United States. Congress

“ Eligible property.—The term `eligible property' means any property— " (A) which is necessary for the production of property described in paragraph (1) (A) (i) , " (B) which is— " (i) tangible personal property, or " (ii) other tangible property (not including a building or its structural components) , but only if such property is used as an integral part of the qualified investment credit facility, and " (C) with respect to which depreciation (or amortization in lieu of depreciation) is allowable. " ”

“ In General.—For purposes of section 46, the qualifying advanced energy project credit for any taxable year is an amount equal to 30 percent of the qualified investment for such taxable year with respect to any qualifying advanced energy project of the taxpayer. " (b) Qualified Investment.— " (1) In general.—For purposes of subsection (a) , the qualified investment for any taxable year is the basis of eligible property placed in service by the taxpayer during such taxable year which is part of a qualifying advanced energy project. ”

“ Redistribution.—The Secretary may reallocate credits awarded under this section if the Secretary determines that— " (i) there is an insufficient quantity of qualifying applications for certification pending at the time of the review, or " (ii) any certification made pursuant to paragraph (2) has been revoked pursuant to paragraph (2) (B) because the project subject to the certification has been delayed as a result of third party opposition or litigation to the proposed project. " ”