Sec. 212. Incentives for energy efficient commercial buildings
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Upon application, the Secretary of the Treasury shall, subject to the requirements of this subsection, provide a grant to each eligible person who places in service energy efficient commercial building property to reimburse such person for a portion of the expense of such property as provided in paragraph (2). No grant shall be made under this subsection with respect to any property unless such property is placed in service after September 20, 2017. The amount of the grant under paragraph
(1)with respect to any energy efficient commercial building property shall be equal to the product of— 35 percent, and the excess of— the product of— $1.80, and the square footage of the building, over the aggregate amount of all prior grants under paragraph
(1)with respect to the building. The Secretary of the Treasury shall make payment of any grant under paragraph
(1)during the 60-day period beginning on the later of— the date of the application for such grant, or the date the energy efficient commercial building property for which the grant is being made is placed in service. For purposes of this subsection, the term energy efficient commercial building property has the meaning given such term under section 179D(c) of the Internal Revenue Code of 1986, except that— the determination of whether depreciation (or amortization in lieu of depreciation) is allowable under such section 179D(c)(1)(A) shall be made without regard to section 933 of such Code, such section 179D(c)(1)(B)(i) shall be applied by substituting Puerto Rico or the Virgin Islands for the United States , and subsection
(h)of section 179D of such Code shall not apply. For purposes of this subsection, the term eligible person means— any individual that is a bona fide resident (as defined under section 937 of the Internal Revenue Code of 1986) of Puerto Rico or the Virgin Islands, and any corporation which is organized under the laws of Puerto Rico or the Virgin Islands. Any reference in this subsection to the Secretary of the Treasury shall be treated as including the Secretary's delegate. Rules similar to the rules of subsections (d), (f), and
(g)of section 179D of the Internal Revenue Code of 1986 shall apply with respect to grants under this subsection. For fiscal year 2018, there is hereby appropriated to the Secretary of the Treasury $11,500,000, to remain available until expended, to carry out the purposes of this section.