Does a home business qualify for the 1603 grant?

Date November 25th, 2010 - Question submitted by Guest
Posted in Category Grants, Category Solar
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Question:

If an individual runs a business out of his home and installs solar panels on his residence, can he qualify for a 1603 grant in lieu of a credit? And how many years can one carry forward a tax credit should they not be able to qualify for the grant?

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Answer:

Thank you for your question. While we are unable to provide direct legal advice in this forum, without knowing the specifics of your situation, we can speak generally about the grant and tax credits. As you likely noticed, the 1603 program is available to businesses. In order to qualify, you must be organized as a taxable business entity recognized by the IRS.  The tax credit, on the other hand, can be used for residential energy efficiency upgrades, including solar pv systems. As the credit is nonrefundable, it can only be applied against the taxes that you owe and would not be awarded to you in the form of a refund. Thus the credit can be carried forward into the next year if your credit exceeds your tax liabilities for the current year. Since many other factors might affect your eligibility for and choice of grant or credit, we recommend that you consult a professional for more specific assistance. Cleantech Law Partners provides frequent support for and filing of 1603 applications and would be happy to help with further questions you may have.
Please feel free to be in touch if we can be of further assistance: questions@cleantechlawpartners.com or visit us online: Cleantech Law Partners.

Legal Disclaimer: The information contained on this site is for educational and information purposes only and does not constitute legal advice or a legal opinion. Although we go to great lengths to make sure our information is accurate and useful, we make no claims, promises or guarantees about the accuracy, completeness, or adequacy of this information. The law changes very rapidly, from jurisdiction to jurisdiction, and is subject to interpretation by courts. Legal advice must be tailored to the specific circumstance of each case and, therefore we recommend you consult a lawyer if you want professional assurance that our information, and your interpretation of it, is appropriate to your particular situation. Accordingly, nothing that you read or is provided on this web site should be used as a substitute for the advice of competent legal counsel. Transmission of the information is not intended to create, and receipt does not constitute, a lawyer-client relationship between Cleantech Law Partners, LLC., the author(s), and you, and we will not be liable or responsible to you for any claim, loss, injury, liability, or damages related to your use of this site or any site linked to this site.

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