The U.S. Congress passed an expansion and extension to the 2005 fuel cell
tax credits to be available for purchases of fuel cells
beginning January 2009 and going through December 2016. These
credits amount to $3,000 per kilowatt or 30% of the
system cost, whichever is less, and entitle the taxpayer to subtract the amount of the credit (dollar-for-dollar) from its total federal tax liability.
What does this mean for you?
1. Assume a price of $25,000* for a 4kW fuel cell solution.
· 30% of system price = $7,500
· 4kW x $3,000 = $12,000
· Tax Credit = $7,500
2. Assume a price of $12,000* for a 1kW fuel cell solution.
· 30% of system price = $3,600
· 1kW x $3,000 = $3,000
· Tax Credit = $3,000
*Prices are only for tax credit illustration purposes.
How can you take advantage of the tax credit?
1. Buy a fuel cell solution!
2. Complete IRS form 3468, available at www.irs.gov/pub/irs-pdf/f3468.pdf
3. Attach the form to your company tax return.
Requirements:
· Fuel cell system must be placed into service between January 1, 2009 and December 31, 2016
· Must be operational in the year in which the tax credit is claimed
· Must be used at sites within the United States
· Must be new
· Fuel cell system must be rated at 500W or higher
Policies
continue to be added and changed. A couple of good sources for current
tax incentive information is available through the Database of
State Incentives for Renewable Energy website, www.dsireusa.org/ and FuelCells.org www.fuelcells.org/dbs/index.php.
Click here for a synopsis document of the 2013 fuel cell tax incentives.
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