30% energy credit

[JenMO]

is this the last year for a geothermal tax credit? if so, can it still be carried forward to future years if unused in 2016?

[TAXNJ]

Start

Not all inclusive but maybe a start for your review:

IRC section48. Energy credit
(a) Energy credit
(1) In general
For purposes of section 46, except as provided in paragraphs (1)(B), (2)(B), (3)(B), and (4)(B) 1 of subsection (c), the energy credit for any taxable year is the energy percentage of the basis of each energy property placed in service during such taxable year.
(2) Energy percentage
(A) In general
The energy percentage is-
(i) 30 percent in the case of-
(I) qualified fuel cell property,
(II) energy property described in paragraph (3)(A)(i) but only with respect to periods ending before January 1, 2017,
(III) energy property described in paragraph (3)(A)(ii), and
(IV) qualified small wind energy property, and

(ii) in the case of any energy property to which clause (i) does not apply, 10 percent.
(B) Coordination with rehabilitation credit
The energy percentage shall not apply to that portion of the basis of any property which is attributable to qualified rehabilitation expenditures.
(3) Energy property
For purposes of this subpart, the term “energy property” means any property-
(A) which is-
(i) equipment which uses solar energy to generate electricity, to heat or cool (or provide hot water for use in) a structure, or to provide solar process heat, excepting property used to generate energy for the purposes of heating a swimming pool,
(ii) equipment which uses solar energy to illuminate the inside of a structure using fiber-optic distributed sunlight but only with respect to periods ending before January 1, 2017,
(iii) equipment used to produce, distribute, or use energy derived from a geothermal deposit (within the meaning of section 613(e)(2)), but only, in the case of electricity generated by geothermal power, up to (but not including) the electrical transmission stage,
(iv) qualified fuel cell property or qualified microturbine property,
(v) combined heat and power system property,
(vi) qualified small wind energy property, or

[taxea]

carryovers don't die just because the law did.

[JenMO]

did the 30% credit get extended to 2017?

[TAXNJ]

As

did the 30% credit get extended to 2017?

As TAXEA states for the carryover and see TTB 11-15
"carryovers. The Residential Energy Efficient Property Credit is not refundable, but unused amounts may be carried forward to the following year."

Concerned with 2015 and carryover, so now for 2017 think you got to put some effort in to find that answer

[Gretel]

Here is the answer

http://20somethingfinance.com/2015-energy-tax-credits/

[JenMO]

thank you, that was very helpful

[Rapid Robert]

thank you, that was very helpful

It would be nice to refer to the host of this site, TheTaxBook, I think the answer could easily be found there.

[rpatkos]

Residential Energy Efficient Property Credit - CARRYOVER

The TaxBook notates that the credit is extended through 2021, but the "carryover" paragraph only notates "...unused amounts may be carried forward to the following year." The word "year" is singular. Since the credit is extended through 2021, is the carryover also through 2021 or longer ? I have researched this question but cannot find any current literature on it.