ELECTION OF INVESTMENT CREDIT IN LIEU OF PRODUCTION CREDIT.

SEC. 1102. ELECTION OF INVESTMENT CREDIT IN LIEU OF PRODUCTION CREDIT.(a) In General.—Subsection (a) of section 48 is amended by adding at the end the following new paragraph:“(5) Election to treat qualified facilities as energy property.—“(A) In general.—In the case of any qualified property which is part of a qualified investment credit facility—123 STAT. 320“(i) such property shall be treated as energy property for purposes of this section, and“(ii) the energy percentage with respect to such property shall be 30 percent.“(B) Denial of production credit.—No credit shall be allowed under section 45 for any taxable year with respect to any qualified investment credit facility.“(C) Qualified investment credit facility.—For purposes of this paragraph, the term ‘qualified investment credit facility’ means any of the following facilities if no credit has been allowed under section 45 with respect to such facility and the taxpayer makes an irrevocable election to have this paragraph apply to such facility:“(i) Wind facilities.—Any qualified facility (within the meaning of section 45) described in paragraph (1) of section 45(d) if such facility is placed in service in 2009, 2010, 2011, or 2012.“(ii) Other facilities.—Any qualified facility (within the meaning of section 45) described in paragraph (2), (3), (4), (6), (7), (9), or (11) of section 45(d) if such facility is placed in service in 2009, 2010, 2011, 2012, or 2013.“(D) Qualified property.—For purposes of this paragraph, the term ‘qualified property’ means property—“(i) which is—“(I) tangible personal property, or“(II) other tangible property (not including a building or its structural components), but only if such property is used as an integral part of the qualified investment credit facility, and“(ii) with respect to which depreciation (or amortization in lieu of depreciation) is allowable.”.(b) Effective Date.—The amendments made by this section shall apply to facilities placed in service after December 31, 2008.