File was rejected ... because I added the SEIA Tax guide. Contact me or go to seia.org if you want the tax guide.
Paul N. Israel, President [EMAIL PROTECTED] www.sunlightsolar.com <http://www.sunlightsolar.com/> 541/389-3480 (Oregon) 203/878-9123 x103 (CT) 860/617-6527 (Cell) _____ From: Paul Israel [mailto:[EMAIL PROTECTED] Sent: Friday, October 03, 2008 9:20 PM To: 'RE-wrenches' Subject: RE: [RE-wrenches] : Renewable Energy Production Tax Credits andInvestment Tax Credits Extended Kirpal, Q. Anyone know if the tax credit is able to be carried forward if not able to consumed entirely in one year? On the Commercial side here is the SEIA Tax Manual "bible" passage. 7.2 Carryback and Carryforward of Credits A commercial solar tax credit that a taxpayer cannot use because of the floor can be carried back one year and forward 20 years. However, it appears that only 10% of the 30% solar credit can be carried back before 2006. The remaining 20% of solar credits arising in 2006 cannot be carried back. If a taxpayer ends up carrying unused energy credits forward for 20 years and is still unable to use them, the unused credit can be exercised in the year after the carryforward period ends. However, only half the credit can be used in this situation - the rest is lost. The Residential is "amorphous" at best. Probably best to use it in the year earned. 6. Project Timing Issues, Transition Issues, Progress Expenditures Unlike the commercial solar tax credit, the residential credit is a new credit beginning in 2006. The residential credit rewards spending on solar equipment for the home during 2006 and 2007. The full tax credit basis for the residential credit becomes eligible in the year that installation of the equipment is completed; there is no provision for credits against progress payments, as described in Section 5.2 of the commercial credit section. Thus, it is important for the installation to be completed by December 2007. Since individuals tend to use cash accounting for payment of taxes, it would be a good idea for an individual to also have paid for the equipment by December 2007. Paul N. Israel, President [EMAIL PROTECTED] www.sunlightsolar.com <http://www.sunlightsolar.com/> 541/389-3480 (Oregon) 203/878-9123 x103 (CT) 860/617-6527 (Cell) _____ From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED] On Behalf Of Kirpal Khalsa Sent: Friday, October 03, 2008 6:40 PM To: RE-wrenches Subject: Re: [RE-wrenches] : Renewable Energy Production Tax Credits andInvestment Tax Credits Extended Big relief to have that bill pass...... Anyone know if the tax credit is able to be carried forward if not able to consumed entirely in one year? Thanks!!! Cheers, -- Sunny Regards, Kirpal Khalsa NABCEP Certified Solar PV Installer Renewable Energy Systems
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