Instructions For Form 3468 - 2009 (Page 3 of 7) in pdf

coal project (defined earlier) not using an integrated gasification

Qualifying advanced energy project means a project that

combined cycle.

re-equips, expands, or establishes a manufacturing facility for

the production of:

•

Line 5c

Property designed to be used to produce energy from the

Enter the qualified investment in advanced coal-based

sun, wind, geothermal deposits (within the meaning of section

generation technology property placed in service during the tax

613(e)(2)), or other renewable resources,

•

year for projects described in section 48A(d)(3)(B)(iii). Eligible

Fuel cells, microturbines, or an energy storage system for

property is any certified property located in the United States

use with electric or hybrid-electric motor vehicles,

•

and which is part of a qualifying advanced coal project (defined

Electric grids to support the transmission of intermittent

earlier) which has equipment that separates and sequesters at

sources of renewable energy, including storage of the energy,

•

least 65 percent of the project’s total carbon dioxide emissions.

Property designed to capture and sequester carbon dioxide

This percentage increases to 70 percent if the credits are later

emissions,

•

reallocated by the IRS.

Property designed to refine or blend renewable fuels or to

produce energy conservation technologies (including

The credit will be recaptured if a project fails to attain or

energy-conserving lighting technologies and smart grid

maintain the carbon dioxide separation and sequestration

technologies),

requirements. For details, see section 48A(i).

•

New qualified plug-in electric drive motor vehicles (as defined

in section 30D), qualified plug-in electric vehicles (as defined in

Qualifying Gasification Project Credit

section 30(d)), or components which are designed specifically

A qualifying gasification project is a project that:

for use with those vehicles, including electric motors,

•

Employs gasification technology (as defined in section

generators, and power control units, and

48B(c)(2)),

•

Other advanced energy property designed to reduce

•

Is carried out by an eligible entity (as defined in section

greenhouse gas emissions.

48B(c)(7)), and

•

A qualifying advanced energy project does not include any

Includes a qualified investment of which an amount not to

portion of a project for the production of any property that is

exceed $650 million is certified under the qualifying gasification

used in the refining or blending of any transportation fuel (other

program as eligible for credit.

than renewable fuels).

The total amount of credits that may be allocated under the

Eligible property. Eligible property is property that is

qualifying gasification project program may not exceed $600

necessary for the production of property described in section

million.

48C(c)(1)(A)(i), for which depreciation or amortization is

For more information on the qualifying gasification project

available and is tangible personal property or other tangible

and the qualifying gasification program, see Notice 2009-23,

property (not including a building or its structural components),

2009-16 I.R.B. 802.

but only if the property is used as an integral part of the

qualifying advanced energy project.

Basis reduction. If property is financed in whole or in part by

subsidized energy financing or by tax-exempt private activity

Transitional rule. Enter only the basis:

•

bonds, figure the credit by using the basis of such property

Attributable to constructed, reconstruction, or erection by the

reduced under the rules described in Basis reduction for certain

taxpayer after February 17, 2009,

•

financing, earlier.

Of property acquired and placed in service after February 17,

2009, and

Line 6a

•

Only to the extent of the qualified investment (as determined

Enter the qualified investment in qualifying gasification project

under section 46(c) and (d) as in effect on November 4, 1990)

property (defined above) placed in service during the tax year

with respect to qualified progress expenditures made after

for which credits were allocated or reallocated after October 3,

February 17, 2009.

2008, and that include equipment that separates and

Credit from Cooperatives

sequesters at least 75% of the project’s carbon dioxide

emissions. Qualified investment is the basis of eligible property

Line 8

placed in service during the tax year that is part of a qualifying

gasification project.

Patrons, including cooperatives that are patrons in other

cooperatives, enter the unused investment credit from the

For purposes of this credit, eligible property includes any

qualifying advanced coal project credit, qualifying gasification

property that is part of a qualifying gasification project and

project credit, or qualifying advanced energy project credit

necessary for the gasification technology of such project. The

allocated from cooperatives. If you are a cooperative, see the

IRS is required to recapture the benefit of any allocated credit if

Instructions for Form 3800, line 1a, for allocating the investment

a project fails to attain or maintain these carbon dioxide

credit to your patrons.

separation and sequestration requirements. See section 48B(f).

Rehabilitation Credit

Line 6b

You are allowed a credit for qualified rehabilitation expenditures

Enter the qualified investment, other than line 6a, in qualifying

made for any qualified rehabilitated building. You must reduce

gasification project property (defined above) placed in service

your basis by the amount of the credit determined for the tax

during the tax year.

year.

Qualifying Advanced Energy Project Credit

If the adjusted basis of the building is determined in whole or

in part by reference to the adjusted basis of a person other than

To be eligible for the qualifying advanced energy project credit,

the taxpayer, see Regulations section 1.48-12(b)(2)(viii) for

some or all of the qualified investment in the qualifying

additional information that must be attached.

advanced energy project must be certified by the IRS under

section 48C(d). For more information on certification, see

Qualified Rehabilitated Building

Notice 2009-72, 2009-37 I.R.B. 325.

To be a qualified rehabilitated building, your building must meet

Line 7

all five of the following requirements.

Enter the qualified investment in qualifying advanced energy

1. The building must have been placed in service (see

project property placed in service after February 17, 2009, that

requirement 4) prior to 1936 unless it is a certified historic

is part of a qualifying advanced energy project. Qualified

structure. A certified historic structure is any building (a) listed in

investment is the basis of eligible property placed in service

the National Register of Historic Places, or (b) located in a

during the tax year that is part of a qualifying advanced energy

registered historic district (as defined in section 47(c)(3)(B)) and

project.

certified by the Secretary of the Interior as being of historic

-3-

Instructions For Form 3468 - 2009 Page 3

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