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136 STAT. 2006 PUBLIC LAW 117–169—AUG. 16, 2022 ‘‘(B) by treating any property with respect to which such credit is determined as used in a trade or business of the applicable entity. ‘‘(3) ELECTIONS.— ‘‘(A) IN GENERAL.— ‘‘(i) DUE DATE.—Any election under subsection (a) shall be made not later than— ‘‘(I) in the case of any government, or political subdivision, described in paragraph (1) and for which no return is required under section 6011 or 6033(a), such date as is determined appropriate by the Secretary, or ‘‘(II) in any other case, the due date (including extensions of time) for the return of tax for the taxable year for which the election is made, but in no event earlier than 180 days after the date of the enactment of this section. ‘‘(ii) ADDITIONAL RULES.—Any election under sub- section (a), once made, shall be irrevocable and shall apply (except as otherwise provided in this paragraph) with respect to any credit for the taxable year for which the election is made. ‘‘(B) RENEWABLE ELECTRICITY PRODUCTION CREDIT.— In the case of the credit described in subsection (b)(2), any election under subsection (a) shall— ‘‘(i) apply separately with respect to each qualified facility, ‘‘(ii) be made for the taxable year in which such qualified facility is originally placed in service, and ‘‘(iii) shall apply to such taxable year and to any subsequent taxable year which is within the period described in subsection (a)(2)(A)(ii) of section 45 with respect to such qualified facility. ‘‘(C) CREDIT FOR CARBON OXIDE SEQUESTRATION.— ‘‘(i) IN GENERAL.—In the case of the credit described in subsection (b)(3), any election under sub- section (a) shall— ‘‘(I) apply separately with respect to the carbon capture equipment originally placed in service by the applicable entity during a taxable year, and ‘‘(II)(aa) in the case of a taxpayer who makes an election described in paragraph (1)(C), apply to the taxable year in which such equipment is placed in service and the 4 subsequent taxable years with respect to such equipment which end before January 1, 2033, and ‘‘(bb) in any other case, apply to such taxable year and to any subsequent taxable year which is within the period described in paragraph (3)(A) or (4)(A) of section 45Q(a) with respect to such equipment. ‘‘(ii) PROHIBITION ON TRANSFER.—For any taxable year described in clause (i)(II)(aa) with respect to carbon capture equipment, no election may be made by the taxpayer under section 6418(a) for such taxable year with respect to such equipment for purposes of the credit described in subsection (b)(3). Time period. Applicability. Applicability. Applicability. VerDate Sep 11 2014 15:35 Oct 25, 2022 Jkt 029139 PO 00169 Frm 00190 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL169.117 PUBL169 jmbennett on LAP3P8D0R2PROD with Publaw