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Posted by David Arnold on October 7, 2008, 12:30 pm
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This is a different twist on a previous post from me a few days
ago. . .
I want to install a solar photovoltaic system on my business this year
(2008) and claim the 30% tax credit. Unfortunately, since I am subject
to AMT I cannot take the solar investment tax credit against AMT.
The Emergency Economic Stabilization Act of 2008 allows energy credits
to be taken against AMT starting in 2009. Specifically the Act reads
on page 129,
"Allowances against Alternative Minimum Tax - The amendments made by
subsection (b) shall apply to credits determined under section 46 of
the Internal Revenue Code of 1986 in taxable years beginning after the
date of the enactment of this Act and to carrybacks of such credits."
I understand that if I installed a solar photovoltaic system in 2008
that I could not take it in 2008 because of AMT. If I waited and
installed it in 2009 there would be no question about it either. My
question is this, assuming that I did install in 2008, carried the
credit forward, and was again subject to AMT in 2009: Would the carry
forward from 2008 into 2009 be subject to the new rules where I could
take the credit in 2009 even with AMT or would the "Allowance against
Alternative Minimum Tax" only apply to installations starting in 2009,
thus leaving those who have credits prior to 2009 stuck with yearly
AMT and thus not able to take the credit?
I hope that I've spelled this out clearly enough. Thanks.
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