How does the alternative minimum tax (AMT) affect the ITC?
Tax payers who claim the ITC should no longer be penalized by the AMT calculations, so AMT filers should be able to claim the full ITC. Are there any size limits on projects eligible for the Solar Investment Tax Credit? No, solar projects of any size or cost are eligible. Is the funding for the Solar ITC limited to a certain number of people? No, there are no limits on the number of taxpayers that can claim the ITC. Have the accelerated depreciation rules for commercial projects changed? Partly, commercial projects are still classified as 5 year property under the modified accelerated cost recovery system (MACRS). However, the 50 percent ‘bonus depreciation’ for 2008 projects is set to expire. Can members of a homeowners association (HOA) claim the ITC for an HOA-owned system? Yes, in most cases members of the HOA are able to claim the residential ITC in proportion to their share of the HOA’s expenses; typically a homeowner’s monthly HOA payment should be directly related to their shar
