Recent legislation has impacted the 2020 Form 3468

 

The Taxpayer Certainty and Disaster Relief Tax Act of 2020 (the "Act") extended deadlines for certain energy property to 2021, changed credit rates to 26% from the previous 22%, added a new credit for waste energy recovery property, provided special rules for offshore wind facilities, and extended investment credit for certain facilities. The Act was enacted after the final release of the 2020 Form 3468. Certain lines became obsolete and certain lines expanded to cover the new credit or additional year(s). Most of the changes will begin in the 2021 tax year and will impact only fiscal year taxpayers. Rather than recalling the 2020 Form 3468, instructions were added to reflect the latest developments. See the summary of changes of 2020 Form 3468 listed below.

Line 12d is obsolete. Use line 12c to report energy property placed in service during the tax year and the construction of which begins in 2021. See the Instructions for Form 3468 for details.

Lines 12n, 12o, and 12p are obsolete. Use lines 12k, 12l, and 12m to report fuel cell property placed in service during the tax year and the construction of which begins in 2021. See the Instructions for Form 3468 for details.

Line 12aa is obsolete. Use line 12z to report small wind energy property placed in service during the tax year and the construction of which begins in 2021. See the Instructions for Form 3468 for details.

Use line 12z to report basis of waste energy recovery property placed in service during the tax year and the construction of which begins in 2021 or 2022. See the Instructions for Form 3468 for details.

Use line 12gg for basis of wind facility property placed in service during the tax year and the construction of which begins during 2020 or 2021. See the Instructions for Form 3468 for details.