Ny State Solar Tax Credit 2017

The credit is equal to 25 of your qualified solar energy system equipment expenditures and is limited to 5 000.

Ny state solar tax credit 2017.

The solar energy system equipment credit is not refundable. New york state offers several new york city income tax credits that can reduce the amount of new york city income tax you owe. As a part of its ambitious reforming the energy vision initiative 2 new york is making solar accessible to households across the empire state. Earned income credit new york state new york city economic transformation and facility redevelopment program tax credit empire state apprenticeship tax credit.

Learn how you can benefit from new york s solar incentives rebates tax credits today. You must claim one half of the total credit on your new york state return and your father would claim the other half of the credit on his new york state return. You must each file form it 255 showing the computation of the total credit and submit the statement described. Partnering with leading manufacturers in the solar industry ny state solar exclusively offers premium solar components and the most innovative financing methods.

Some municipalities and school districts have opted out and will include the value of the solar installation in your property tax assessment without the exemption. How much is the credit. Ny sun has multiple resources to help new yorkers harness the power of the sun including. Solar energy system equipment credit.

You each pay one half of the cost of the solar energy system equipment. The system must also be installed and used at your principal residence in new york state. Ny sun works directly with solar contractors and developers to offset the cost for new york residents to go solar. File this form with your local property assessor.

Ny state solar is one of the fastest growing solar providers in the country currently rated as one of the top solar providers in ny. First you don t have to purchase your system to claim the credit i e. New york city credits. The great advantages of the solar equipment tax credit are twofold.

It applies to you even if you went solar with a lease or. Are you a full or part year new york city resident. The new york solar tax credit can reduce your state tax payments by up to 5 000 or 25 off your total solar energy expenses whichever is lower. Form rp 487 from new york state department of taxation and finance.

You will need to work with a nyserda approved participating contractor to find out if you are eligible for ny sun incentives. Incentives are provided directly to your selected contractor and vary throughout the state. New york is a top 10 solar state 1 and for good reason.