94 STAT. 260
PUBLIC LAW 96-223—APR. 2, 1980 PART II—BUSINESS ENERGY INVESTMENT CREDITS SEC. 221. CHANGES IN AMOUNT AND PERIOD OF APPLICATION OF ENERGY PERCENTAGE.
26 USC 46.
(a) IN GENERAL.—Subparagraph (C) of section 46(a)(2) (relating to energy percentage) is amended to read as follows: "(C) ENERGY PERCENTAGE.—For purposes of this paragraph— "(i) IN GENERAL.—The energy percentage shall be determined in accordance with the following table:
I. GENERAL
Column B—Percentage
Column C—Period
The energy percentage is:
"Column A—Description
For the period: Beginning on:
And ending on:
RULE.—Property
not described in any of the following provisions of this column
Oct. 1, 1978
Dec. 31, 1982.
Oct. 1, 1978 Jan. 1, 1980
Dec 31, 1979 Dec. 31, 1985.
Jan. 1, 1980
Dec. 31, 1985.
Jan.1, 1980
Dec. 31, 1985.
Jan. 1, 1980
Dec. 31, 1985.
Oct. 1, 1978
Dec. 31, 1985.
II. SOLAR, WIND, OR GEOTHER-
MAL PROPERTY.—Property described in section 48(lK2KAKii) or 48(1)(3KA) (viii) B. 15 percent III. OCEAN THERMAL PROPER-
TY.—Property described in section 48(lK3KAXix) IV. QUALIFIED HYDROELECTRIC GENERATING PROPER-
TY.—Property described in section 48(lK2KAKvii).. V.
QUALIFIED
11 percent
INTERCITY
BUSES.—Property described in section 48(l)(2)(A)(ix) VI. BiOMASS PROPERTY.—Property described in section 48(1)(15)
"(ii) PERIODS FOR WHICH PERCENTAGE NOT SPECIFIED.—
In the case of any energy property, the energy percentage shall be zero for any period for which an energy percentage is not specified for such property under clause (i) (as modified by clauses (iii) and (iv)). "(iii) LONGER PERIOD FOR CERTAIN LONG-TERM PROJECTS.—For the purpose of applying the energy percentage contained in subclause (I) of clause (i) with respect to property which is a part of a project with a normal construction period of 2 years or more (within the meaning of section 46(d)(2)(A)(i)), 'December 31, 1990' shall be substituted for 'December 31, 1982' if— "(I) before January 1, 1983, the taxpayer has completed all engineering studies in connection with the commencement of the construction of the project, and has applied for all environmental and construction permits required under Federal, State, or local law in connection with the commencement of the construction of the project, and "(II) before January 1, 1986, the taxpayer has entered into binding contracts for the acquisition,
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