How do I get ProConnect to generate a 30% solar tax credit for construction commencing prior to 2020 but not put into service until 2020?

Forum|Forum|4 years ago
November 24, 2021
1 reply
15 views

Currently, the 5695 is only generating a 26% credit, although I did indicate that this was construction that commenced prior to 2020.

ProConnect Tax

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George4Tacks

Level 15

The credit is based upon the date placed in service, i.e. when the power company says it is okay to connect to the grid. It is NOT when it started.

Answers are easy. Questions are hard!

U

userjillAuthor

Level 2

@George4Tacks

Please see this guidance put out by the U.S. Department of Energy. It states that if construction began prior to 2020 and it was put in service prior to 2024, the credit is 30%.

https://www.energy.gov/sites/prod/files/2020/01/f70/Guide%20to%20the%20Federal%20Investment%20Tax%20Credit%20for%20Commercial%20Solar%20PV.pdf#:~:text=To%20be%20eligible%20for%20the%2030%25%20ITC%2C%20a,can%20receive%20a%20maximum%20tax%20credit%20of%2010%25.2

My entity falls within these guidelines.

IRonMaN

Level 15

You say "entity". If so, you might want to use the correct form. Form 5695 is for residential credits.

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