Invest in our planet for Earth Day 2022!
May 12, 2022 by Maureen Hourihan
At Silverlode, we encourage our clients to #InvestInOurPlanet through practices and technologies that will benefit the earth. We are proud to recommend tax credits and incentives to make that possible.
Green incentives are available to companies at the Federal, State and Local level based on the technology investment. These incentives can be in the form of tax credits, grants, abatements, loans rebates, and renewable energy certificates. Over the past year, many of our clients have invested in solar energy. A few examples of tax credits for solar energy include the following.
- Federal Business Energy Investment Tax Credit - Investments in renewable energy property may qualify for an investment tax credit (ITC). The tax credit rate and other credit parameters depend on the type of property or technology for which the credit is being claimed.
- Iowa Property Tax Abatement - The market value added to a property by a solar or wind energy system is exempt from the state’s property tax for five full assessment years.
- California Property Tax Exclusion - A property tax exclusion for certain types of solar energy systems installed is available under Section 73 of the CA Revenue and Taxation Code.
- South Carolina Corporate Tax Credit - Taxpayers may claim a credit of 25% of the costs of purchasing and installing a solar energy system, and other green energy systems.
- Arizona Sales Tax Exemption - Sales tax exemption is available for the retail sale of certain types of solar energy devices and for the installation of solar energy devices by contractors.
If you would like to learn more about green incentives available to your company, please contact Julie Dietz.