Page 135

136 STAT. 1951 PUBLIC LAW 117–169—AUG. 16, 2022 with respect to any qualified retrofit plan, the certification described in paragraph (2)(C) if the energy use intensity cer- tified in such certification is not more than 75 percent of the baseline energy use intensity of the building. ‘‘(6) BASELINE ENERGY USE INTENSITY.— ‘‘(A) IN GENERAL.—For purposes of this subsection, the term ‘baseline energy use intensity’ means the energy use intensity certified under paragraph (2)(A), as adjusted to take into account weather. ‘‘(B) DETERMINATION OF ADJUSTMENT.—For purposes of subparagraph (A), the adjustments described in such subparagraph shall be determined in such manner as the Secretary may provide. ‘‘(7) OTHER DEFINITIONS.—For purposes of this subsection— ‘‘(A) ENERGY USE INTENSITY.—The term ‘energy use intensity’ means the annualized, measured site energy use intensity determined in accordance with such regulations or other guidance as the Secretary may provide and meas- ured in British thermal units. ‘‘(B) QUALIFIED PROFESSIONAL.—The term ‘qualified professional’ means an individual who is a licensed architect or a licensed engineer and meets such other requirements as the Secretary may provide. ‘‘(8) COORDINATION WITH DEDUCTION OTHERWISE ALLOWED UNDER SUBSECTION (a).— ‘‘(A) IN GENERAL.—In the case of any building with respect to which an election is made under paragraph (1), the term ‘energy efficient commercial building property’ shall not include any energy efficient building retrofit prop- erty with respect to which a deduction is allowable under this subsection. ‘‘(B) CERTAIN RULES NOT APPLICABLE.— ‘‘(i) IN GENERAL.—Except as provided in clause (ii), subsection (d) shall not apply for purposes of this subsection. ‘‘(ii) ALLOCATION OF DEDUCTION BY CERTAIN TAX- EXEMPT ENTITIES.—Rules similar to subsection (d)(3) shall apply for purposes of this subsection.’’. (8) INFLATION ADJUSTMENT.—Section 179D(g) is amended— (A) by striking ‘‘2020’’ and inserting ‘‘2022’’, (B) by striking ‘‘or subsection (d)(1)(A)’’, and (C) by striking ‘‘2019’’ and inserting ‘‘2021’’. (b) APPLICATION TO REAL ESTATE INVESTMENT TRUST EARNINGS AND PROFITS.—Section 312(k)(3)(B) is amended— (1) by striking ‘‘For purposes of computing the earnings and profits of a corporation’’ and inserting the following: ‘‘(i) IN GENERAL.—For purposes of computing the earnings and profits of a corporation, except as pro- vided in clause (ii)’’, and (2) by adding at the end the following new clause: ‘‘(ii) SPECIAL RULE.—In the case of a corporation that is a real estate investment trust, any amount deductible under section 179D shall be allowed in the year in which the property giving rise to such deduction is placed in service (or, in the case of energy efficient building retrofit property, the year in which the quali- fying final certification is made).’’. 26 USC 179D. Applicability. Determination. VerDate Sep 11 2014 13:57 Oct 25, 2022 Jkt 029139 PO 00169 Frm 00135 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL169.117 PUBL169 jmbennett on LAP3P8D0R2PROD with Publaw