South Carolina Solar Tax Credit 2016

The credit is found under south carolina deductions and credits it is an other non refundable credit solar energy credit.

South carolina solar tax credit 2016.

Application for clean energy credit. Yes south carolina does give a 25 credit for the purchase of solar energy panels for your home. South carolina s tax credits may be earned by individuals c corporations s corporations partnerships sole proprietors and limited liability companies. General tax credit questions.

The state of south carolina offers an additional tax credit for home and business owners who go solar worth 25 of the total cost including installation. Residents of the palmetto state can claim 25 percent of their solar costs as a tax credit and if you don t pay enough in taxes to get the full value of the credit in one year it. 2016 you will apply for the solar tax credit next year when you file your 2017 income taxes. Application for solar energy property credit.

A tax credit is an amount of money that can be used to offset your tax liability. Taxcredits dor sc gov angel investor credit parental refundable credit and education donor nonrefundable credit. Credits are usually used to offset corporate income tax or individual income tax. The most significant incentive to install solar panels for homes and businesses is the federal solar tax credit at the end of 2020 the amount of the credit will decrease from 26 to 22 of the cost of the solar installation.

25 south carolina tax credit for solar energy systems. Sc solar energy system credit. Cut the cost of installing solar on your home by a quarter with south carolina s state tax credit for solar energy. 25 of total system cost up to 35 000.

Can only take 3 500 or 50 of your tax liability per year for up to 10 years. For a list of incentives by category visit the south carolina tax incentives webpage. South carolina s solar energy tax credit passed by the state legislature lets residents claim a state tax credit of 25 of the whole installed cost of a solar pv system. The largest credit that can be applied in a single year is 3500 or 50 of your state tax liability whichever is less.

The energy office works in cooperation with the sc department of revenue to coordinate the application of these incentives. The state of south carolina offers a number of tax incentives for energy efficiency and fuel production. Certification for pv systems. To claim this credit you must mail your south carolina return along with form form sc sch tc 38 and a certification from the manufacturer.

Solar energy property credit.