PUBLIC LAW 96-223—APR. 2, 1980
94 STAT. 267
"(B) DETERMINATION OF FRACTION.—For purposes of subparagraph (A), the fraction determined under this subparagraph is 1 reduced by a fraction— "(i) the numerator of which is that portion of the quaUfied investment in the property which is allocable to such financing or proceeds, and "(ii) the denominator of which is the qualified investment in the property. "(C) SUBSIDIZED ENERGY FINANCING.—For purposes of subparagraph (A), the term 'subsidized energy financing' means financing provided under a Federal, State, or local program a principal purpose of which is to provide subsidized financing for projects designed to conserve or produce energy." (2) EFFECTIVE DATES.— 26 USC 48 note. (A) IN GENERAL.—Except as provided in subparagraph (B), the amendment made by paragraph (1) shall apply to periods after December 31, 1982, under rules similar to the rules of section 48(m) of the Internal Revenue Code of 1954. 26 USC 48. (B) EARLIER APPLICATION FOR CERTAIN PROPERTY.—In the
case of property which is— (i) qualified hydroelectric generating property (described in section 48(l)(2)(A)(vii) of such Code), (ii) cogeneration equipment (described in section 48(l)(2)(A)(viii) of such Code), (iii) qualified intercity buses (described in section 48(l)(2)(A)(ix) of such Code), (iv) ocean thermal property (described in section 48(l)(3)(A)(ix) of such Code), or (v) expanded energy credit property, the amendment made by paragraph (1) shall apply to periods after December 31, 1979, under rules similar to the rules of section 48(m) of the Internal Revenue Code of 1954. (C) EXPANDED ENERGY CREDIT PROPERTY.—For purposes of
subparagraph (B), the term "expanded energy credit property" means— (i) property to which section 48(1)(3)(A) of such Code applies because of the amendments made by paragraphs (1) and (2) of section 222(b), (ii) property described in section 48(1)(4)(C) of such Code (relating to solar process heat). (iii) property described in section 48(1)(5)(L) of such Code (relating to alumina electrolytic cells), and (iv) property described in the last sentence of section 48(1)(3)(A) of such Code (relating to storage equipment for refuse-derived fuel). (D) FINANCING TAKEN INTO ACCOUNT.—For the purpose of applying the provisions of section 48(1)(11) of such Code in the case of property financed in whole or in part by subsidized energy financing (within the meaning of section 48(1)(1 IXC) of such Code), no financing made before January 1, 1980, shall be taken into account. The preceding sentence shall not apply to financing provided from the proceeds of any taxexempt industrial development bond (within the meaning of section 103(b)(2) of such Code).
^"*«' P- 261. Ante, p. 262. Ante, p. 262. Ante, p. 264. Ante, p. 266.
26 USC 103.
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