Are your thinking about installing a new renewable energy system in your business?
There is good news . . . there are some tax benefits that will reduce a good portion of the cost of buying and installing the new system. This is done through an income tax credit and depreciation deductions.
The credit can be claimed by an owner of depreciable energy property placed in service during the year. Energy property is property whose original use begins with the taxpayer, and uses solar energy to generate electricity, heat or cool a structure, or illuminates the inside of a structure using fiber-optic distributed sunlight. The credit can be taken on property which is depreciable and meets certain government standards. The property must be placed in service prior to December 31, 2016.
Learn more about these credits by reading Solar Energy Tax Credits by Norman LeBlanc, CPA
Click Investment Credit for a copy of Form 3468.
KLR is one of the largest full-service CPA and business consulting firms in New England and is ranked amongst the Top 100 firms in the United States. From five offices, Boston, Cambridge, Newport, Providence & Waltham, the 190-person firm provides assurance, tax, and consulting services to private and publicly-held companies throughout the United States and abroad. KLR is a member of the Leading Edge Alliance, one of the largest international professional associations of independently-owned accounting and consulting firms.