Deduction for certain unused business credits
Allowance of deduction
Taxpayer’s dying or ceasing to exist
Qualified business credits
For purposes of this section, the term “qualified business credits” means—
the investment credit determined under section 46 (but only to the extent attributable to property the basis of which is reduced by section 50(c)),
the work opportunity credit determined under section 51(a),
the alcohol fuels credit determined under section 40(a),
the research credit determined under section 41(a) (other than such credit determined under section 280C(c)(3)) for taxable years beginning after
the enhanced oil recovery credit determined under section 43(a),
the empowerment zone employment credit determined under section 1396(a),
the Indian employment credit determined under section 45A(a),
the employer Social Security credit determined under section 45B(a),
the new markets tax credit determined under section 45D(a),
the small employer pension plan startup cost credit determined under section 45E(a),
the biodiesel fuels credit determined under section 40A(a),
the low sulfur diesel fuel production credit determined under section 45H(a),
the new energy efficient home credit determined under section 45L(a), and
the small employer health insurance credit determined under section 45R(a).
Special rule for investment tax credit and research credit
Subsection (a) shall be applied by substituting “an amount equal to 50 percent of” for “an amount equal to” in the case of—
the investment credit determined under section 46 (other than the rehabilitation credit), and
the research credit determined under section 41(a) for a taxable year beginning before
Source
(Added Pub. L. 97–248, title II, § 205(a)(2),Notes
Codification
Amendments
Effective Date of 2010 Amendment
Effective Date of 2005 Amendment
Effective Date of 2004 Amendment
Effective Date of 2001 Amendment
Effective Date of 2000 Amendment
Effective Date of 1998 Amendment
Effective Date of 1996 Amendment
Effective Date of 1993 Amendment
Effective Date of 1990 Amendment
Effective Date of 1989 Amendment
Effective Date of 1988 Amendment
Effective Date of 1984 Amendment
Effective Date
General rule.—
Except as otherwise provided in this paragraph, the amendments made by subsection (a) [enacting this section and amending sections 48, 312, and 1016 of this title] shall apply to periods after
Exception.—
The amendments made by subsection (a) shall not apply to any property which—
is constructed, reconstructed, erected, or acquired pursuant to a contract which was entered into after
is placed in service after
with respect to which an election under section 168(f)(8)(A) of such Code is not in effect at any time, and
is not described in section 167(l)(3)(A) of such Code.
Special rule for integrated manufacturing facilities.—
In general.—
In the case of any integrated manufacturing facility, the requirements of clause (i) of subparagraph (B) shall be treated as met if—
the on-site construction of the facility began before
during the period beginning after
Integrated manufacturing facility.—
For purposes of clause (i), the term ‘integrated manufacturing facility’ means 1 or more facilities—
located on a single site,
for the manufacture of 1 or more manufactured products from raw materials by the application of 2 or more integrated manufacturing processes.
Special rule for historic structures.—
In the case of any certified historic structure (as defined in section 48(g)(3) of the Internal Revenue Code of 1986), clause (i) of subparagraph (B) shall be applied by substituting ‘
Certain projects with respect to historic structures.—
In the case of any certified historic structure (as so defined), the requirements of clause (i) of subparagraph (B) shall be treated as met with respect to such property—
if the rehabilitation begins after
if—
before
before such date an application with respect to such property was filed under section 8 of the United States Housing Act of 1937 [section 1437f of Title 42, The Public Health and Welfare], and
such property is placed in service before