The federal Solar Investment Tax Credit has been renewed for residential and business solar energy installations. Originally scheduled to expire in 2007, renewed to 2008, this tax credit had now been extended to 2016 by the Emergency Economic Stabilization Act of 2008.
Begun in 2006, the Solar Investment tax Credit allows businesses a tax credit of 30% “of the ‘basis’ of eligible property that a company places in service during the period 2006 through 2016.” According to the Solar Energy Industries Association, the tax credit applies to the cost of the equipment, and in some circumstances, the cost of permitting, engineering and interest during construction. The basis can also be calculated on the fair market value of the business solar installation project where a business does not have sufficient tax liability to use the Solar Investment Tax Credit in the year the project is installed.
At Argent Solar, we have the same passion and commitment to solar installation that you have to your business. Allow our systems designers, engineers and consultants to customize a business solar installation to your long-term as well as accounting and tax needs. We have the latest information about the Solar Investment Tax Credit. Call us today to discover its benefits to your business.