal to the aggregate benefits that would have been provided to residents of such possession by reason of the application of this section (other than this subsection) if a mirror code tax system had been in effect in such possession. The preceding sentence shall not apply with respect to any possession of the United States unless such possession has a plan, which has been approved by the Secretary of the Treasury, under which such possession will promptly distribute such payments to the residents of such possession.“(2) No increase in the credit determined under section 38(b) of the Internal Revenue Code of 1986 against United States income taxes for any taxable year determined under subsection (a) shall be taken into account with respect to any person—“(A) to whom a credit is allowed against taxes imposed by the possession by reason of this section for such taxable year, or“(B) who is eligible for a payment under a plan described in paragraph (1)(B) with respect to such taxable year.“(3) “(A) For purposes of this subsection, the term ‘possession of the United States’ includes the Commonwealth of Puerto Rico and the Commonwealth of the Northern Mariana Islands.“(B) For purposes of this subsection, the term ‘mirror code tax system’ means, with respect to any possession of the United States, the income tax system of such possession if the income tax liability of the residents of such possession under such system is determined by reference to the income tax laws of the United States as if such possession were the United States.“(C) For purposes of section 1324(b)(2) of title 31, United States Code, rules similar to the rules of section 1001(b)(3)(C) of the American Recovery and Reinvestment Tax Act of 2009 [section 1001(b)(3)(C) of Pub. L. 111–5, formerly set out as a note under section 36A of this title] shall apply.”
Pub. L. 103–66, title XIII, § 13311, “(a) For purposes of section 38 of the Internal Revenue Code of 1986, the current year business credit shall include the credit determined under this section.“(b) The credit determined under this section for each taxable year in the credit period with respect to any qualified CDC contribution made by the taxpayer is an amount equal to 5 percent of such contribution.“(c) For purposes of this section, the credit period with respect to any qualified CDC contribution is the period of 10 taxable years beginning with the taxable year during which such contribution was made.“(d) For purposes of this section—“(1) The term ‘qualified CDC contribution’ means any transfer of cash—“(A) which is made to a selected community development corporation during the 5-year period beginning on the date such corporation was selected for purposes of this section,“(B) the amount of which is available for use by such corporation for at least 10 years,“(C) which is to be used by such corporation for qualified low-income assistance within its operational area, and“(D) which is designated by such corporation for purposes of this section.“(2) The aggregate amount of contributions to a selected community development corporation which may be designated by such corporation shall not exceed $2,000,000.“(e) “(1) For purposes of this section, the term ‘selected community development corporation’ means any corporation—“(A) which is described in section 501(c)(3) of such Code and exempt from tax under section 501(a) of such Code,“(B) the principal purposes of which include promoting employment of, and business opportunities for, low-income individuals who are residents of the operational area, and“(C) which is selected by the Secretary of Housing and Urban Development for purposes of this section.“(2) The Secretary of Housing and Urban Development may select 20 corporations for purposes of this section, subject to the availability of eligible corporations. Such selections may be made only before “(3) A corporation may be selected for purposes of this section only if its operational area meets the following criteria:“(A) The area meets the size requirements under section 1392(a)(3).“(B) The unemployment rate (as determined by the appropriate available data) is not less than the national unemployment rate.“(C) The median family income of residents of such area does not exceed 80 percent of the median gross income of residents of the jurisdiction of the local government which includes such area.“(f) For purposes of this section, the term ‘qualified low-income assistance’ means assistance—“(1) which is designed to provide employment of, and business opportunities for, low-income individuals who are residents of the operational area of the community development corporation, and“(2) which is approved by the Secretary of Housing and Urban Development.”
For applicability of amendment by section 701(c)(4) of Pub. L. 99–514 notwithstanding any treaty obligation of the United States in effect on
Pub. L. 99–514, title II, § 212, “(a) If a qualified corporation makes an election under this section for its 1st taxable year beginning after “(b) For purposes of subsection (a), the amount determined under this subsection shall be the lesser of—“(1) 50 percent of the portion of the corporation’s existing carryforwards to which the election under subsection (a) applies, or“(2) the corporation’s net tax liability for the carryback period.“(c) In the case of a qualified corporation which makes an election under subsection (a), the portion of such corporation’s existing carryforwards to which such an election applies shall not be taken into account under section 38 of the Internal Revenue Code of 1986 for any taxable year beginning after “(d) For purposes of this section—“(1) A corporation’s net tax liability for the carryback period is the aggregate of such corporation’s net tax liability for taxable years in the carryback period.“(2) The term ‘net tax liability’ means, with respect to any taxable year, the amount of the tax imposed by chapter 1 of the Internal Revenue Code of 1954 [now 1986] for such taxable year, reduced by the sum of the credits allowable under part IV of subchapter A of such chapter 1 (other than section 34 thereof). For purposes of the preceding sentence, any tax treated as not imposed by chapter 1 of such Code under section 26(b)(2) of such Code shall not be treated as tax imposed by such chapter 1.“(3) The term ‘carryback period’ means the period—“(A) which begins with the corporation’s 15th taxable year preceding the 1st taxable year from which there is an unused credit included in such corporation’s existing carryforwards (but in no event shall such period begin before the corporation’s 1st taxable year ending after “(B) which ends with the corporation’s last taxable year beginning before “(e) Nothing in this section shall be construed to affect—“(1) the amount of the tax imposed by section 56 of the Internal Revenue Code of 1986, or“(2) the amount of any credit allowable under such Code,for any taxable year in the carryback period.“(f) “(1) Any amount determined under this section must be committed to reinvestment in, and modernization of the steel industry through investment in modern plant and equipment, research and development, and other appropriate projects, such as working capital for steel operations and programs for the retraining of steel workers.“(2) In the case of the LTV Corporation, in lieu of the requirements of paragraph (1)—“(A) such corporation shall place such refund in a separate account; and“(B) amounts in such separate account—“(i) shall only be used by the corporation— “(I) to purchase an insurance policy which provides that, in the event the corporation becomes involved in a title 11 or similar case (as defined in section 368(a)(3)(A) of the Internal Revenue Code of 1954 [now 1986]), the insurer will provide life and health insurance coverage during the 1-year period beginning on the date when the corporation receives the refund to any individual with respect to whom the corporation would (but for such involvement) have been obligated to provide such coverage the coverage provided by the insurer will be identical to the coverage which the corporation would (but for such involvement) have been obligated to provide, and provides that the payment of insurance premiums will not be required during such 1-year period to keep such policy in force, or “(II) directly in connection with the trade or business of the corporation in the manufacturer or production of steel; and“(ii) shall be used (or obligated) for purposes described in clause (i) not later than 3 months after the corporation receives the refund.“(3) In the case of a qualified corporation, no offset to any refund under this section may be made by reason of any tax imposed by section 4971 of the Internal Revenue Code of 1986 (or any interest or penalty attributable to any such tax), and the date on which any such refund is to be paid shall be determined without regard to such corporation’s status under title 11, United States Code.“(g) For purposes of this section—“(1) “(A) The term ‘qualified corporation’ means any corporation which is described in section 806(b) of the Steel Import Stabilization Act [19 U.S.C. 2253 note] and a company which was incorporated on “(B) In the case of any qualified corporation which has carryforward attributable to a predecessor corporation described in such section 806(b), the qualified corporation and the predecessor corporation shall be treated as 1 corporation for purposes of subsections (d) and (e).“(2) The term ‘existing carryforward’ means the aggregate of the amounts which—“(A) are unused business credit carryforwards to the taxpayer’s 1st taxable year beginning after “(B) are attributable to the amount of the regular investment credit determined for periods before “(3) In the case of any corporation, any restructuring shall not limit, increase, or otherwise affect the benefits which would have been available under this section but for such restructuring.“(h) Rules similar to the rules of section 6425 of the Internal Revenue Code of 1986 shall apply to any overpayment resulting from the application of this section.”
Pub. L. 99–514, title II, § 213, “(a) If a taxpayer who is a qualified farmer makes an election under this section for its 1st taxable year beginning after “(b) For purposes of subsection (a), the amount determined under this subsection shall be equal to the smallest of—“(1) 50 percent of the portion of the taxpayer’s existing carryforwards to which the election under subsection (a) applies,“(2) the taxpayer’s net tax liability for the carryback period (within the meaning of section 212(d) of this Act [set out as a note above]), or“(3) $750.“(c) In the case of a qualified farmer who makes an election under subsection (a), the portion of such farmer’s existing carryforwards to which such an election applies shall not be taken into account under section 38 of the Internal Revenue Code of 1986 for any taxable year beginning after “(d) Nothing in this section shall be construed to affect—“(1) the amount of the tax imposed by section 56 of the Internal Revenue Code of 1954 [now 1986], or“(2) the amount of any credit allowable under such Code,for any taxable year in the carryback period (within the meaning of section 212(d)(3) of this Act [set out as a note above]).“(e) For purposes of this section—“(1) The term ‘qualified farmer’ means any taxpayer who, during the 3-taxable year period preceding the taxable year for which an election is made under subsection (a), derived 50 percent or more of the taxpayer’s gross income from the trade or business of farming.“(2) The term ‘existing carryforward’ means the aggregate of the amounts which—“(A) are unused business credit carryforwards to the taxpayer’s 1st taxable year beginning after “(B) are attributable to the amount of the investment credit determined for periods before “(3) The term ‘farming’ has the meaning given such term by section 2032A(e)(4) and (5) of such Code.”
For provisions requiring different applications of subsec. (c) of this section to certain public utilities by making substitutions in the percentages of the tentative minimum tax referred to in subsec. (c)(3)(A)(ii), (B), under certain circumstances, see section 701(f)(6) of Pub. L. 99–514, set out as an Effective Date note under section 55 of this title.
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
Pub. L. 99–514, title XI, § 1177, “(a) The amendments made by section 1171 [amending this section and sections 56, 108, 401, and 404 of this title and repealing sections 41 and 6699 of this title] shall not apply in the case of a tax credit employee stock ownership plan if—“(1) such plan was favorably approved on “(2) not later than “(b) The amendments made by section 1175 [amending section 401 of this title] shall not apply to any daily newspaper—“(1) which was first published on “(2) which is published in a constitutional home rule city (within the meaning of section 146(d)(3)(C) of the Internal Revenue Code of 1986) which has a population of less than 2,500,000.”
Pub. L. 100–647, title I, § 1011B(l)(3),
Pub. L. 92–178, title I, § 101(c), “(1) It was the intent of Congress in enacting, in the Revenue Act of 1962 [see Short Title of 1962 Amendment note set out under section 1 of this title], the investment credit allowed by section 38 of the Internal Revenue Code of 1986 [formerly I.R.C. 1954], and it is the intent of the Congress in restoring that credit in this Act [section 50 of this title], to provide an incentive for modernization and growth of private industry. Accordingly, notwithstanding any other provision of law, on and after the date of the enactment of this Act [“(A) no taxpayer shall be required to use, for purposes of financial reports subject to the jurisdiction of any Federal agency or reports made to any Federal agency, any particular method of accounting for the credit allowed by such section 38 [this section], and“(B) a taxpayer shall disclose, in any such report, the method of accounting for such credit used by him for purposes of such report.“(2) Paragraph (1) shall not apply to taxpayers who are subject to the provisions of section 46(e) of the Internal Revenue Code of 1986 (as added by section 105(c) of this Act) or to section 203(e) of the Revenue Act of 1964 (as modified by section 105(e) of this Act) [set out as note below].”
[Pub. L. 98–369, div. A, title IV, § 450(b),
Pub. L. 88–272, title II, § 203(e), “It was the intent of the Congress in providing an investment credit under section 38 of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] and it is the intent of the Congress in repealing the reduction in basis required by section 48(g) of such Code to provide an incentive for modernization and growth of private industry (including that portion thereof which is regulated). Accordingly, Congress does not intend that any agency or instrumentality of the United States having jurisdiction with respect to a taxpayer shall, without the consent of the taxpayer, use—“(1) in the case of public utility property (as defined in section 46(c)(3)(B) of the Internal Revenue Code of 1986, more than a proportionate part (determined with reference to the average useful life of the property with respect to which the credit was allowed) of the credit against tax allowed for any taxable year by section 38 of such Code, or“(2) in the case of any other property, any credit against tax allowed by section 38 of such Code,to reduce such taxpayer’s Federal income taxes for the purpose of establishing the cost of service of the taxpayer or to accomplish a similar result by any other method.”
Section 203(e) of Pub. L. 88–272, not applicable to public utility property to which section 46(e) of this title applies, see section 105(e) of Pub. L. 92–178, set out as a note under section 46 of this title.