Solar Motor Tax Credit
Guide To Receive Your Tax Credit
Under the Emergency Stabilization Act of 2008 and the American Recovery and Reinvestment Act of 2009 (ARRA)- Supreme Skylight lnc. Solar Powered Motors qualify under “Solar Electric Property” expenditures when purchased and installed from January 1, 2009 through December 31, 2023. This tax credit is a direct debit of the taxpayers total tax liability. The combined effect of these two laws provides a Tax Credit on both the purchase and installation of qualifying products in renewable technologies such as; Solar Electric Property, Residential Solar Water Heating, Qualified small wind energy and qualified Geothermal Heat pump energy as well as others.
- In the case of systems placed in service 2009-2019 receive a 30% Federal tax credit.
- In the case of systems placed in service from 2020 –2022 receive a 26% Federal tax credit.
- In the case of systems placed in service in 2023 receive a 22% Federal tax credit.
What You Should Do After Installation
- Keep your receipts for total price paid (invoice from contractor for product and installation) of the qualifying Supreme Skylight Inc. Products.
- Attach receipts to a completed Manufacturers Certification Statement1 and keep for your records.
When Filing Your Taxes
- Fill out the IRS Residential Energy Efficient Property Credit tax form 5695 (under “Qualified solar electric property cost”)
- Submit it with your taxes. Enter this tax credit off of form 5695 on your IRS tax form 10402 (tax forms can be found at www.irs.gov).
1 IRS Notice 2009-41 suggests the taxpayer is not required to attach this certification statement to their tax return. However, the taxpayer should retain this certification statement as part of their tax records.
2 As in all tax matters, the taxpayer is advised to consult their tax professional. Supreme Skylight Inc. assumes no liability regarding the home owner’s ability to obtain tax credits.