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Federal Policies Modified Accelerated Cost Recovery System (MACRS) with 50% Bonus Depreciation Under the Modified Accelerated Cost Recovery System (MACRS), businesses can recover investments in solar, wind, and geothermal property through depreciation deductions. The MACRS establishes a set of class lives for various types of property, ranging from 3 to 50 years, over which the property may be depreciated. For solar, wind, and geothermal property placed in service after 1986, the current MACRS property class is 5 years. In addition to the MACRS depreciation, Section 101 of the Job Creation and Worker Assistance Act of 2002 (http://frwebgate.access.gpo.gov/cgi- bin/getdoc.cgi?dbname=107_cong_public_laws&docid=f:publ147.107.pdf) added Subsection 168(k) to the tax code relating to the accelerated cost-recovery system. This provision allowed businesses to take an additional 30% depreciation on solar, wind, and geothermal property in the first year. In May 2003, The Job Creation and Tax Relief Reconciliation Act of 2003 was signed into law, increasing the bonus depreciation to 50% in the first year that the equipment is purchased and placed into service. Note that many states either have not adopted the federal bonus depreciation or have specifically “uncoupled” their state tax depreciation schedules from the new federal rules. Renewable Electricity Production Tax Credit Eligible Technologies: Solar Thermal Electric, Photovoltaics, Landfill Gas, Wind, Biomass, Geothermal Electric, Municipal Solid Waste, Cogeneration, Refined Coal, Anaerobic Digestion, Small Hydroelectric Amount: 1.8 cents/kWh for wind, solar, geothermal, closed-loop biomass; 0.9 cents/kWh for others Terms: First 10 years of operation for wind, closed-loop biomass; first 5 years for other technologies Website: http://www.irs.gov/pub/irs-pdf/f8835.pdf Note, however, that owners of solar and geothermal projects who claim the 10% federal business energy tax credit (http://www.dsireusa.org/library/includes/incentive2.cfm?Incentive_Code=US02F&State=Feder al¤tpageid=1) may NOT also claim this production tax credit. Solar and Geothermal Business Energy Tax Credit Eligible Technologies: Solar Water Heat, Solar Space Heat, Solar Thermal Electric, Solar Thermal Process Heat, Photovoltaics, Geothermal Electric D-2PDF Image | Assessing the Potential for Renewable Energy on National Forest System Lands
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IT XR Project Redstone NFT Available for Sale: NFT for high tech turbine design with one part 3D printed counter-rotating energy turbine. Be part of the future with this NFT. Can be bought and sold but only one design NFT exists. Royalties go to the developer (Infinity) to keep enhancing design and applications... More Info
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