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136 STAT. 2010 PUBLIC LAW 117–169—AUG. 16, 2022 ‘‘(2) COORDINATION WITH APPLICATION AT PARTNER OR SHAREHOLDER LEVEL.—In the case of any facility or property held directly by a partnership or S corporation, no election by any partner or shareholder shall be allowed under subsection (a) with respect to any eligible credit determined with respect to such facility or property. ‘‘(d) TAXABLE YEAR IN WHICH CREDIT TAKEN INTO ACCOUNT.— In the case of any credit (or portion thereof) with respect to which an election is made under subsection (a), such credit shall be taken into account in the first taxable year of the transferee tax- payer ending with, or after, the taxable year of the eligible taxpayer with respect to which the credit was determined. ‘‘(e) LIMITATIONS ON ELECTION.— ‘‘(1) TIME FOR ELECTION.—An election under subsection (a) to transfer any portion of an eligible credit shall be made not later than the due date (including extensions of time) for the return of tax for the taxable year for which the credit is determined, but in no event earlier than 180 days after the date of the enactment of this section. Any such election, once made, shall be irrevocable. ‘‘(2) NO ADDITIONAL TRANSFERS.—No election may be made under subsection (a) by a transferee taxpayer with respect to any portion of an eligible credit which has been previously transferred to such taxpayer pursuant to this section. ‘‘(f) DEFINITIONS.—For purposes of this section— ‘‘(1) ELIGIBLE CREDIT.— ‘‘(A) IN GENERAL.—The term ‘eligible credit’ means each of the following: ‘‘(i) So much of the credit for alternative fuel vehicle refueling property allowed under section 30C which, pursuant to subsection (d)(1) of such section, is treated as a credit listed in section 38(b). ‘‘(ii) The renewable electricity production credit determined under section 45(a). ‘‘(iii) The credit for carbon oxide sequestration determined under section 45Q(a). ‘‘(iv) The zero-emission nuclear power production credit determined under section 45U(a). ‘‘(v) The clean hydrogen production credit deter- mined under section 45V(a). ‘‘(vi) The advanced manufacturing production credit determined under section 45X(a). ‘‘(vii) The clean electricity production credit deter- mined under section 45Y(a). ‘‘(viii) The clean fuel production credit determined under section 45Z(a). ‘‘(ix) The energy credit determined under section 48. ‘‘(x) The qualifying advanced energy project credit determined under section 48C. ‘‘(xi) The clean electricity investment credit deter- mined under section 48E. ‘‘(B) ELECTION FOR CERTAIN CREDITS.—In the case of any eligible credit described in clause (ii), (iii), (v), or (vii) of subparagraph (A), an election under subsection (a) shall be made— Deadline. Time period. VerDate Sep 11 2014 15:35 Oct 25, 2022 Jkt 029139 PO 00169 Frm 00194 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL169.117 PUBL169 jmbennett on LAP3P8D0R2PROD with Publaw