The investment tax credit is one of the credits that make up the general business credit, I.R.C. §§ 38(a), (b)(1), 46; I.R.C. §§ 49, 50. The investment credit is sum of (1) the rehabilitation credit, I.R.C. § 47; (2) the energy credit, I.R.C. § 48(a); and (3) the reforestation credit, I.R.C. §§ 46, 48(b). Under former law, the investment tax credit was a federal income tax credit allowing for a direct offset against tax of a percentage (generally 10 percent) of the basis or cost of property placed in service in connexion with a trade or business. (See former I.R.C. §§ 46, 48). The investment tax credit is generally applicable to property placed in service before January 1, 1986.