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Author Topic: Energy Tax Credits Extended through 2026  (Read 416 times)

Dreamsend

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Energy Tax Credits Extended through 2026
« on: December 28, 2016, 05:14:46 AM »
Hi All

Just wanted to update folks that the federal Investment Tax Credit for alternative energy systems set to expire in 2016 was extended by Congress last week.  The 30% max credit will apply through 2019, then decrease annually through 2026.  So if you're fence-sitting about jumping into a solar investment, you might want to consider the tax angle.

Although termed a residential tax credit, IRS states that a home is "where you lived . . And can include a house, houseboat, mobile home, cooperative apartment, condominium, and manufactured home. . " according to the Form 5695 instructions which can be found here (2016).

https://www.irs.gov/uac/form-5695-residential-energy-credits

Apparently all costs associated with the energy system including labor, site prep, necessary structural upgrades and such can be included.  As a tax credit, it can only be used to off-set taxes owed, but any excess credit can be carried over for one year.

I'm not a tax accountant, preparer, attorney etc. so no specific advice is being given.  Each will have to determine the credit's applicability based on their personal circumstances.  Linda


Linda with kitty Sarah
2017 Ford F250 Lariat aka Gypsy Rose

 

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