Fresh News
Wednesday, March 24, 2010
Walter Wang to Present at California Center for Sustainable Energy
Walter Wang, Managing Director of Sunflower Tax, will present "Commercial Tax Incentives for Going Green" at the California Center for Sustainable Energy (CCSE) on Tuesday, April 6, 2010. The program is scheduled from 11:30 a.m. to 1:00 pm. Lunch will be provided. For registration, please go to the CCSE website.
Thursday, September 03, 2009
Check out the latest blog post...
Walter Wang, Managing Director of Sunflower Tax posted his most recent blog entitled "Advanced Energy Manufacturing Tax Credit (48C) Deadline Coming Up" on San Francisco based cleantechies.com.
Wednesday, July 01, 2009
IRS Provides Updated Guidance for Taxpayers Claiming a Tax Credit for the Purchase of Energy Efficient Improvements and Residential Energy Property
The IRS, in Notice 2009-53 (superseding Notice 2006-26) provided updated guidance for taxpayers claiming a tax credit under Internal Revenue Code § 25C. Under this section, taxpayers are allowed a 30% tax credit for amounts paid or incurred for certain energy efficient improvements and residential energy property in 2009 and 2010.
This credit is limited to a cumulative total of $1,500. This means you cannot claim a $1,500 tax credit under this section in 2009 and then claim an additional $1,500 tax credit under the same section in 2010.
The IRS has updated the required standards for qualified property. Taxpayers may generally rely on a manufacturer’s certification that such property has met the required standard. However, reliance on the manufacturer’s certification for certain building envelope components is permissible so long as such property is installed in a manner that is consistent with the manufacturer’s certification.
Taxpayers should be aware that not all Energy Star labeled products qualify for the tax credit. As such, taxpayers cannot claim the tax credit simply because there is an Energy Star label affixed to such property.
Additional information on this credit is available in the Federal news section under the caption “Claiming the Residential Energy Property Credit”.
Tuesday, June 30, 2009
IRS Releases Guidelines for Taxpayers Electing to Take the Investment Tax Credit Instead of the Production Tax Credit
Taxpayers who satisfy the definition of a qualified facility for purposes of the production tax credit may irrevocably elect to take the investment tax credit (energy credit).
Taxpayers must claim the energy credit on IRS Form 3468 and file the form with the taxpayer's income tax return for the year in which the property is placed into service. A separate election for each qualified facility must be made. In addition to the submission of Form 3468, the taxpayer must attach a statement that contains a technical description of the facility, including generating capacity and a technical description of the energy property placed into service during the taxable year as an integral part of the facility. This election only applies to qualified facilities that were placed into service after December 31, 2008.
If the taxpayer has received a Section 1603 grant (grant in lieu of the energy tax credit or production tax credit), then the taxpayer is not eligible to take either the energy tax credit or the production tax credit.
Additional requirements for making this election are contained in IRS Notice 2009-52.