A bill to amend the Internal Revenue Code of 1954 to provide for the treatment of property as energy property for investment credit purposes after December 31, 1982, where the taxpayer is affirmatively committed on that date to its construction, reconstruction erection, or acquisition.

Summary

Amends the Internal Revenue Code to treat property which is placed in service after December 31, 1982, as energy property, for purposes of the investment tax credit, if such property qualifies as energy property and if the taxpayer is affirmatively committed on that date to its construction, reconstruction, erection, or acquisition. Defines "affirmative commitment" as (1) the completion of detailed engineering studies and the application for construction permits of licenses with local authorities; (2) the entry into a written, binding contract for the commencement of construction, reconstruction, or erection, or for the acquisition of the property; or (3) the placement of purchase orders for the acquisition of at least 50 percent of the total cost of all items of permanent equipment necessary for the construction, reconstruction, or erection of the property.

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1 official file

• Introduced in Senate

  summary · EN · 2 August 1979

  Open at official source

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