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Solar tax credit 2017

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  • Solar tax credit 2017

    I hate to start a new post but couldn't find an answer to my question. Are the solar tax credits of 30% extended for 2017? My tax accountant says "no" but the solar company says "yes". Which is true? I live in California. Getting ready to file the taxes. Thank you.

  • #2
    Howdy terry, maybe time to get a new tax guy, Fed tax credit is still around, cheers.

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    • #3
      I'd suggest you consider a new accountant.

      Yes, for SolarPV (panels) it was extended thru 2021. It doesn't matter what state you live in, as long as it's USA.

      Below code applies to individuals only, ie the tax credit offsets tax liability from W2 income only.

      https://www.law.cornell.edu/uscode/text/26/25D
      26 U.S. Code , 25D - Residential energy efficient property

      (a)Allowance of credit
      In the case of an individual, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the sum of
      (1) the applicable percentage of the qualified solar electric property expenditures made by the taxpayer during such year,

      ....

      (g)Applicable percentage
      For purposes of paragraphs (1) and (2) of subsection (a), the applicable percentage shall be
      (1)in the case of property placed in service after December 31, 2016, and before January 1, 2020, 30 percent,
      (2)in the case of property placed in service after December 31, 2019, and before January 1, 2021, 26 percent, and
      (3)in the case of property placed in service after December 31, 2020, and before January 1, 2022, 22 percent.

      (h)Termination
      The credit allowed under this section shall not apply to property placed in service after December 31, 2016 (December 31, 2021, in the case of any qualified solar electric property expenditures and qualified solar water heating property expenditures).
      Last edited by cebury; 03-17-2017, 05:33 AM.

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