Pub. L. 117–169, title I, § 13702(b)(3), (4), (c), Aug. 16, 2022, 136 Stat. 1997, provided that, applicable to property placed in service after Dec. 31, 2024, this section is amended:

(1) in subsection (a)(2)(E), by striking “or 48D(b)(5)” and inserting “48D(b)(5), or 48E(e)”; and

(2) in subsection (c)(3), by inserting “or clean electricity investment credit” after “In the case of any energy credit”.

See 2022 Amendment notes below.

Section 9901(7) of the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021, referred to in subsec. (a)(6)(D)(i), is section 9901(7) of Pub. L. 116–283, which is classified to section 4651(7) of Title 15, Commerce and Trade.

Section 9902(a)(6) of the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021, referred to in subsec. (a)(6)(D)(ii), is section 9902(a)(6) of Pub. L. 116–283, which is classified to section 4652(a)(6) of Title 15, Commerce and Trade.

The date of the enactment of the Revenue Reconciliation Act of 1990, referred to in subsec. (d), is the date of enactment of Pub. L. 101–508, which was approved Nov. 5, 1990.

A prior section 50, Pub. L. 92–178, title I, § 101(a), Dec. 10, 1971, 85 Stat. 498, related to restoration of credit for investment in certain depreciable property, prior to repeal by Pub. L. 95–600, title III, § 312(c)(1), Nov. 6, 1978, 92 Stat. 2826, applicable to taxable years ending after Dec. 31, 1978.

2022—Subsec. (a)(2)(E). Pub. L. 117–169, § 13702(b)(3), substituted “48D(b)(5), or 48E(e)” for “or 48D(b)(5)”.

Pub. L. 117–167, § 107(d)(3), substituted “48C(b)(2), or 48D(b)(5)” for “or 48C(b)(2)”.

Subsec. (a)(3). Pub. L. 117–167, § 107(b)(1), added par. (3). Former par. (3) redesignated (4).

Subsec. (a)(4). Pub. L. 117–167, § 107(b)(3)(A)(ii), inserted “or applicable transaction” before period at end.

Pub. L. 117–167, § 107(b)(3)(A)(i), which directed the insertion of “, or any applicable transaction to which paragraph (3)(A) applies” after “paragraphs (1) and (2)”, was executed by making the insertion after “paragraph (1) or (2)” to reflect the probable intent of Congress.

Pub. L. 117–167, § 107(b)(1), redesignated par. (3) as (4). Former par. (4) redesignated (5).

Subsec. (a)(5), (6). Pub. L. 117–167, § 107(b)(1), redesignated pars. (4) and (5) as (5) and (6), respectively.

Subsec. (a)(6)(C). Pub. L. 117–167, § 107(b)(3)(B), substituted “paragraph (1), (2), or (3)” for “paragraph (1) or (2)”.

Subsec. (a)(6)(D), (E). Pub. L. 117–167, § 107(b)(2), added subpars. (D) and (E).

Subsec. (c)(3). Pub. L. 117–169, § 13702(b)(4), inserted “or clean electricity investment credit” after “In the case of any energy credit” in introductory provisions.

Subsec. (c)(3)(C). Pub. L. 117–169, § 13102(i), added subpar. (C).

Subsec. (d). Pub. L. 117–169, § 13801(c), inserted “In the case of a real estate investment trust making an election under section 6418, paragraphs (1)(B) and (2)(B) of the section 46(e) referred to in paragraph (1) of this subsection shall not apply to any investment credit property of such real estate investment trust to which such election applies.” at end of concluding provisions.

Subsec. (d)(2). Pub. L. 117–169, § 13102(f)(5), inserted “At the election of a taxpayer, this paragraph shall not apply to any energy storage technology (as defined in section 48(c)(6)), provided—” after “companies).” and added subpars. (A) to (C).

2018—Subsec. (a)(2)(E). Pub. L. 115–141, § 401(d)(3)(B)(ii), substituted “or 48C(b)(2)” for “48C(b)(2), or 48D(b)(4)”.

Subsec. (b)(2)(A). Pub. L. 115–141, § 401(a)(25), substituted semicolon for period at end.

2014—Subsec. (a)(2)(E). Pub. L. 113–295 inserted “, 48A(b)(3), 48B(b)(3), 48C(b)(2), or 48D(b)(4)” after “in section 48(b)”.

2005—Subsec. (a)(2)(E). Pub. L. 109–135 substituted “section 48(b)” for “section 48(a)(5)”.

2004—Subsec. (c)(3). Pub. L. 108–357 struck out “or reforestation credit” after “energy credit” in introductory provisions.

1998—Subsec. (a)(5)(C). Pub. L. 105–206 substituted “this chapter” for “subpart A, B, D, or G”.

1996—Subsec. (a)(2)(C). Pub. L. 104–188, § 1704(t)(29), substituted “subsection (d)(5)” for “subsection (c)(4)”.

Subsec. (a)(2)(E). Pub. L. 104–188, § 1702(h)(11), substituted “48(a)(5)” for “48(a)(5)(A)”.

Subsec. (d). Pub. L. 104–188, § 1616(b)(1), inserted closing provisions.

Amendment by section 13102(f)(5), (i) of Pub. L. 117–169 applicable to property placed in service after Dec. 31, 2022, see section 13102(q)(2) of Pub. L. 117–169, set out in a note under section 45 of this title.

Amendment by section 13702(b)(3), (4) of Pub. L. 117–169 applicable to property placed in service after Dec. 31, 2024, see section 13702(c) of Pub. L. 117–169, set out as an Effective Date note under section 48E of this title.

Amendment by section 13801(c) of Pub. L. 117–169 applicable to taxable years beginning after Dec. 31, 2022, see section 13801(g) of Pub. L. 117–169, set out as an Effective Date note under section 6417 of this title.

Amendment by Pub. L. 117–167 applicable to property placed in service after Dec. 31, 2022, and, for any property the construction of which begins prior to Jan. 1, 2023, only to the extent of the basis thereof attributable to the construction, reconstruction, or erection after Aug. 9, 2022, see section 107(f) of Pub. L. 117–167, set out as a note under section 905 of Title 2, The Congress.

Amendment by Pub. L. 108–357 applicable with respect to expenditures paid or incurred after Oct. 22, 2004, see section 322(e) of Pub. L. 108–357, set out as a note under section 46 of this title.

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 section 1616(b)(1) of Pub. L. 104–188 applicable to taxable years beginning after Dec. 31, 1995, see section 1616(c) of Pub. L. 104–188, set out as a note under section 593 of this title.

Amendment by section 1702(h)(11) of Pub. L. 104–188 effective, except as otherwise expressly provided, as if included in the provision of the Revenue Reconciliation Act of 1990, Pub. L. 101–508, title XI, to which such amendment relates, see section 1702(i) of Pub. L. 104–188, set out as a note under section 38 of this title.

Section 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. L. 101–508, set out as an Effective Date of 1990 Amendment note under section 45K of this title.

For provisions that amendment made by section 401(d)(3)(B)(ii) of Pub. L. 115–141 not apply to expenditures made in taxable years beginning before Jan. 1, 2011, in the case of the repeal of section 48D(e)(1) of this title, see section 401(d)(3)(C) of Pub. L. 115–141, set out as a note under section 49 of this title.

For provisions that nothing in amendment by section 401(d)(3)(B)(ii) 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 Mar. 23, 2018, for purposes of determining liability for tax for periods ending after Mar. 23, 2018, see section 401(e) of Pub. L. 115–141, set out as a note under section 23 of this title.

For provisions that nothing in this section 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. L. 101–508, set out as a note under section 45K of this title.