§ 168(l)(2)

qualified second generation biofuel plant property

UNDECIDED

0 of 3 settled

  1. 1

    § 168(l)(2)

    ALL OF

    The term “qualified second generation biofuel plant property” means property of a character subject to the allowance for depreciation—

    “property of a character subject to the allowance for depreciation” Opening words
    “which is used in the United States solely to produce second generation biofuel (as defined in section 40(b)(6)(E)),” § 168(l)(2)(A) needs Step 3 second generation biofuel UNDECIDED
    “the original use of which commences with the taxpayer after the date of the enactment of this subsection,” § 168(l)(2)(B)
    “which is acquired by the taxpayer by purchase (as defined in section 179(d)) after the date of the enactment of this subsection, but only if no written binding contract for the acquisition was in effect on or before the date of the enactment of this subsection, and” § 168(l)(2)(C)

    Step 2 qualifies under this subparagraph UNDECIDED

    “which is placed in service by the taxpayer before January 1, 2021.” § 168(l)(2)(D)
  2. 2

    § 168(l)(2)(C)

    qualifies under this subparagraph

    ALL OF
    “property of a character subject to the allowance for depreciation—” Enclosing § 168(l)(2)
    “which is acquired by the taxpayer by purchase (as defined in section 179(d)) after the date of the enactment of this subsection”
    “no written binding contract for the acquisition was in effect on or before the date of the enactment of this subsection”
  3. 3

    § 40(b)(6)(E)

    second generation biofuel

    ALL OF
    NOT“except as provided in subsection (h)—” Enclosing § 40(b)
    “any liquid fuel”
    “is derived by, or from, qualified feedstocks”
    “meets the registration requirements for fuels and fuel additives established by the Environmental Protection Agency under section 211 of the Clean Air Act (42 U.S.C. 7545).”
    NOT“any alcohol with a proof of less than 150”
    NOT“more than 4 percent of such fuel (determined by weight) is any combination of water and sediment”
    NOT“the ash content of such fuel is more than 1 percent (determined by weight)”
    NOT“such fuel has an acid number greater than 25.”