Home > Business Taxes > American Taxpayer Relief Act of 2012 Title IV – Energy Tax Extenders

American Taxpayer Relief Act of 2012 Title IV – Energy Tax Extenders

On January 2, 2014, President Obama signed the American Taxpayer Relief Act of 2012 into law. This post basically has some IRS code links and notes I’m taking while researching the sections included in Title IV.

Title IV – Energy Tax Extenders

  • Sec. 401. Extension of credit for energy-efficient existing homes.

    • Extended the termination of this credit from `December 31, 2011′ to `December 31, 2013′. (sec. 25C(g)(2))
  • Sec. 402. Extension of credit for alternative fuel vehicle refueling property.
    • Extended the termination of this credit from `December 31, 2011′ to `December 31, 2013′. (sec. 30C(g)(2))
  • Sec. 403. Extension of credit for 2- or 3-wheeled plug-in electric vehicles.
    • Added a new section and rules for 2- or 3-wheeled plug-in electric vehicle. (sec. 30D(g))
    • This credit is effect for qualified purchases between December 31, 2011, and January 1, 2014. (sec. 30D(g))
    • Updated language in Section 30D from ‘motor vehicle’ to ‘vehicle’. (sec. 30D)
  • Sec. 404. Extension and modification of cellulosic biofuel producer credit.
    • Extended this credit from before January 1, 2013, to before January 1, 2014. (sec. 40(b)(6)(H))
    • Added no carry-forward section. (sec. 40(b)(6)(H)(ii))
    • Added various portions to treat algae as a qualified feedstock. (sec. 40(b))
    • Changed references from `cellulosic biofuel’ to `second generation biofuel’. (sec. 40)
  • Sec. 405. Extension of incentives for biodiesel and renewable diesel.
    • Extended the termination of this credit from `December 31, 2011′ to `December 31, 2013′. (sec. 40A(g))
    • Extended credit for biodiesel mixtures credit from `December 31, 2011′ to `December 31, 2013′. (sec. 6426(c)(6))
    • Extended incentive for biodiesel mixtures not used for taxable purposes credit `December 31, 2011′ to `December 31, 2013′. (sec. 6427(e)(6)(B))
  • Sec. 406. Extension of production credit for Indian coal facilities placed in service before 2009.
    • Changed credit from a `7-year period’ to a `8-year period’, still starting January 1, 2006. (sec. 45(e)(10)(a))
  • Sec. 407. Extension and modification of credits with respect to facilities producing energy from certain renewable resources.
    • Extended wind facility credit from before January 1, 2013, to before January 1, 2014. (sec. 45(d)(1))
    • Added exclusion of paper which is commonly recycled to the definition of municipal solid waste. (sec. 45(c)(6))
    • Changed language for qualified facility from placed in service `before January 1, 2014′ to `the construction of which begins before January 1, 2014′. (sec. 45(d)(1))
    • A lot of various technical changes. (sec. 45)
  • Sec. 408. Extension of credit for energy-efficient new homes.
  • Sec. 409. Extension of credit for energy-efficient appliances.
    • Extended 2011 credits to 2012 and 2013. (sec. 45M(b))
  • Sec. 410. Extension and modification of special allowance for cellulosic biofuel plant property.
    • Changed qualified cellulosic biofuel plant property from ‘placed in service by the taxpayer before January 1, 2013′ to ‘placed in service by the taxpayer before January 1, 2014′. (sec. 168(l)(2)(D))
    • Changed references from `cellulosic biofuel’ to `second generation biofuel’. (sec. 168(l))
  • Sec. 411. Extension of special rule for sales or dispositions to implement FERC or state electric restructuring policy for qualified electric utilities.
    • Changed “qualifying electric transmission transaction” from before January 1, 2012, to before January 1, 2014. (sec. 451(l))(3)
  • Sec. 412. Extension of alternative fuels excise tax credits.
    • Changed termination of alternative fuel credit from `December 31, 2011′ to `December 31, 2013′. (sec. 6426(d)(5))
    • Changed termination of alternative fuel mixture credit from `December 31, 2011′ to `December 31, 2013′. (sec. 6426(e)(3))
    • Extended incentive for alcohol, biodiesel, or alternative fuel not used for taxable purposes. (sec. 6427(e)(6)(C))
About these ads

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

Join 86 other followers

%d bloggers like this: