Cohousing-L Mailing List: Re: Recovery of solar tax credits by homeowners' association

[Jim Snyder-Grant (jimsg]

Hi Adi:

Are you structured as a condo? Our tax accountant said the 30% federal
credit was only available for households, and had to be passed through.
(same for the state, but your state is different, so I don't want to
comment on it).

-Jim

On Tue, Sep 10, 2013 at 11:18 AM, R.P. Aditya <aditya [at] grot.org> wrote:

>
> Hi David,
>
> On Tue, Sep 10, 2013 at 11:05:36AM -0400, David Heimann wrote:
> >       So here's the question:  Has any community on this list obtained
> > solar panels?  If so, how did they handle the tax credits?  (We have been
> > thinking about forming a private fund where some households can donate to
> > the households with no tax credits, so has anyone addressed that
> > question?)
>
> We are in the process of installing 20kw of Solar panels for our Common
> House and we expect to take advantage of our tax credit to reduce our
> tax burden. Although we are a non-profit, we pay federal income tax on
> non-exempt income -- that is, any income that doesn't come in via
> association fees (we rent offices, get guest room usage fees, CH room
> usage donations etc. that comes out to several thousand a year, and that
> is taxed at 30%). So we're hoping the tax credit will offset those taxes
> over a few years.
>
> We also have households installing PV on their own units as part of the
> same project, and they will individually take advantage of the tax
> credit, so we will not do the pass-through.
>
> I know our neighbor community, Sunward, installed a PV array on their
> common house two or so years ago, so if there is someone from Sunward on
> this list, they might be able to tell you how they are managing the tax
> credit.
>
> Hope that helps.
>
> --
> Adi
> Great Oak Cohousing
> Ann Arbor, MI, USA
> http://www.gocoho.org
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