Federal and New York State Tax Incentives from Syracuse Solar and Wind of Central New York

New York State Personel Solar Tax Credit

Written by Syracuse Solar and Wind Installer

Technologies Eligible: Solar Water Heat, Solar Space Heat, Photovoltaic, Fuel Cells

Amount of Tax Credit: 25 Percent Tax Credit Cap: 5,000 Dollars

Carryover: Excess credit may be carried forward five years

Summary: Enacted in August 1997, this personal income tax credit originally applied to expenditures on solar-electric (PV) equipment used on residential property. The credit, equal to 25% percent of the cost of equipment and installation, was expanded in August 2005 to include solar-thermal equipment. The solar-thermal provisions apply to taxable years beginning on and after January 1, 2006.

New York State Sales Tax Exemption

Written by Syracuse Solar and Wind Installer

New York enacted legislation in July 2005 exempting the sale and installation of residential solar-energy systems from the state's sales and compensating use taxes. The exemption applies to solar-energy systems that utilize solar radiation to produce energy designed to provide heating, cooling, hot water and/or electricity. The exemption does not apply to solar pool heating or other recreational applications. There does not appear to be an expiration date* for this incentive.

Federal Excelerated Depreciation

Written by Syracuse Solar and Wind Installer

Incentive Type: Corporate Depreciation Eligible Renewable/Other Technologies: Solar Water Heat, Solar Space Heat, Solar Thermal Electric, Solar Thermal Process Heat, Photovoltaics, Landfill Gas, Wind, Biomass, Renewable Transportation Fuels, Geothermal Electric, Fuel Cells, Geothermal Heat Pumps, Municipal Solid Waste, CHP/Cogeneration, Solar Hybrid Lighting, Anaerobic Digestion, Microturbines , Direct-Use Geothermal Energy

Read more...