Solar Panels, 800.292.7648
• 2007-Jun-20 - U.S. Tax Incentives
United States Government Federal Tax Incentives for Solar Energy Investments by United States Tax Payers
There are two United States Government federal tax incentives that have been made available by the U.S. Internal Revenue Service to commercial entities (businesses) to encourage private
Investment (purchases) in solar energy equipment and solar energy systems:
1. The first tax incentive is a tax credit.
2. The second tax incentive is an accelerated depreciation allowance. While this is published in the Internal Revenue Codes it is still important for interested businesses to consult the code and they should also consult with their certified public accountant (CPA) or a tax attorney in order to determine their exact eligibility and the potential tax incentive benefits for them to derive. If one needs a recommendation, call Suntrek Industries at the 800 telephone number in the title header above.
Summary of the Tax Credit: There is a potential 10% U.S. federal tax investment tax credit for certain qualifying solar equipment and solar energy systems. Suntrek will be happy to advise, as well as recommend a CPA and/or Tax Attorney who will independently advise. The U.S. tax credit is known as the Business Energy Tax Credit and has been permanantely incorporated into the tax code as part of the Energy Policy Act of 1992.
Summary of the Accelerated Depreciation Tax Credit: The U.S. Federal Government is now offering a 5 year accelerated depreciation option, aka MACRS, for solar energy equipment and solar energy systems. There is also a potential 50% depreciation benefit in the first two years that is found under tax code section 179, which is an expense deduction of a specific amount – again you should consult your CPA or Tax Attorney.
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