26 U.S. Code § 48B - Qualifying gasification project credit
For purposes of section 46, the qualifying gasification project credit for any taxable year is an amount equal to 20 percent (30 percent in the case of credits allocated under subsection (d)(1)(B)) of the qualified investment for such taxable year.
Rules similar to section 48(a)(4) (without regard to subparagraph (D) thereof) shall apply for purposes of this section.
The term “gasification technology” means any process which converts a solid or liquid product from coal, petroleum residue, biomass, or other materials which are recovered for their energy or feedstock value into a synthesis gas composed primarily of carbon monoxide and hydrogen for direct use or subsequent chemical or physical conversion.
The term “eligible property” means any property which is a part of a qualifying gasification project and is necessary for the gasification technology of such project.
The term “carbon capture capability” means a gasification plant design which is determined by the Secretary to reflect reasonable consideration for, and be capable of, accommodating the equipment likely to be necessary to capture carbon dioxide from the gaseous stream, for later use or sequestration, which would otherwise be emitted in the flue gas from a project which uses a nonrenewable fuel.
A certificate of eligibility under paragraph (1) may be issued only during the 10-fiscal year period beginning on October 1, 2005.
A credit shall not be allowed under this section for any qualified investment for which a credit is allowed under section 48A.
The Secretary shall provide for recapturing the benefit of any credit allowable under subsection (a) with respect to any project which fails to attain or maintain the separation and sequestration requirements for such project under subsection (d)(1).
The enactment of the Revenue Reconciliation Act of 1990, referred to in subsec. (b)(3), is the date of enactment of title XI of Pub. L. 101–508, which was approved Nov. 5, 1990.
The date of the enactment of this section, referred to in subsec. (d)(1), is the date of enactment of Pub. L. 109–58, which was approved Aug. 8, 2005.
2009—Subsec. (b)(2). Pub. L. 111–5 inserted “(without regard to subparagraph (D) thereof)” after “section 48(a)(4)”.
2008—Subsec. (a). Pub. L. 110–343, § 112(a), inserted “(30 percent in the case of credits allocated under subsection (d)(1)(B))” after “20 percent”.
Subsec. (c)(7)(H). Pub. L. 110–343, § 112(e), added subpar. (H).
Subsec. (d)(1). Pub. L. 110–343, § 112(b), substituted “shall not exceed—” for “shall not exceed $350,000,000 under rules similar to the rules of section 48A(d)(4).” and added subpars. (A) and (B).
Subsec. (d)(4). Pub. L. 110–343, § 112(d), added par. (4).
Subsec. (f). Pub. L. 110–343, § 112(c), added subsec. (f).
Amendment by Pub. L. 111–5 applicable to periods after Dec. 31, 2008, 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 1103(c)(1) of Pub. L. 111–5, set out as a note under section 25C of this title.
Written determinations for this section
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