WASHINGTON, March 29, 2018 /PRNewswire-USNewswire/ -- With April 15 quickly approaching, the Solar Energy Industries Association (SEIA) is reminding eligible solar consumers to claim the 30 percent Investment Tax Credit (ITC) on their federal tax returns and urging them to take care when seeking professional tax advice.
Consumers who purchased a solar system and installed it on their home in 2017 may be able to claim a 30 percent federal income tax credit under Section 25D of the internal revenue code. Commercial entities are eligible to claim a credit under Section 48 of the code.
"It's important for eligible solar owners to remember the ITC when filing their taxes," said Abigail Ross Hopper, SEIA's president and CEO. "At tax time, we encourage solar consumers to work with a tax professional to ensure their tax benefits are claimed and filed correctly."
The tax credit, a dollar-for-dollar reduction against one's tax liability, is governed by strict eligibility criteria and rules.
Both the residential and commercial ITC are set at 30 percent through 2019. After that, the ITC is scheduled to decline from 30 percent to 26 percent in 2020 and 22 percent in 2021.
For more information on the Investment Tax Credit, see this fact sheet.
Celebrating its 44th anniversary in 2018, the Solar Energy Industries Association® is the national trade association of the U.S. solar energy industry, which now employs more than 260,000 Americans. Through advocacy and education, SEIA® is building a strong solar industry to power America. SEIA works with its 1,000 member companies to build jobs and diversity, champion the use of cost-competitive solar in America, remove market barriers and educate the public on the benefits of solar energy. Visit SEIA online at www.seia.org.
SOURCE Solar Energy Industries Association