Pub. L. 117–169, title I, § 13702(b)(2), (c),
(1) by striking “and” at the end of clause (v),
(2) by striking the period at the end of clause (vi) and inserting a comma, and
(3) by adding at the end the following new clauses:
(vii) the basis of any qualified property which is part of a qualified facility under section 48E, and
(viii) the basis of any energy storage technology under section 48E.
See 2022 Amendment note below.
The date of the enactment of the Revenue Reconciliation Act of 1990, referred to in subsecs. (a)(1)(F) and (b)(3), is the date of enactment of Pub. L. 101–508, which was approved
A prior section 49, Pub. L. 91–172, title VII, § 703(a),
2022—Subsec. (a)(1)(C)(vi). Pub. L. 117–167 added cl. (vi).
Subsec. (a)(1)(C)(vii), (viii). Pub. L. 117–169 added cls. (vii) and (viii).
2018—Subsec. (a)(1)(C)(vi). Pub. L. 115–141, § 401(d)(3)(B)(i), struck out cl. (vi) which read as follows: “the basis of any property to which paragraph (1) of section 48D(e) applies which is part of a qualifying therapeutic discovery project under such section 48D.”
Subsec. (a)(1)(D)(iii). Pub. L. 115–141, § 401(a)(24), substituted “shareholder” for “share-holder” in concluding provisions.
2010—Subsec. (a)(1)(C)(vi). Pub. L. 111–148 added cl. (vi).
2009—Subsec. (a)(1)(C)(v). Pub. L. 111–5 added cl. (v).
2005—Subsec. (a)(1)(C)(iii), (iv). Pub. L. 109–58 added cls. (iii) and (iv) and struck out former cl. (iii) which read as follows: “the amortizable basis of any qualified timber property.”
1998—Subsec. (b)(4). Pub. L. 105–206 substituted “this chapter” for “subpart A, B, D, or G”.
1990—Pub. L. 101–508, § 11813(a), amended section generally, substituting section catchline for one which read: “Termination of regular percentage” and in text substituting present provisions for provisions relating to the nonapplicability of the regular percentage to any property placed in service after
1988—Subsec. (c)(4)(B). Pub. L. 100–647, § 1002(e)(2), substituted “years” for “year” in heading and amended text generally. Prior to amendment, text read as follows: “The amount of the reduction of the regular investment credit under paragraph (3)—
“(i) may not be carried back to any taxable year, but
“(ii) shall be added to the carryforwards from the taxable year before applying paragraph (2).”
Subsec. (c)(5)(B)(i). Pub. L. 100–647, § 1002(e)(3), amended cl. (i) generally. Prior to amendment, cl. (i) read as follows: “The term ‘regular investment credit’ has the meaning given such term by section 48(o)”.
Subsec. (c)(5)(C). Pub. L. 100–647, § 1002(e)(8)(B), struck out subpar. (C) which related to portion of credits attributable to regular investment credit.
Subsec. (d)(1). Pub. L. 100–647, § 1002(e)(1), amended par. (1) generally. Prior to amendment, par. (1) read as follows: “In the case of periods after
“(A) by substituting ‘100 percent’ for ‘50 percent’ in paragraph (1), and
“(B) without regard to paragraph (4) thereof (relating to election of reduced credit in lieu of basis adjustment).”
Amendment by Pub. L. 117–169 applicable to property placed in service after
Amendment by Pub. L. 117–167 applicable to property placed in service after
Amendment by Pub. L. 111–148 applicable to amounts paid or incurred after
Amendment by Pub. L. 111–5 applicable to periods after
Amendment by Pub. L. 109–58 applicable to periods after
Amendment by Pub. L. 105–206 effective, except as otherwise provided, as if included in the provisions of the Taxpayer Relief Act of 1997, Pub. L. 105–34, to which such amendment relates, see section 6024 of Pub. L. 105–206, set out as a note under section 1 of this title.
Amendment by Pub. L. 101–508 applicable to property placed in service after
Amendment by section 1002(e)(1)–(3) 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.
Amendment by section 1002(e)(8)(B) of Pub. L. 100–647 applicable to taxable years beginning after
Pub. L. 99–514, title II, § 211(e), “(1) Except as provided in this subsection, the amendments made by this section [enacting this section and provisions set out below] shall apply to property placed in service after “(2) For purposes of determining whether any property is transition property within the meaning of section 49(e) of the Internal Revenue Code of 1986—“(A) in the case of any motion picture or television film, construction shall be treated as including production for purposes of section 203(b)(1) of this Act [enacting provisions set out as a note under section 168 of this title], and written contemporary evidence of an agreement (in accordance with industry practice) shall be treated as a written binding contract for such purposes,“(B) in the case of any television film, a license agreement or agreement for production services between a television network and a producer shall be treated as a binding contract for purposes of section 203(b)(1)(A) of this Act, and“(C) a motion picture film shall be treated as described in section 203(b)(1)(A) of this Act if—“(i) funds were raised pursuant to a public offering before “(ii) 40 percent of the funds raised pursuant to such public offering are being spent on films the production of which commenced before such date, and“(iii) all of the films funded by such public offering are required to be distributed pursuant to distribution agreements entered into before “(3) The provisions of subsection (b) [see Normalization Rules note below] shall apply to any violation of the normalization requirements under paragraph (1) or (2) of section 46(f) of the Internal Revenue Code of 1986 occurring in taxable years ending after “(4) “(A) Subsections (c) and (d) of section 49 of the Internal Revenue Code of 1986 shall not apply to any continuous caster facility for slabs and blooms which is subject to a lease and which is part of a project the second phase of which is a continuous slab caster which was placed in service before “(B) For purposes of determining whether an automobile manufacturing facility (including equipment and incidental appurtenances) is transition property within the meaning of section 49(e), property with respect to which the Board of Directors of an automobile manufacturer formally approved the plan for the project on “(C) Any solid waste disposal facility which will process and incinerate solid waste of one or more public or private entities including Dakota County, Minnesota, and with respect to which a bond carryforward from 1985 was elected in an amount equal to $12,500,000 shall be treated as transition property within the meaning of section 49(e) of the Internal Revenue Code of 1986.“(D) For purposes of section 49 of such Code, the following property shall be treated as transition property:“(i) 2 catamarans built by a shipbuilder incorporated in the State of Washington in 1964, the contracts for which were signed on “(ii) 2 large passenger ocean-going United States flag cruise ships with a passenger rated capacity of up to 250 which are built by the shipbuilder described in clause (i), which are the first such ships built in the United States since 1952, and which were designed at the request of a Pacific Coast cruise line pursuant to a contract entered into in October 1985. This clause shall apply only to that portion of the cost of each ship which does not exceed $40,000,000.“(iii) Property placed in service during 1986 by Satellite Industries, Inc., with headquarters in Minneapolis, Minnesota, to the extent that the cost of such property does not exceed $1,950,000.“(E) Subsections (c) and (d) of section 49 of such Code shall not apply to property described in section 204(a)(4) of this Act [enacting provisions set out as a note under section 168 of this title].”
Pub. L. 115–141, div. U, title IV, § 401(d)(3)(C),
For provisions that nothing in amendment by section 401(d)(3)(B)(i) 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 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. 99–514, title II, § 211(b), “If, for any taxable year beginning after “(1) all credits for open taxable years as of the time of the final determination referred to in section 46(f)(4)(A) of such Code shall be recaptured, and“(2) if the amount of the taxpayer’s unamortized credits (or the credits not previously restored to rate base) with respect to such property (whether or not for open years) exceeds the amount referred to in paragraph (1), the taxpayer’s tax for the taxable year shall be increased by the amount of such excess.If any portion of the excess described in paragraph (2) is attributable to a credit which is allowable as a carryover to a taxable year beginning after
Pub. L. 99–514, title II, § 211(d), “(1) The amendments made by subsection (a) [enacting this section and provisions set out above] shall not apply to property originally placed in service after “(A) in part, for the transportation of mail for the United States Postal Service in the State of Alaska, and“(B) in part, to provide air service in the State of Alaska on routes which had previously been served by an air carrier that received compensation from the Civil Aeronautics Board for providing service.“(2) In the case of property described in subparagraph (A)—“(A) such property shall be treated as recovery property described in section 208(d)(5) of the Tax Equity and Fiscal Responsibility Act of 1982 (‘TEFRA’) [section 208(d)(5) of Pub. L. 97–248, enacting provisions set out as a note under section 168 of this title];“(B) ‘48 months’ shall be substituted for ‘3 months’ each place it appears in applying—“(i) section 48(b)(2)(B) of the Code [26 U.S.C. 48(b)(2)(B)], and“(ii) section 168(f)(8)(D) of the Code [26 U.S.C. 168(f)(8)(D)] (as in effect after the amendments made by the Technical Corrections Act of 1982 [Pub. L. 97–448] but before the amendments made by TEFRA); and“(C) the limitation of section 168(f)(8)(D)(ii)(III) (as then in effect) shall be read by substituting ‘the lessee’s original cost basis.’, for ‘the adjusted basis of the lessee at the time of the lease.’“(3) The aggregate amount of property to which this paragraph shall apply shall not exceed $60,000,000.”