Renewable Energy Tax Credits Extended 8 Years

You may not know, but the much publicized "economic bailout" plan included many additional diverse provisions.

Solar energy provisions in H.R.1424 Emergency Economic Stabilization Act of 2008 includes long term extension for both business and residential Investment Tax Credits (ITC).

For residential customers, there is a 30% credit (up to $2000.) for SRCC certified solar water heating systems. The bill also allows individual taxpayers to use the credit to offset alternative minimum tax (AMT)  liability , and to carry unused credits forward to the next succeeding taxable year.

For businesses the 30% credit is also extended, available without the $2000.limitation. In addition, the new law allows alternative minimum tax (AMT)filers and public utilities to claim the business tax credit.

The Velux Water Heating Systems qualify for all applications!