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136 STAT. 1950 PUBLIC LAW 117–169—AUG. 16, 2022 ‘‘(1) IN GENERAL.—In the case of a taxpayer which elects (at such time and in such manner as the Secretary may provide) the application of this subsection with respect to any qualified building, there shall be allowed as a deduction for the taxable year which includes the date of the qualifying final certification with respect to the qualified retrofit plan of such building, an amount equal to the lesser of— ‘‘(A) the excess described in subsection (b) (determined by substituting ‘energy use intensity’ for ‘total annual energy and power costs’ in paragraph (2) thereof), or ‘‘(B) the aggregate adjusted basis (determined after taking into account all adjustments with respect to such taxable year other than the reduction under subsection (e)) of energy efficient building retrofit property placed in service by the taxpayer pursuant to such qualified ret- rofit plan. ‘‘(2) QUALIFIED RETROFIT PLAN.—For purposes of this sub- section, the term ‘qualified retrofit plan’ means a written plan prepared by a qualified professional which specifies modifica- tions to a building which, in the aggregate, are expected to reduce such building’s energy use intensity by 25 percent or more in comparison to the baseline energy use intensity of such building. Such plan shall provide for a qualified profes- sional to— ‘‘(A) as of any date during the 1-year period ending on the date on which the property installed pursuant to such plan is placed in service, certify the energy use inten- sity of such building as of such date, ‘‘(B) certify the status of property installed pursuant to such plan as meeting the requirements of subparagraphs (B) and (C) of paragraph (3), and ‘‘(C) as of any date that is more than 1 year after the date on which the property installed pursuant to such plan is placed in service, certify the energy use intensity of such building as of such date. ‘‘(3) ENERGY EFFICIENT BUILDING RETROFIT PROPERTY.—For purposes of this subsection, the term ‘energy efficient building retrofit property’ means property— ‘‘(A) with respect to which depreciation (or amortization in lieu of depreciation) is allowable, ‘‘(B) which is installed on or in any qualified building, ‘‘(C) which is installed as part of— ‘‘(i) the interior lighting systems, ‘‘(ii) the heating, cooling, ventilation, and hot water systems, or ‘‘(iii) the building envelope, and ‘‘(D) which is certified in accordance with paragraph (2)(B) as meeting the requirements of subparagraphs (B) and (C). ‘‘(4) QUALIFIED BUILDING.—For purposes of this subsection, the term ‘qualified building’ means any building which— ‘‘(A) is located in the United States, and ‘‘(B) was originally placed in service not less than 5 years before the establishment of the qualified retrofit plan with respect to such building. ‘‘(5) QUALIFYING FINAL CERTIFICATION.—For purposes of this subsection, the term ‘qualifying final certification’ means, Time period. Certification. Time period. Certifications. Determinations. VerDate Sep 11 2014 13:57 Oct 25, 2022 Jkt 029139 PO 00169 Frm 00134 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL169.117 PUBL169 jmbennett on LAP3P8D0R2PROD with Publaw