Inflation Adjusted Items for Certain Tax Years

For inflation adjustment of certain items in this section, see Internal Revenue Notices listed in a table below.

Editorial Notes
References in Text

The date of the enactment of the Bipartisan Budget Act of 2018 and the date of the enactment of such Act, referred to in text, is the date of enactment of Pub. L. 115–123, which was approved Feb. 9, 2018.

Amendments

2022—Subsec. (b)(1)(A). Pub. L. 117–169, § 13104(c)(2)(A), substituted “Except as provided in subparagraph (B) or (C), the applicable dollar amount” for “The applicable dollar amount” in introductory provisions.

Subsec. (b)(1)(A)(i)(I). Pub. L. 117–169, § 13104(b)(1)(A), substituted “$17” for “the dollar amount established by linear interpolation between $22.66 and $50 for each calendar year during such period”.

Subsec. (b)(1)(A)(i)(II). Pub. L. 117–169, § 13104(b)(1)(B), substituted “$12” for “the dollar amount established by linear interpolation between $12.83 and $35 for each calendar year during such period”.

Subsec. (b)(1)(A)(ii)(I). Pub. L. 117–169, § 13104(b)(2)(A), substituted “$17” for “$50”.

Subsec. (b)(1)(A)(ii)(II). Pub. L. 117–169, § 13104(b)(2)(B), substituted “$12” for “$35”.

Subsec. (b)(1)(B), (C). Pub. L. 117–169, § 13104(c)(1)(B), added subpars. (B) and (C). Former subpar. (B) redesignated (D).

Subsec. (b)(1)(D). Pub. L. 117–169, § 13104(c)(2)(B), substituted “subparagraph (A), (B), or (C)” for “subparagraph (A)”.

Pub. L. 117–169, § 13104(c)(1)(A), redesignated subpar. (B) as (D).

Subsec. (d). Pub. L. 117–169, § 13104(a)(1), amended subsec. (d) generally. Prior to amendment, subsec. (d) defined qualified facility.

Subsec. (e). Pub. L. 117–169, § 13104(a)(2)(A), added pars. (1) and (2) and redesignated former pars. (1) to (3) as (3) to (5), respectively.

Subsec. (f)(3). Pub. L. 117–169, § 13104(e)(1), struck out par. (3) which had appeared after par. (7) and related to credit reduced for certain tax-exempt bonds.

Subsec. (f)(8). Pub. L. 117–169, § 13104(e)(2), added par. (8).

Subsec. (f)(9). Pub. L. 117–169, § 13104(g), added par. (9).

Subsec. (g). Pub. L. 117–169, § 13104(f), inserted “the earlier of January 1, 2023, and” before “the end of the calendar year” in introductory provisions.

Subsecs. (h), (i). Pub. L. 117–169, § 13104(d), added subsec. (h) and redesignated former subsec. (h) as (i).

Subsec. (i)(3). Pub. L. 117–169, § 13104(h), added par. (3).

2021—Subsec. (f)(3). Pub. L. 117–58 added par. (3) relating to credit reduced for certain tax-exempt bonds at end of subsec. (f).

2020—Subsec. (d)(1). Pub. L. 116–260 substituted “January 1, 2026” for “January 1, 2024” in introductory provisions.

2018—Pub. L. 115–123 amended section generally. Prior to amendment, section related to credit for carbon dioxide sequestration.

2014—Subsec. (d)(2). Pub. L. 113–295 substituted “Administrator of the Environmental Protection Agency, the Secretary of Energy, and the Secretary of the Interior, shall establish” for “Administrator of the Environmental Protection Agency the Secretary of Energy, and the Secretary of the Interior,, shall establish”.

2009—Subsec. (a)(1)(B). Pub. L. 111–5, § 1131(b)(2), inserted “and not used by the taxpayer as described in paragraph (2)(B)” after “storage”.

Subsec. (a)(2)(C). Pub. L. 111–5, § 1131(a), added subpar. (C).

Subsec. (d)(2). Pub. L. 111–5, § 1131(b)(1), inserted “the Secretary of Energy, and the Secretary of the Interior,” after “Environmental Protection Agency” and substituted “paragraph (1)(B) or (2)(C) of subsection (a)” for “subsection (a)(1)(B)” and “, oil and gas reservoirs, and unminable coal seams” for “and unminable coal seems”.

Subsec. (e). Pub. L. 111–5, § 1131(b)(3), substituted “taken into account in accordance with subsection (a)” for “captured and disposed of or used as a tertiary injectant”.

Statutory Notes and Related Subsidiaries
Effective Date of 2022 Amendment

Pub. L. 117–169, title I, § 13104(i), Aug. 16, 2022, 136 Stat. 1929, provided that:

“(1)
In general.—
Except as provided in paragraphs (2), (3), and (4), the amendments made by this section [amending this section and section 142 of this title] shall apply to facilities or equipment placed in service after December 31, 2022.
“(2)
Modification of carbon oxide capture requirements.—
The amendments made by subsection (a) [amending this section and section 142 of this title] shall apply to facilities or equipment the construction of which begins after the date of enactment of this Act [Aug. 16, 2022].
“(3)
Application of section for certain carbon capture equipment.—
The amendments made by subsection (f) [amending this section] shall take effect on the date of enactment of this Act.
“(4)
Election.—
The amendments made by subsection (g) [amending this section] shall apply to carbon oxide captured and disposed of after December 31, 2021.”

Effective Date of 2021 Amendment

Pub. L. 117–58, div. H, title IV, § 80402(f), Nov. 15, 2021, 135 Stat. 1334, provided that: “The amendments made by this section [amending this section and sections 141, 142, and 146 of this title] shall apply to obligations issued after December 31, 2021.”

Effective Date of 2018 Amendment

Pub. L. 115–123, div. D, title II, § 41119(b), Feb. 9, 2018, 132 Stat. 168, provided that: “The amendment made by this section [amending this section] shall apply to taxable years beginning after December 31, 2017.”

Effective Date of 2014 Amendment

Amendment by Pub. L. 113–295 effective as if included in the provisions of the American Recovery and Reinvestment Tax Act of 2009, Pub. L. 111–5, div. B, title I, to which such amendment relates, see section 209(k) of Pub. L. 113–295, set out as a note under section 24 of this title.

Effective Date of 2009 Amendment

Pub. L. 111–5, div. B, title I, § 1131(c), Feb. 17, 2009, 123 Stat. 325, provided that: “The amendments made by this section [amending this section] shall apply to carbon dioxide captured after the date of the enactment of this Act [Feb. 17, 2009].”

Effective Date

Section applicable to carbon dioxide captured after Oct. 3, 2008, see section 115(d) of Pub. L. 110–343, set out as an Effective Date of 2008 Amendment note under section 38 of this title.

Inflation Adjusted Items for Certain Years

Provisions relating to inflation adjustment of items in this section for certain years were contained in the following:

2023—Internal Revenue Notice 2023–46.

2022—Internal Revenue Notice 2022–38.

2021—Internal Revenue Notice 2021–35.

2020—Internal Revenue Notice 2020–40.

2019—Internal Revenue Notice 2019–31.

2018—Internal Revenue Notice 2018–40.

2017—Internal Revenue Notice 2017–32.

2016—Internal Revenue Notice 2016–53.

2015—Internal Revenue Notice 2015–44.

2014—Internal Revenue Notice 2014–40.

2013—Internal Revenue Notice 2013–34.

2012—Internal Revenue Notice 2012—42.

2011—Internal Revenue Notice 2011–50.

2010—Internal Revenue Notice 2010–75.