Business Energy Credit

Business Energy Credit means:
credit based on electricity sold to unrelated persons and produced from qualified energy resources at a qualified facility during the 10-year period after the facility is placed in service. The credit equals 1.5 cents (adjusted for inflation) per kilowatt hour of such electricity sold. Qualified energy resources are wind and closed-loop biomass. Closed-loop biomass is any organic material that is planted exclusively for use at a qualified facility to produce electricity. A qualified facility is one that is placed in service after 1993 (after 1992 for a facility using closed-loop biomass to produce electricity) but before July 1, 1999. Former IRC (check if this IRC provision is current here) § 48(a).