Loading ...
Sorry, an error occurred while loading the content.

Dear Centerpoint Energy- Solar Tax Credit increase & extension

Expand Messages
  • Bill Tarbox
    Jay, I found this on the increase for the solar tax credit to $4,000 but it doesn t set an exact start time but it sounds like, if the amendments are enacted,
    Message 1 of 3 , Sep 30, 2008
    • 0 Attachment
      Jay,
       
      I found this on the increase for the solar tax credit to $4,000 but it doesn't set an exact start time but it sounds like, if the amendments are enacted, it coud be valid for this year. At least this confirms that the credit will be increased and extended through 2014.
       
      H.R. 6049: Renewable Energy and Job Creation Act of 2008
      Section 104 -
      Extends through 2014 the tax credit for residential energy efficient property. Increases to $4,000 the maximum dollar amount of such credit for solar electric property. Allows a credit for 30% of expenditures for wind turbines used to generate electricity in a residence and for geothermal heat pumps.
       
       
      They have a Q & A section for registered users but it's free to register.
       
       
      Text search Sec. 104 -  Here, it eludes to the timeframe as:
       
      (e) Effective Date- The amendments made by this section shall apply to periods after the date of the enactment of this Act, in taxable years ending after such date, under rules similar to the rules of section 48(m) of the Internal Revenue Code of 1986 (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990).
       
      Regards!
      Bill Tarbox
      Magnolia, TX
       
    • Jay Ring
      Thanks Bill, It sounds like the bill is still under consideration, but passed the house amended. I would guess it go into effect as soon as it it passes and
      Message 2 of 3 , Sep 30, 2008
      • 0 Attachment
        Thanks Bill,

        It sounds like the bill is still under consideration, but passed the
        house amended. I would guess it go into effect as soon as it it
        passes and could be claimed the next time you file taxes.

        That actually might be a good argument for pushing the purchase a
        month or two ahead, into early April, to qualify for the rebate on
        April 15, instead of losing an entire year of interest. Don't laugh -
        the interest on $4,000 over 11 months is something like $500! That
        may be small compared to the total system price, but $500 is still $500 :)

        What are the requirements to claim this credit? Do you need to have a
        certain capacity? I might like to do a staged installation, with an
        inverter and a few panels, then expand it later with more panels and
        some battery capacity as the budget permits. Would this be possible?

        - Jay





        --- In hreg@yahoogroups.com, "Bill Tarbox" <btarbox@...> wrote:
        >
        > Jay,
        >
        > I found this on the increase for the solar tax credit to $4,000 but it
        > doesn't set an exact start time but it sounds like, if the amendments
        > are enacted, it coud be valid for this year. At least this confirms that
        > the credit will be increased and extended through 2014.
        >
        > H.R. 6049: Renewable Energy and Job Creation Act of 2008
        > Section 104 -
        > Extends through 2014 the tax credit for residential energy efficient
        > property. Increases to $4,000 the maximum dollar amount of such credit
        > for solar electric property. Allows a credit for 30% of expenditures for
        > wind turbines used to generate electricity in a residence and for
        > geothermal heat pumps.
        >
        > A Summary of the bill can be found on www.govtrack.us at -
        > http://www.govtrack.us/congress/bill.xpd?bill=h110-6049&tab=summary
        >
        > They have a Q & A section for registered users but it's free to
        > register.
        >
        > And complete details at:
        > http://www.govtrack.us/congress/billtext.xpd?bill=h110-6049
        >
        > Text search Sec. 104 - Here, it eludes to the timeframe as:
        >
        > (e) Effective Date- The amendments made by this section shall apply to
        > periods after the date of the enactment of this Act, in taxable years
        > ending after such date, under rules similar to the rules of section
        > 48(m) of the Internal Revenue Code of 1986 (as in effect on the day
        > before the date of the enactment of the Revenue Reconciliation Act of
        > 1990).
        >
        > Regards!
        > Bill Tarbox
        > Magnolia, TX
        >
      • Bill Tarbox
        Jay, Actually, the bill passed the Senate on Sept. 23, 2008 so it s awaiting Bush s signature which is expected since he wants the ban lifted and to open up
        Message 3 of 3 , Sep 30, 2008
        • 0 Attachment
          Jay,
           
          Actually, the bill passed the Senate on Sept. 23, 2008 so it's awaiting Bush's signature which is expected since he wants the ban lifted and to open up offshore oil drilling.
           
          If you go to the Overview to the left of the summary page it shows you a status of each bill. Here's the link for this bill's status:
           
          Also, you can ask your own questions on this bill or just review Q & A's from others here:    http://www.govtrack.us/users/questions.xpd?topic=bill:h110-6049
           
          There are a number of interesting questions already posted and several answers regarding this bill.
           
          Regards!
          Bill Tarbox
          Magnolia, TX
        Your message has been successfully submitted and would be delivered to recipients shortly.