26 U.S.C. § 46: Amount of credit

the rehabilitation credit, the energy credit, the qualifying advanced coal project credit, the qualifying gasification project credit, the qualifying advanced energy project credit, the advanced manufacturing investment credit, and the clean electricity investment credit. Except as otherwise provided in this subsection, the amendments made by this section [amending this section and section 48 of this title ] shall apply to property placed in service after December 31, 1986 , in taxable years ending after such date. a rehabilitation which was completed pursuant to a written contract which was binding on March 1, 1986 , or parts 1 and 2 of the Historic Preservation Certification Application were filed with the Department of the Interior (or its designee) before March 2, 1986 , or the lesser of $1,000,000 or 5 percent of the cost of the rehabilitation is incurred before March 2, 1986 , or is required to be incurred pursuant to a written contract which was binding on March 1, 1986 . the rehabilitation of 8 bathhouses within the Hot Springs National Park or of buildings in the Central Avenue Historic District at such Park, the rehabilitation of the Upper Pontalba Building in New Orleans, Louisiana, the rehabilitation of at least 60 buildings listed on the National Register at the Frankford Arsenal, the rehabilitation of De Baliveriere Arcade, St. Louis Centre, and Drake Apartments in Missouri, the rehabilitation of The Tides in Bristol, Rhode Island, the rehabilitation and renovation of the Outlet Company building and garage in Providence, Rhode Island, the rehabilitation of 10 structures in Harrisburg, Pennsylvania, with respect to which the Harristown Development Corporation was designated redeveloper and received an option to acquire title to the entire project site for $1 on June 27, 1984 , the rehabilitation of a project involving the renovation of 3 historic structures on the Minneapolis riverfront, with respect to which the developer of the project entered into a redevelopment agreement with a municipality dated January 4, 1985 , and industrial development bonds were sold in 3 separate issues in May, July, and October 1985, the rehabilitation of a bank’s main office facilities of approximately 120,000 square feet, in connection with which the bank’s board of directors authorized a $3,300,000 expenditure for the renovation and retrofit on March 20, 1984 , the rehabilitation of 10 warehouse buildings built between 1906 and 1910 and purchased under a contract dated February 17, 1986 , the rehabilitation of a facility which is customarily used for conventions and sporting events if an analysis of operations and recommendations of utilization of such facility was prepared by a certified public accounting firm pursuant to an engagement authorized on March 6, 1984 , and presented on June 11, 1984 , to officials of the city in which such facility is located, Mount Vernon Mills in Columbia, South Carolina, the Barbara Jordan II Apartments, the rehabilitation of the Federal Building and Post Office, 120 Hanover Street, Manchester, New Hampshire, the rehabilitation of the Charleston Waterfront project in South Carolina, the Hayes Mansion in San Jose, California, the renovation of a facility owned by the National Railroad Passenger Corporation (‘Amtrak’) for which project Amtrak engaged a development team by letter agreement dated August 23, 1985 , as modified by letter agreement dated September 9, 1985 , the rehabilitation of a structure or its components which is listed in the National Register of Historic Places, is located in Allegheny County, Pennsylvania, will be substantially rehabilitated (as defined in section 48(g)(1)(C) prior to amendment by this Act), prior to December 31, 1989 ; and was previously utilized as a market and an auto dealership, The Bellevue Stratford Hotel in Philadelphia, Pennsylvania, the Dixon Mill Housing project in Jersey City, New Jersey, Motor Square Garden, the Blackstone Apartments, and the Shriver-Johnson building, in Sioux Falls, South Dakota, the Holy Name Academy in Spokane, Washington, the Nike/Clemson Mill in Exeter, New Hampshire, the Central Bank Building in Grand Rapids, Michigan, and the Heritage Hotel, in the City of Marquette, Michigan. the Fort Worth Town Square Project in Texas, the American Youth Hostel in New York, New York, The Riverwest Loft Development (including all three phases, two of which do not involve rehabilitations), the Gaslamp Quarter Historic District in California, the Eberhardt & Ober Brewery, in Pennsylvania, the Captain’s Walk Limited Partnership-Harris Place Development, in Connecticut, the Velvet Mills in Connecticut, the Roycroft Inn, in New York, Old Main Village, in Mankato, Minnesota, the Washburn-Crosby A Mill, in Minneapolis, Minnesota, the Marble Arcade office building in Lakeland, Florida, the Willard Hotel, in Washington, D.C., the H. P. Lau Building in Lincoln, Nebraska, the Starks Building, in Louisville, Kentucky, the Bellevue High School, in Bellevue, Kentucky, the Major Hampden Smith House, in Owensboro, Kentucky, the Doe Run Inn, in Brandenburg, Kentucky, the State National Bank, in Frankfort, Kentucky, the Captain Jack House, in Fleming, Kentucky, the Elizabeth Arlinghaus House, in Covington, Kentucky, Limerick Shamrock, in Louisville, Kentucky, the Robert Mills Project, in South Carolina, the 620 Project, consisting of 3 buildings, in Kentucky, the Warrior Hotel, Ltd., the first two floors of the Martin Hotel, and the 105,000 square foot warehouse constructed in 1910, all in Sioux City, Iowa, the waterpark condominium residential project, to the extent of $2 million of expenditures, the Bigelow-Hartford Carpet Mill in Enfield, Connecticut, properties abutting 125th street in New York County from 7th Avenue west to Morningside and the pier area on the Hudson River at the end of such 125th Street, the City of Los Angeles Central Library project pursuant to an agreement dated December 28, 1983 , the Warehouse Row project in Chattanooga, Tennessee, any project described in section 204(a)(1)(F) of this Act [ 26 U.S.C. 168 note], the Wood Street Commons project in Pittsburgh, Pennsylvania, any project described in section 803(d)(6) of this Act [ 26 U.S.C. 263A note], Union Station, Indianapolis, Indiana, the Mattress Factory project in Pittsburgh, Pennsylvania, Union Station in Providence, Rhode Island, South Pack Plaza, Asheville, North Carolina, Old Louisville Trust Project, Louisville, Kentucky, Stewarts Rehabilitation Project, Louisville, Kentucky, Bernheim Officenter, Louisville, Kentucky, Springville Mill Project, Rockville, Connecticut, and the D.J. Stewart Company Building, State and Main Streets, Rockford, Illinois. by substituting ‘10 percent’ for ‘15 percent’, and by substituting ‘13 percent’ for ‘20 percent’. be treated as made (and allowable as a deduction) during 1986, be treated as qualified rehabilitation expenditures made during 1986, and if the taxpayer is not the original holder of such interest, no person (other than the taxpayer) had claimed any benefits by reason of this paragraph, beginning on the date which is 45 days after the later of April 15, 1987 , or the date on which the return for such taxes was filed, and ending on the date the taxpayer acquired the interest in the partnership, and if the expenditures to be made under this provision are not paid or incurred before January 1, 1994 , then the tax imposed by chapter 1 of such Code for the taxpayer’s last taxable year beginning in 1993 shall be increased by the amount of the tax benefits by reason of this paragraph which are attributable to the expenditures not so paid or incurred. In the case of the rehabilitation of the Willard Hotel in Washington, D.C., section 205(c)(1)(B)(ii) of the Tax Equity and Fiscal Responsibility Act of 1982 [ section 205(c)(1)(B)(ii) of Pub. L. 97–248 , set out as a note under section 196 of this title ] shall be applied by substituting ‘1987’ for ‘1986’.” The amendments made by this section [amending this section and sections 47 and 48 of this title] shall apply to property placed in service after the date of the enactment of this Act [ July 18, 1984 ] in taxable years ending after such date; except that such amendments shall not apply to any property to which the amendments made by section 211(f) of the Economic Recovery Tax Act of 1981 [ section 211(f) of Pub. L. 97–34 , amending sections 46 and 47 of this title] do not apply. At the election of the taxpayer, the amendments made by this section shall apply as if included in the amendments made by section 211(f) of the Economic Recovery Tax Act of 1981. Any election made under the preceding sentence shall apply to all property of the taxpayer to which the amendments made by such section 211(f) apply and shall be made at such time and in such manner as the Secretary of the Treasury or his delegate may by regulations prescribe.” The amendments made by subsections (a) and (b) [amending this section and sections 167 and 168 of this title] shall apply to taxable years beginning after December 31, 1979 . any estimates or projections relating to the amounts of the taxpayer’s tax expense, depreciation expense, deferred tax reserve, credit allowable under section 38 of such code, or rate base, or any adjustments to the taxpayer’s rate of return, by a public utility commission which was entered before March 13, 1980 , which used the estimates, projections, or rate of return adjustments referred to in subparagraph (A) to determine the amount of the rates to be collected by the taxpayer or the amount of a refund with respect to rates previously collected, and which ordered such rates to be collected or refunds to be made (whether or not such order actually was implemented or enforced). rate reduction, or refund, July 1, 1983 , or 6 months after the refunds or rate reductions are actually made pursuant to a qualified order. For purposes of this subsection, the term “refund” shall include any credit allowed by the taxpayer under a qualified order but shall not include interest payable with respect to any refund (or credit) under such order. No interest shall be payable under section 6611 of the Internal Revenue Code of 1986 on any overpayment of tax which is attributable to the application of paragraph (2). The taxpayer may make any payment required by reason of paragraph (3) in 2 equal installments, the first installment being due on the last date on which a taxpayer may enter into a closing agreement under paragraph (3)(B), and the second payment being due 1 year after the last date for the first payment. For purposes of section 6601 of such Code, the last date prescribed for payment with respect to any payment required by reason of paragraph (3) shall be the last date on which such payment is due under clause (i). The application of subparagraph (G) of section 167( l )(3) of the Internal Revenue Code of 1986, and the application of paragraphs (1) and (2) of section 46(f) of such Code, to taxable years beginning before January 1, 1980 , shall be determined without any inference drawn from the amendments made by subsections (a) and (b) of this section [amending this section and sections 167 and 168 of this title] or from the rules contained in paragraphs (2), (3), and (4). Nothing in the preceding sentence shall be construed to limit the relief provided by paragraphs (2), (3), and (4).” Except as provided in this subsection, the amendments made by this section [amending this section and sections 47 and 48 of this title] shall apply to property placed in service after December 31, 1980 . The amendments made by subsection (b) [amending this section] shall apply to progress expenditures made after December 31, 1980 . The amendments made by subsection (c) [amending this section] shall apply to periods after December 31, 1980 , under rules similar to the rules under section 48(m). The amendments made by subsection (d) [amending this section] shall apply to leases entered into after June 25, 1981 . property placed in service by the taxpayer on or before February 18, 1981 , and property placed in service by the taxpayer after February 18, 1981 , where such property is acquired by the taxpayer pursuant to a binding contract entered into on or before that date. For purposes of subparagraph (A)(ii), property acquired pursuant to a binding contract shall, under regulations prescribed by the Secretary, include property acquired in a manner so that it would have qualified as pretermination property under section 49(b) (as in effect before its repeal by the Revenue Act of 1978) [ Pub. L. 95–600 ]. The amendment made by subsection (h) [amending section 48 of this title ] shall apply to taxable years beginning after December 31, 1980 .” Except as provided in paragraph (2), the amendments made by this section [amending this section and sections 48, 57, 167, 280B, 642, 1016, 1082, 1245, and 1250 of this title and repealing section 191 of this title ] shall apply to expenditures incurred after December 31, 1981 , in taxable years ending after such date. the physical work on such rehabilitation began before January 1, 1982 , and such building does not meet the requirements of paragraph (1) of section 48(g) of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] (as amended by this Act [ Pub. L. 97–34 ]).” property acquired by the taxpayer after December 31, 1978 , and property the construction, reconstruction, or erection of which was completed by the taxpayer after December 31, 1978 (but only to the extent of the basis thereof attributable to construction, reconstruction, or erection after such date).” Except as provided in paragraph (2), the amendments made by this section [see Tables for classification of section 803 of Pub. L. 94–455 ] shall apply for taxable years beginning after December 31, 1974 . Section 301(e) of the Tax Reduction Act of 1975 [set out below], as added by subsection (d), shall apply for taxable years beginning after December 31, 1976 . The amendments made by subsections (a) and (b)(1) shall apply for taxable years beginning after December 31, 1975 . The amendments made by subsections (b)(4) and (f) shall apply for years beginning after December 31, 1975 .” Except as provided in subparagraph (B), the amendment made by subsection (a) [amending this section] shall apply to taxable years beginning after December 31, 1975 , in the case of property placed in service after such date. Section 46(g)(4) of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] (as added by subsection (a)) shall apply to taxable years beginning after December 31, 1975 .” property acquired by the taxpayer after December 31, 1976 , and property the construction, reconstruction, or erection of which was completed by the taxpayer after December 31, 1976 , (but only to the extent of the basis thereof attributable to construction, reconstruction, or erection after such date), in taxable years beginning after such date.” The amendments made by subsections (a) and (b) [amending this section and section 48 of this title ] shall apply to property described in section 50 of the Internal Revenue Code of 1986 [formerly I.R.C. 1954]. In redetermining qualified investment for purposes of section 47(a) of the Internal Revenue Code of 1986 in the case of any property which ceases to be section 38 property with respect to the taxpayer after August 15, 1971 , or which becomes public utility property after such date, section 46(c)(2) of such Code shall be applied as amended by subsection (a).”