Form 3468

Department of the Treasury 

Internal Revenue Service (99)

Investment Credit

▶ Attach to your tax return. 

▶ Go to www.irs.gov/Form3468 for instructions and the latest information.

OMB No. 1545-0155

2021

Attachment 

Sequence No. 174

Name(s) shown on return Identifying number

Part I Information Regarding the Election To Treat the Lessee as the Purchaser of Investment Credit Property

If you are claiming the investment credit as a lessee based on a section 48(d) (as in effect on November 4, 1990) election, provide the 

following information. If you acquired more than one property as a lessee, attach a statement showing the information below.

1 Name of lessor

2 Address of lessor

3 Description of property

4 Amount for which you were treated as having acquired the property . . . . . . . . . . . ▶ $

Part II Qualifying Advanced Coal Project Credit, Qualifying Gasification Project Credit, and Qualifying 

Advanced Energy Project Credit

5 Qualifying advanced coal project credit (see instructions):

a Qualified investment in integrated gasification combined cycle property 

placed in service during the tax year for projects described in section 

48A(d)(3)(B)(i) . . . . . . . . . $ × 20% (0.20) 5a

b Qualified investment in advanced coal-based generation technology property 

placed in service during the tax year for projects described in section 

48A(d)(3)(B)(ii) . . . . . . . . . $ × 15% (0.15) 5b

c Qualified investment in advanced coal-based generation technology property 

placed in service during the tax year for projects described in section 

48A(d)(3)(B)(iii) . . . . . . . . . $ × 30% (0.30) 5c

d Total. Add lines 5a, 5b, and 5c . . . . . . . . . . . . . . . . . . . . . . . . 5d

6 Qualifying gasification project credit (see instructions):

a Qualified investment in qualified gasification property placed in service during 

the tax year for which credits were allocated or reallocated after October 3, 

2008, and that includes equipment that separates and sequesters at least 75% 

of the project’s carbon dioxide emissions $ × 30% (0.30) 6a

b Qualified investment in property other than in a above placed in service during 

the tax year . . . . . . . . . . $ × 20% (0.20) 6b

c Total. Add lines 6a and 6b . . . . . . . . . . . . . . . . . . . . . . . . . 6c

7 Qualifying advanced energy project credit (see instructions):

Qualified investment in advanced energy project property placed in service 

during the tax year . . . . . . . . . . . . . . . . $ × 30% (0.30) 7

8 Reserved for future use . . . . . . . . . . . . . . . . . . . . . . . . . . 8

9 Enter the applicable unused investment credit from cooperatives (see instructions) . . . . . . 9

10 Add lines 5d, 6c, 7, and 9. Report this amount on Form 3800, Part III, line 1a . . . . . . . . 10

For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 12276E Form 3468 (2021) 
Form 3468 (2021) Page 2 

Part III Rehabilitation Credit and Energy Credit

11 Rehabilitation credit (see instructions for requirements that must be met):

a Check this box if you are electing under section 47(d)(5) to take your qualified rehabilitation 

expenditures into account for the tax year in which paid (or, for self-rehabilitated property, when 

capitalized). See instructions. Note: This election applies to the current tax year and to all later tax 

years. You may not revoke this election without IRS consent . . . . . . . . . . . . ▶

b Enter the dates on which the 24- or 60-month measuring period begins

and ends

c Enter the adjusted basis of the building as of the beginning date above (or the

first day of your holding period, if later) . . . . . . . . . . . . . . $

d Enter the amount of the qualified rehabilitation expenditures incurred, or treated

as incurred, during the period on line 11b above . . . . . . . . . . . $

Enter the amount of qualified rehabilitation expenditures and multiply by the percentage shown:

e Pre-1936 buildings under the transition rule (see instructions) . . $ × 10% (0.10) 11e

f Certified historic structures under the transition rule (see instructions) $ × 20% (0.20) 11f

g Certified historic structures with expenditures paid or incurred after 

2017 and not under the transition rule (see instructions) . . . $ × 4% (0.04) 11g

Note: This credit is allowed for a 5-year period beginning in the tax year that the qualified rehabilitated

building is placed in service.

For properties identified on line 11f or 11g, complete lines 11h and 11i.

h Enter the assigned NPS project number or the pass-through entity’s employer identification number 

(see instructions) . . . . . . . . . . . . . . . . . . .

i Enter the date that the NPS approved the Request for Certification of Completed Work (see 

instructions) . . . . . . . . . . . . . . . . . . . . .

12 Energy credit:

a Basis of property using geothermal energy placed in service during the tax year 

(see instructions) . . . . . . . . . . . . . . . . $ × 10% (0.10) 12a

b Basis of property using solar illumination or solar energy placed in service during the tax year that 

is attributable to periods after December 31, 2005, and the construction of which began before 

2020 (see instructions) . . . . . . . . . . . . . . $ × 30% (0.30) 12b

c Basis of property using solar illumination or solar energy placed in service during the tax year and the 

construction of which began after 2019 and before 2023 (see instructions) $ × 26% (0.26) 12c

d Reserved for future use . . . . . . . . . . . . . . . . . . . . . . . . . . 12d

Qualified fuel cell property (see instructions):

e Basis of property placed in service during the tax year that was acquired after December 31, 2005, 

and before October 4, 2008, and the basis attributable to construction, reconstruction, or erection by

the taxpayer after December 31, 2005, and before October 4, 2008 $ × 30% (0.30) 12e

f Applicable kilowatt capacity of property on line 12e (see instructions) . ▶ × $1,000 12f

g Enter the smaller of line 12e or line 12f . . . . . . . . . . . . . . . . . . . . . 12g

h Basis of property placed in service during the tax year that is attributable to periods after 

October 3, 2008, and the construction of which began before 2020 $ × 30% (0.30) 12h

i Applicable kilowatt capacity of property on line 12h (see instructions) . ▶ × $3,000 12i

j Enter the smaller of line 12h or line 12i . . . . . . . . . . . . . . . . . . . . . 12j

k Basis of property placed in service during the tax year and the construction of which began 

after 2019 and before 2023 . . . . . . . . . . . . . $ × 26% (0.26) 12k

l Applicable kilowatt capacity of property on line 12k (see instructions) . ▶ × $3,000 12l

m Enter the smaller of line 12k or line 12l . . . . . . . . . . . . . . . . . . . . . 12m

n Reserved for future use . . . . . . . . . . . . . . . . . . . . . . . . . . 12n

o Reserved for future use . . . . . . . . . . . . . . . . . . . . . . . . . . 12o

p Reserved for future use . . . . . . . . . . . . . . . . . . . . . . . . . . 12p

Qualified microturbine property (see instructions):

q Basis of property placed in service during the tax year that was acquired after December 31, 2005, 

and the basis attributable to construction, reconstruction, or erection by the taxpayer after 

December 31, 2005 . . . . . . . . . . . . . . . $ × 10% (0.10) 12q

r Kilowatt capacity of property on line 12q . . . . . . . . . . ▶ × $200 12r

s Enter the smaller of line 12q or line 12r . . . . . . . . . . . . . . . . . . . . . 12s

Form 3468 (2021) 
Form 3468 (2021) Page 3 

Part III Rehabilitation Credit and Energy Credit (continued)

Combined heat and power system property (see instructions):

Caution: You can’t claim this credit if the electrical capacity of the property is more than 50

megawatts or has a mechanical energy capacity of more than 67,000 horsepower or an equivalent 

combination of electrical and mechanical energy capabilities.

t Basis of property placed in service during the tax year that was acquired after October 3, 2008, 

and the basis attributable to construction, reconstruction, or erection by the taxpayer after 

October 3, 2008 . . . . . . . . . . . . . . . . . $ × 10% (0.10) 12t

u If the electrical capacity of the property is measured in:

• Megawatts, divide 15 by the megawatt capacity. Enter 1.0 if the capacity is 15 megawatts or less.

• Horsepower, divide 20,000 by the horsepower. Enter 1.0 if the capacity is 20,000 horsepower or 

less . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12u .

v Multiply line 12t by line 12u . . . . . . . . . . . . . . . . . . . . . . . . . 12v

Qualified small wind energy property (see instructions):

w Basis of property placed in service during the tax year that was acquired after October 3, 2008, and 

before January 1, 2009, and the basis attributable to the construction, reconstruction, or erection by

the taxpayer after October 3, 2008, and before January 1, 2009 . $ × 30% (0.30) 12w

x Enter the smaller of line 12w or $4,000 . . . . . . . . . . . . . . . . . . . . . 12x

y Basis of property placed in service during the tax year that is attributable to periods 

after December 31, 2008, and the construction of which began before 

2020 . . . . . . . . . . . . . . . . . . . . $ × 30% (0.30) 12y

z Basis of property placed in service during the tax year and the construction of which began 

after 2019 and before 2023 . . . . . . . . . . . . . $ × 26% (0.26) 12z

aa Reserved for future use . . . . . . . . . . . . . . . . . . . . . . . . . . 12aa

Waste energy recovery property (see instructions):

bb Basis of property placed in service during the tax year and the construction of which began after 2020 

and before 2023 . . . . . . . . . . . . . . . . $ × 26% (0.26) 12bb

Geothermal heat pump systems (see instructions):

cc Basis of property placed in service during the tax year that was acquired after October 3, 2008, and 

the basis attributable to construction, reconstruction, or erection by the taxpayer after 

October 3, 2008 . . . . . . . . . . . . . . . . $ × 10% (0.10) 12cc

Qualified investment credit facility property (see instructions):

dd Basis of property the construction of which began before 2022 (other than wind 

facility property the construction of which began after 2016) placed in service during the 

tax year . . . . . . . . . . . . . . . . . . . $ × 30% (0.30) 12dd

ee Basis of wind facility property placed in service during the tax year and the construction of which 

began during 2017 . . . . . . . . . . . . . . . . $ × 24% (0.24) 12ee

ff Basis of wind facility property placed in service during the tax year and the construction of which 

began during 2018 . . . . . . . . . . . . . . . . $ × 18% (0.18) 12ff

gg Basis of wind facility property placed in service during the tax year and the construction of which 

began during 2019 . . . . . . . . . . . . . . . . $ × 12% (0.12) 12gg

hh Basis of wind facility property placed in service during the tax year and the construction of which 

began during 2020 or 2021 . . . . . . . . . . . . . $ × 18% (0.18) 12hh

13 Enter the applicable unused investment credit from cooperatives (see instructions) . . . . . . 13

14 Add lines 11e, 11f, 11g, 12a, 12b, 12c, 12g, 12j, 12m, 12s, 12v, 12x, 12y, 12z, 12aa, 12bb, 12cc, 

12dd, 12ee, 12ff, 12gg, 12hh, and 13. Report this amount on Form 3800, Part III, line 4a . . . . . 14

Form 3468 (2021)