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• 2007-Jun-20 - More Tax Credits for Solar Energy
Suntrek has received hundreds of requests for more information on the United States Internal Revenue Investment Tax Credit for solar energy. Following is additional information that we believe will be helpful. As always, please see your CPA and/or Tax Attorney before making any decision based on the possible tax credit. The eligibility for the investment tax credit by the Internal Revenue for the solar energy investment program is answered now.The Internal Revenue System reports that any commercial entity which invests in or purchases qualified solar energy property can take the tax credit on their income tax return for up to 10% of the total investment and/or purchase and installation for the solar energy equipment. They also point out that the tax credit shouldn’t be confused with the residential solar energy tax credit that expired in the tax year 1985. Also it is important to know that the tax credit can not be claimed for property that is used mainly outside the United States of America, that which is used by government units, foreign persons or foreign entities, or solar energy equipment that will be used by a tax exempt organization like a 501©3, unless the property is used mainly in an unrelated trade or business. Sounds a little complicated? Call your tax man or attorney and get the straight scoop, but in reality, buy solar equipment and take 10% of the money you spend as a tax credit. There is a special form that the IRS has for taking the solar credit and that is Form 3468, the investment tax credit form, and it is possible you will also need a form 3800, which is a general business credit, so says the San Diego Regional Energy Office that has published similar material the that found on this Solar Panels blog.Solar Water Heater
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