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Condominium Associations and energy tax credits

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    #1

    Condominium Associations and energy tax credits

    A Condominium Association (Form 1120H) is contemplating installing solar panels on one of their buildings and are wondering if there is a tax credit available to them for this installation. They did pay federal income taxes in 2012 and thus do have some non-exempt income.

    Citations would be useful.
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    #2
    See Journal of Accountancy Article relating to Condos.

    Journal of Accountancy had a nice article on this. Link below:

    Solar Energy Systems: Incentives Are Better Than Ever
    http://www.journalofaccountancy.com/Issues/2010/Feb/20092147.htm
    The 30% federal tax credit available to homeowners and businesses to install solar energy systems was recently expanded and extended. A dollar-amount cap was removed from the credit for residential solar water heating systems, and the availability of the credit for all systems was extended through the end of 2016.
    Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

    Comment

      #3
      I agree with the statement from the above article..."Taxpayers who own condominiums or are shareholders in a housing cooperative are eligible for their proportionate share of credits resulting from solar energy installations by the condominium management association or cooperative."
      Surely it would inflame the owners if they did not get their rightful share of the credit...after all, it is their money the association is using to install the system.
      Believe nothing you have not personally researched and verified.

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