federal tax credit

jtdiesel65
jtdiesel65 Solar Expert Posts: 242 ✭✭✭
I know that you can take the credit for PV and for SolarHydro, but can you take the credit for PV once in 2006 and then again in 2008?

I took the tax credit for PV on my 2006 tax year. This was a $2000 credit.

The question is if I install another array in 2008, can I take another $2000 credit?

My understanding is the program extends to Dec 2008, I'm just not sure if it was supposed to be a one-time credit or if it can be used each year.

thanks

Comments

  • jtdiesel65
    jtdiesel65 Solar Expert Posts: 242 ✭✭✭
    Re: federal tax credit

    I haven't found an answer to this question. Sounds like you can, but this seems to be a fuzzy area.

    Interestingly, a new bill to extend this credit is being proposed in the senate. The most interesting aspect is that the new bill proposes to eliminate the $2000 ceiling and that means that one could receive a full 30% credit.
  • GreenerPower
    GreenerPower Solar Expert Posts: 264 ✭✭✭✭✭✭
    Re: federal tax credit

    Look at IRS tax form 5695, don't look like there is limit like the ones for energy efficiency as windows.
    GP
  • n3qik
    n3qik Solar Expert Posts: 741 ✭✭
    Re: federal tax credit
    Look at IRS tax form 5695, don't look like there is limit like the ones for energy efficiency as windows.
    GP

    Look at line 18, Max credit is $2000.00.
  • GreenerPower
    GreenerPower Solar Expert Posts: 264 ✭✭✭✭✭✭
    Re: federal tax credit

    I meant limit like every 2 years. $2000 cap still applies in 2008. Hopefully the proposed bill is passed to lift this limit for 2009 and on.
    GP
  • n3qik
    n3qik Solar Expert Posts: 741 ✭✭
    Re: federal tax credit

    I see, ok.


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