Page:United States Statutes at Large Volume 94 Part 1.djvu/308

 94 STAT. 258

PUBLIC LAW 96-223—APR. 2, 1980 during the preceding month and the reasons for the denial. "(D) EFFECTIVE DATE.—

"(i) IN GENERAL.—In the case of any item or energy source specified under paragraph (4)(A)(viii) or (5)(A)(i), the credit allowed by subsection (a) shall apply with respect to expenditures which are made on or after the date on which final notice of such specification is published in the Federal Register. "(ii) EXPENDITURES TAKEN INTO ACCOUNT IN FOLLOW-

26 USC 440.

ING TAXABLE YEARS.—The Secretary may prescribe by regulations that expenditures made on or after the date referred to in clause (i) and before the close of the taxable year in which such date occurs shall be taken into account in the following taxable year." SEC. 202. RENEWABLE ENERGY SOURCE EXPENDITURES. (a) AMOUNT OF CREDIT.—Paragraph (2) of section 44C(b) (relating to qualified renewable energy source expenditures) is amended to read as follows: "(2) RENEWABLE ENERGY SOURCE.—In the case of any dwelling unit, the qualified renewable energy source expenditures are 40 percent of so much of the renewable energy source expenditures made by the taxpayer during the taxable year with respect to such unit as does not exceed $10,000." (b) SOLAR ELECTRIC ENERGY.—Clause (i) of section 44C(c)(5)(A) (defining renewable energy source property) is amended by striking out "providing hot water' and inserting in lieu thereof "providing hot water or electricity". (c) COSTS OF DRILLING GEOTHERMAL WELL.—Subparagraph (B) of

section 44C(c)(2) (relating to renewable energy source expenditure) is amended to read as follows: "(B) CERTAIN LABOR AND OTHER COSTS INCLUDED.—The

26 USC 613. 26 USC 263.

26 USC 44e note.

term 'renewable energy source expenditure' includes— "(i) expenditures for labor costs properly allocable to the onsite preparation, assembly, or original installation of renewable energy source property, and "(ii) expenditures for an onsite well drilled for any geothermal deposit (as defined in section 613(e)(3)), but only if the taxpayer has not elected under section 263(c) to deduct any portion of such expenditures." (d) SOLAR PANELS INSTALLED ON ROOFS.—Paragraph (2) of section 44C(c) (relating to renewable energy source expenditure) is amended by adding at the end thereof the following new subparagraph: "(D) CERTAIN SOLAR PANELS.—No solar panel installed as a roof (or portion thereof) shall fail to be treated as renewable energy source property solely because it constitutes a structural component of the dwelling on which it is installed." (e) EFFECTIVE DATES.— (1) SUBSECTION (a).—The amendment made by subsection (a)

shall apply to taxable years beginning after December 31, 1979. (2) SUBSECTIONS (b), (c), AND (d).—The amendments made by subsections (b), (c), and (d) shall apply to expenditures made after December 31, 1979, in taxable years ending after such date. SEC. 203. PROVISIONS TO PREVENT DOUBLE BENEFITS. (a) CREDIT TO B E REDUCED WHERE CERTAIN FINANCING IS USED.—

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