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What is Form 3468: Investment Credit

Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2024 • October 16, 2024 1:36 AM
OVERVIEW

Governments often use tax laws to encourage, or discourage, certain activities. Want people to do more of something? Offer a tax break for it. The federal tax code includes a variety of tax credits designed to promote different types of investment. Taxpayers claim many of these credits using IRS Form 3468.

 

Key Takeaways

  • Form 3468 is used to claim investment tax credits for specific types of projects that property owners engage in on their property.
  • Some of the credits that can be claimed using Form 3468 include the Qualifying Advanced Coal Project Credit, Qualifying Gasification Project Credit, Qualifying Advanced Energy Project Credit, Rehabilitation Credit, and Energy Credit.
  • Properties that are leased from someone may also be eligible for the credits by filling out Part I of the form.
  • Part II of the form is used to claim three specific energy-related credits related to qualifying advanced coal projects, qualifying gasification projects, and qualifying advanced energy projects.

Credits claimed using the form

In general, the investment credit is available to property owners who engage in specific types of projects on their property. Taxpayers can claim the following investment tax credits using Form 3468:

  • qualifying advanced coal project credit
  • qualifying gasification project credit
  • qualifying advanced energy project credit
  • rehabilitation credit
  • energy credit

If you lease property from someone rather than own in and use it in a way that qualifies for one of these credits, you may also be able to claim the credit by filling out Part I of the form.

TurboTax Tip:

Part III of the form is for claiming either the rehabilitation credit or the investment credit for energy properties, and the credits on Form 3468 are generally claimed by businesses or shared with other owners in the case of pass-through entities.

Coal, gasification and advanced energy projects

Use Part II of the form to claim three specific energy-related credits. Each credit has specific qualifications spelled out in the instructions for Form 3468. In brief:

  • Qualifying advanced coal projects generate electricity using coal, while significantly reducing emissions of carbon dioxide
  • Qualifying gasification projects turn solid or liquid material from coal, petroleum, biomass and other substances into gas that can be used for energy
  • Qualifying advanced energy projects involve such things as renewable-source energy (wind, solar, geothermal and fuel cells); the transmission or storage of renewable energy; clean-energy technology; plug-in electric motor vehicles; and projects that reduce greenhouse gas emissions

Rehabilitation and energy credits

Part III of the form is for claiming either the rehabilitation credit or the investment credit for energy properties:

  • The rehabilitation credit is for work to restore, preserve or upgrade an older building or one that qualifies for historic status
  • The energy investment credit is available for properties used for alternative energy; solar, wind or geothermal energy; shale oil production; recycling; certain kinds of natural gas production; and other technologies Congress chooses to designate

Business structures

The credits on Form 3468 are generally claimed by businesses. Corporations use them to reduce their corporate income taxes. Sole proprietors use them to reduce their personal income taxes. Taxpayers who have an ownership stake in so-called pass-through entities, such as partnerships and Subchapter S corporations, share these credits earned by the business with the other owners of the business. These taxpayers should receive information from the business telling them what to put on the form to claim their portion.

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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

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