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New Solar Market Development Tax Credit Claim Form

New Solar Market Development Tax Credit Claim Form

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how does the solar federal tax credit work how do you know if you're eligible for the solar tax credit what does the solar tax credit go towards and how do you claim the tax credit once you've gone solar those are all questions that we're going to be answering in today's video if you guys have been following the solar industry you may know that in July of 2022 Congress extended the solar federal tax credit which was included in the inflation reduction Act of 2022. what this did was increase the solar tax credit to the amount of 30 percent for the next 10 years meaning the federal government will reimburse you 30 percent of your overall project cost for investing into a solar power system now the first thing that you guys have to understand is that this is a tax credit not a tax rebate meaning you can only get back in taxes what you pay therefore if you do not incur a tax liability you will not be eligible to get any money back now the good news is the go

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