Federal Personal Investment Tax Credit Get the Information You Need to Help Your Wallet
A taxpayer may claim a credit of 30% of qualified expenditures for a home solar power system that serves a dwelling unit located in the United States that is owned and used as a residence by the taxpayer. Expenditures with respect to the equipment are treated as made when the installation is completed. If the installation is at a new home, the “placed-in-service” date is the date of occupancy by the homeowner. Expenditures include labor costs for on-site preparation, assembly or original system installation, and for piping or wiring to interconnect a system to the home. If the federal tax credit exceeds tax liability, the excess amount may be carried forward to the succeeding taxable year.
You may have heard about HB 589 and how it affects solar energy and renewable energy in general. We are very knowledgeable about the latest developments. Here are our latest articles on the subject:
Statement from Yes Solar Solutions regarding Governor Roy Cooper signing HB 589 into law – July 31, 2017
The impact of HB 589 – July 27, 2017