26 U.S. Code § 179C - Election to expense certain refineries
A taxpayer may elect to treat 50 percent of the cost of any qualified refinery property as an expense which is not chargeable to capital account. Any cost so treated shall be allowed as a deduction for the taxable year in which the qualified refinery property is placed in service.
An election under this section for any taxable year shall be made on the taxpayer’s return of the tax imposed by this chapter for the taxable year. Such election shall be made in such manner as the Secretary may by regulations prescribe.
For purposes of this section, the term “qualified refinery” means any refinery located in the United States which is designed to serve the primary purpose of processing liquid fuel from crude oil or qualified fuels (as defined in section 45K(c)), or directly from shale or tar sands.
An election under paragraph (1) for any taxable year shall be made on a timely filed return for such year. Such election, once made, shall be irrevocable for such taxable year.
If any portion of the deduction available under subsection (a) is allocated to owners under paragraph (1), the cooperative shall provide any owner receiving an allocation written notice of the amount of the allocation. Such notice shall be provided before the date on which the return described in paragraph (2) is due.
No deduction shall be allowed under subsection (a) to any taxpayer for any taxable year unless such taxpayer files with the Secretary a report containing such information with respect to the operation of the refineries of the taxpayer as the Secretary shall require.
The date of the enactment of this section, referred to in subsec. (c)(1)(B), (2)(A), is the date of enactment of Pub. L. 109–58, which was approved Aug. 8, 2005.
The Clean Air Act, referred to in subsec. (c)(3), is act July 14, 1955, ch. 360, 69 Stat. 322, as amended, which is classified generally to chapter 85 (§ 7401 et seq.) of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title note set out under section 7401 of Title 42 and Tables.
2008—Subsec. (c)(1)(B). Pub. L. 110–343, § 209(a)(1), substituted “January 1, 2014” for “January 1, 2012”.
Subsec. (c)(1)(F). Pub. L. 110–343, § 209(a)(2), substituted “January 1, 2010” for “January 1, 2008” wherever appearing.
Subsec. (d). Pub. L. 110–343, § 209(b)(1), inserted “, or directly from shale or tar sands” after “(as defined in section 45K(c))”.
Subsec. (e)(2). Pub. L. 110–343, § 209(b)(2), inserted “shale, tar sands, or” before “qualified fuels”.
Written determinations for this section
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- Election to Expense Certain Refineries : 2010-04-23