Sec. 312. Election to treat carbon-targeted zero-emission electricity facility as energy property
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/bill/117/hr/4309/ih/section-312·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 48(a)(5)(C)(i) of the Internal Revenue Code of 1986 is amended— by striking which is a qualified facility (within the meaning of section 45) and inserting the following: which is— a qualified facility (within the meaning of section 45) , by inserting or at the end, and by adding at the end the following new subclause: a qualified facility (as defined in section 45U(b)(3)). . Section 48(a)(5) of such Code is amended by adding at the end the following new subparagraph: In the case of a qualified facility described in section 45U(a)(2), subparagraph (A)(ii) shall be applied by substituting 35 percent for 30 percent . .
Section 50(d) of such Code is amended by adding at the end the following new sentence: At the election of a taxpayer with respect to public utility property, the rules of the section 46(f) referred to in paragraph
(2)shall not apply to energy property (as defined in section 48(a)(3)) which is a qualified facility (as defined in section 45U(b)(3)) with respect to which the application of section 48(a)(5) is elected. Such election shall be made on a property-by-property basis on a timely filed return for the taxable year in which such property is placed in service, and once made, may be revoked only with the consent of the Secretary. . Section 48(a)(5)(B) of such Code is amended by inserting or 45U after section 45 . Section 48(a)(5)(C)(ii) of such Code is amended by inserting (in the case of a qualified facility described in clause (i)(I)) after which is . The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act.