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Tag: Investment Tax Credit

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This is a guest blog post by Mark Vitello of accounting firm BerryDunn summarizing tax rules governing which taxable income can be offset by solar project Investment Tax Credits.   /continue reading

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KLG’s Brendan Beasley and Jonathan Klavens teamed up with Mark Vitello at accounting firm BerryDunn to put together the following questions and answers relating to qualification for the 30% Investment Tax Credit (ITC) under Section 48 of the Internal Revenue Code using the safe harbor outlined by the IRS in Notice 2018-59. A version of this Q&A was previously posted on the BerryDunn website in the hope that it would be helpful to solar energy project developers and others as they navigate the last few weeks of 2019.   /continue reading

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On March 2, 2018, the Internal Revenue Service (“IRS”) issued Private Letter Ruling 201809003 (the “PLR”) advising a homeowner that an energy storage retrofit of a residential solar energy system was eligible for the residential solar tax credit under Section 25D of the Internal Revenue Code (the “Code”). Not only is the PLR promising for homeowners who want to reap the benefits of adding storage devices to their solar energy systems, but it also could point the way towards the IRS's reaching a similar conclusion regarding eligibility for the Investment Tax Credit (“ITC”) under Section 48 of the Code for an energy storage retrofit of commercial solar projects.   /continue reading