Does Helix qualify for a Federal Tax Credit?
Federal Small Turbine Tax Credit On October 3, 2008, President Bush signed into law a new federal-level investment tax credit to help consumers purchase small wind turbines for home, farm, or business use. Owners of small wind systems with 100 kilowatts (kW) of capacity and less can receive a credit for 30% of the total installed cost of the system, not to exceed $4,000. The credit will be available beginning October 3, 2008, the day the bill was signed into law, through December 31, 2016. For turbines used for homes the credit is additionally limited to the lesser of $4,000 or $1,000 per kW of capacity. Consumers will receive the Investment Tax Credit (ITC) in the year the system is installed. The consumer’s tax liability will be reduced by the amount of the credit allowed via Form 3468, Investment Credit, when filing their year end tax return with the IRS. The credit is exempt from Alternative Minimum Tax (AMT) and therefore applies even if the taxpayer is subject to AMT. If the cred
Federal Small Turbine Tax Credit On February 17, 2009, President Obama signed into law The American Recovery and Reinvestment Act of 2009 (the “Act”). The Act removes the small wind cost caps on Investment Tax Credits (ITC) from the previous legislation. Under the Act, taxpayers can now claim a 30% tax credit for the purchase and installation of qualifying small wind electric systems with rated capacities of 100 kilowatts or less. This credit is available from February 17, 2009 through December 31, 2016 For non-residential customers the Act allows entities eligible consumers to receive a financial grant from the treasury department in lieu of the tax credit. The system must be placed in service in 2009 or 2010 or placed in service before the credit termination date of January 1, 2013 (provided the construction began in 2009 or 2010). (Source: American Wind Energy Association: Summary of Final Provisions in H.R. 1, the American Recovery and Reinvestment Act (ARRA) of 2009, of Interest t
