Federal Tax Credits
With today's federal tax incentives, there is no better time to go solar than now. The Federal Investment Tax Credit (ITC) reduces the cost of your system by 30%. New legislation provides added tax advantages to those who go solar in 2011.
For businesses, the new law (the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act), enacted on December 17, 2010, reauthorized an existing law (the Section 1603 Treasury Grant Program) until December 31, 2011. This program allows you to receive the ITC as a cash grant (in lieu of a tax credit) within 60 days of placing your solar system in service.
The new law also contains an extension of current "bonus depreciation allowances" and a new provision allowing 100% of your investment to be listed as a capital expense in 2011.
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