CleanTechnica, a leading clean energy news source, recently reported on the US Treasury’s new solar tax credit guidance and its impact on stakeholders’ satisfaction. The guidance, which was released in June 2021, clarifies the eligibility requirements for the solar investment tax credit (ITC) and provides guidance on how to claim the credit.
The solar ITC is a federal tax credit that allows homeowners and businesses to deduct a percentage of the cost of installing a solar energy system from their federal taxes. The credit was first introduced in 2005 and has been extended several times since then. Currently, the credit is set to expire at the end of 2023.
The new guidance from the US Treasury provides much-needed clarity on the eligibility requirements for the solar ITC. Specifically, the guidance clarifies that solar energy systems must be “placed in service” by a certain date in order to be eligible for the credit. This means that the system must be fully installed and operational by the deadline, rather than just being ordered or under construction.
The guidance also provides guidance on how to claim the credit, including how to calculate the credit amount and how to report it on tax returns. This information is particularly helpful for homeowners and businesses who may not be familiar with the tax code and may need assistance in claiming the credit.
Overall, stakeholders in the solar industry have expressed satisfaction with the new guidance. The Solar Energy Industries Association (SEIA), a trade group representing the solar industry, praised the guidance for providing “much-needed clarity” on the eligibility requirements for the solar ITC. The SEIA also noted that the guidance will help ensure that more solar energy systems are installed before the credit expires in 2023.
Homeowners and businesses who are considering installing a solar energy system should take note of the new guidance from the US Treasury. By understanding the eligibility requirements and how to claim the solar ITC, they can take advantage of this valuable tax credit and help support the growth of the solar industry.
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