St George Renewable Energy Tax Credit Information:  http://www.ci.st-george.ut.us/wp/power

* * * GREAT NEWS * * * *               * * * GREAT NEWS * * * * 

With the passing of the Emergency Economic Stabilization Act of 2008 on October 3^rd the following has been passed: 

1)   Residential Solar (PV) Investment Tax Credit:  the bill extends the 30% credit for 8 years through December 31, 2016 and removes the $2,000 cap on systems placed in service after December 31, 2008.  The bill also allows individual taxpayers to use the credit to offset Alternative Minimum Tax (AMT) and to carry unused credits forward to the next succeeding taxable year.  Individual taxpayers who are required to pay AMT rather than regular tax liability for the 2008 tax year may take a credit of up to $2,000 (the maximum credit amount placed in service during 2008) against the AMT liability.  For the 2009 tax year, filers will be eligible to apply for the full 30% ITC against the AMT liability. 

2)   Business Solar Investment Tax Credit: the bill extends the 30% credit for 8 years through December 31, 2016.  The bill also allows the ITC to be used to offset both regular and alternative minimum tax (AMT) and waives the public utility exception of current law (i.e. permits utilities to directly invest in solar facilities and claim the ITC).  The allowance of the ITC against AMT liability is effective for taxable years beginning after the date of enactment.  For most taxpayers, this will mean that the credit against AMT is effective beginning on January 1, 2009.  The five-year accelerated depreciation allowance for solar property is permanent and unaffected by passage of the eight-year extension of the solar ITC. 

This information is provided for informational purposes only. 

Any questions or concerns about available tax credits should be discussed with you tax or legal adviser or the appropriate governmental agencies.