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Internal Revenue Code of 1986

The official set of laws that govern federal taxes in the United States.

Hydroelectric Dam

A structure built across a river that uses the force of flowing water to generate electricity.

Tax Credit

A direct reduction in the amount of income tax a person or company owes, often given to encourage specific activities.

Fish Passage

A system or structure, like a fish ladder, that helps fish move past a dam or other river obstruction to reach different parts of a river.

Federal Energy Regulatory Commission (FERC)

A U.S. government agency that regulates the interstate transmission of electricity, natural gas, and oil, and licenses hydroelectric projects.

Elective Payment (Direct Pay)

An option for certain organizations or businesses to receive a direct cash payment from the government for the value of a tax credit, rather than just using it to reduce their tax bill.

Basis (of property)

For tax purposes, this generally refers to the cost of an asset, which is used to calculate things like depreciation or tax credits.