26 U.S. Code § 48C - Qualifying advanced energy project credit
(a) In general
For purposes of section 46, the qualifying advanced energy project credit for any taxable year is an amount equal to 30 percent of the qualified investment for such taxable year with respect to any qualifying advanced energy project of the taxpayer.
(b) Qualified investment
(1) In general
For purposes of subsection (a), the qualified investment for any taxable year is the basis of eligible property placed in service by the taxpayer during such taxable year which is part of a qualifying advanced energy project.
(2) Certain qualified progress expenditures rules made applicable
Rules similar to the rules of subsections (c)(4) and (d) ofsection 46 (as in effect on the day before the enactment of the Revenue Reconciliation Act of 1990) shall apply for purposes of this section.
(1) Qualifying advanced energy project
(A) In general
The term “qualifying advanced energy project” means a project—
(i) which re-equips, expands, or establishes a manufacturing facility for the production of—
(I) property designed to be used to produce energy from the sun, wind, geothermal deposits (within the meaning of section 613 (e)(2)), or other renewable resources,
(II) fuel cells, microturbines, or an energy storage system for use with electric or hybrid-electric motor vehicles,
(III) electric grids to support the transmission of intermittent sources of renewable energy, including storage of such energy,
(V) property designed to refine or blend renewable fuels or to produce energy conservation technologies (including energy-conserving lighting technologies and smart grid technologies),
(VI) new qualified plug-in electric drive motor vehicles (as defined by section 30D), qualified plug-in electric vehicles (as defined by section 30 (d)), or components which are designed specifically for use with such vehicles, including electric motors, generators, and power control units, or
(2) Eligible property
The term “eligible property” means any property—
(B) which is—
(d) Qualifying advanced energy project program
(A) In general
Not later than 180 days after the date of enactment of this section, the Secretary, in consultation with the Secretary of Energy, shall establish a qualifying advanced energy project program to consider and award certifications for qualified investments eligible for credits under this section to qualifying advanced energy project sponsors.
(A) Application period
Each applicant for certification under this paragraph shall submit an application containing such information as the Secretary may require during the 2-year period beginning on the date the Secretary establishes the program under paragraph (1).
(B) Time to meet criteria for certification
Each applicant for certification shall have 1 year from the date of acceptance by the Secretary of the application during which to provide to the Secretary evidence that the requirements of the certification have been met.
(3) Selection criteria
In determining which qualifying advanced energy projects to certify under this section, the Secretary—
(A) shall take into consideration only those projects where there is a reasonable expectation of commercial viability, and
(B) shall take into consideration which projects—
(i) will provide the greatest domestic job creation (both direct and indirect) during the credit period,
(ii) will provide the greatest net impact in avoiding or reducing air pollutants or anthropogenic emissions of greenhouse gases,
(iv) have the lowest levelized cost of generated or stored energy, or of measured reduction in energy consumption or greenhouse gas emission (based on costs of the full supply chain), and
(4) Review and redistribution
Not later than 4 years after the date of enactment of this section, the Secretary shall review the credits allocated under this section as of such date.
The Secretary may reallocate credits awarded under this section if the Secretary determines that—
(i) there is an insufficient quantity of qualifying applications for certification pending at the time of the review, or
Source(Added Pub. L. 111–5, div. B, title I, § 1302(b),Feb. 17, 2009, 123 Stat. 345.)
References in Text
Subsections (c)(4) and (d) ofsection 46 (as in effect on the day before the enactment of the Revenue Reconciliation Act of 1990), referred to in subsec. (b)(2), means section 46 (c)(4) and (d) as in effect before enactment of Pub. L. 101–508, which amended section 46 generally.
The date of enactment of this section, referred to in subsec. (d)(1)(A), (4)(A), is the date of enactment of Pub. L. 111–5, which was approved Feb. 17, 2009.