Energy Efficiency Tax Credits Extended as Part of Fiscal Cliff Deal
The energy efficiency tax credit was extended as part of the fiscal cliff compromise.As part of the "fiscal cliff deal" that just passed, Congress voted to extend the tax credit for energy efficient home improvements and energy efficient homes that otherwise would have expired on December 31. We are NOT tax advisers. Please contact a tax specialist for more information.
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ReplyDeleteThe credit will allow for 30% of the cost of the eligible property to be taken as a credit against income tax. Eligible property is tangible property that is an integral part of the facility and that “originates with the taxpayer”; or, in other words is new property. Also, the basis of the property is reduced by 50% of the amount of the credit that is taken. Like the PTC, this credit will also flow through a pass-through entity, and can be carried back one year and forward 20 years.