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Blusteryknollfarm
Posted 3/23/2024 22:35 (#10677332 - in reply to #10677301)
Subject: RE: Ya you're rite Ross..............


North Central Illinois
Kooiker - 3/23/2024 22:13

Blusteryknollfarm - 3/23/2024 21:59  For example, I had a solar array installed this year. 30% of installed cost is a federal tax credit. I didn't use all of as my total tax bill after other credits was less than the solar credit amount. Next year I can claim the remaining portion as a credit and again roll the unused portion into the next year.




Carbon sequestration tax credits are refundable.    Billion$ of them will be refunded.

Which makes a guy wonder why private installations of solar panels are not refundable.     Actually I know the answer, it has to do with who the 45Q carbon tax credits were created and intended for.    Here's a hint, they're not intended for the average Joe that's putting solar panels on his house.



Well, I've never asserted that our tax code is simple, consistent, or logical. Probably not likely to change either because there's an entire business sector that is built on the tax system being complex in addition to nobody excited about giving up their special treatment. I can live with it being non refundable. It'd be nice if non refundable credits could apply to SE tax though.

Again not really complaining. Between the tax credit and renewable energy credit in my state the payback time is around 8 years and eliminating a recurring expense that's paid with after tax dollars is a good thing.
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