26 U.S.C. § 87

Current through P.L. 118-47 (published on www.congress.gov on 03/23/2024)

Section 87 - Alcohol and biodiesel fuels credits

Gross income includes-

(1) the amount of the alcohol fuel credit determined with respect to the taxpayer for the taxable year under section 40(a),

(2) the biodiesel fuels credit determined with respect to the taxpayer for the taxable year under section 40A(a), and

(3) the sustainable aviation fuel credit determined with respect to the taxpayer for the taxable year under section 40B(a).

26 U.S.C. § 87

Added Pub. L. 96-223, title II, §232(c)(1), Apr. 2, 1980, 94 Stat. 276, §86; renumbered §87, Pub. L. 98-21, title I, §121(a), Apr. 20, 1983, 97 Stat. 80; amended Pub. L. 98-369, div. A, title IV, §474(r)(3), July 18, 1984, 98 Stat. 839; Pub. L. 108-357, title III, §302(c)(1)(A), Oct. 22, 2004, 118 Stat. 1465; Pub. L. 117-169, title I, §13203(e), Aug. 16, 2022, 136 Stat. 1935.

EDITORIAL NOTES

AMENDMENTS2022-Par. (3). Pub. L. 117-169 added par. (3).2004- Pub. L. 108-357 amended section catchline and text generally. Prior to amendment, text read as follows: "Gross income includes the amount of the alcohol fuel credit determined with respect to the taxpayer for the taxable year under section 40(a)."1984- Pub. L. 98-369 amended section generally, substituting "the amount of the alcohol fuel credit determined with respect to the taxpayer for the taxable year under section 40(a)" for "an amount equal to the amount of the credit allowable to the taxpayer under section 44E for the taxable year (determined without regard to subsection (e) thereof)".

STATUTORY NOTES AND RELATED SUBSIDIARIES

EFFECTIVE DATE OF 2022 AMENDMENT Amendment by Pub. L. 117-169 applicable to fuel sold or used after Dec. 31, 2022, see section 13203(f) of Pub. L. 117-169 set out as an Effective Date note under section 40B of this title.

EFFECTIVE DATE OF 2004 AMENDMENT Amendment by Pub. L. 108-357 applicable to fuel produced, and sold or used, after Dec. 31, 2004, in taxable years ending after such date, see section 302(d) of Pub. L. 108-357 set out as a note under section 38 of this title.

EFFECTIVE DATE OF 1984 AMENDMENT Amendment by Pub. L. 98-369 applicable to taxable years beginning after Dec. 31, 1983, and to carrybacks from such years, see section 475(a) of Pub. L. 98-369 set out as a note under section 21 of this title.

EFFECTIVE DATESection applicable to sales or uses after Sept. 30, 1980, in taxable years ending after such date, see section 232(h)(1) of Pub. L. 96-223 set out as a note under section 40 of this title.

taxable year

The term "taxable year" means the calendar year, or the fiscal year ending during such calendar year, upon the basis of which the taxable income is computed under subtitle A. "Taxable year" means, in the case of a return made for a fractional part of a year under the provisions of subtitle A or under regulations prescribed by the Secretary, the period for which such return is made.

taxpayer

The term "taxpayer" means any person subject to any internal revenue tax.