On December 21, 2020, Congress passed a $900 billion coronavirus relief package. Within this package was the extension of the federal investment tax credit (ITC). Prior to this, the ITC was set to roll back from 26 percent (26%) to 22 percent on January 1, 2021, and down to 10 percent on January 1, 2022. In Subtitle C, Section 148 of the almost six-thousand-page relief package, the 26 percent ITC rate was extended through December 31, 2022. The 22 percent ITC rate will take effect on January 1, 2023, and the 10 percent ITC rate will take effect on January 1, 2024.
Photo Source: Solar Energy Industries Association
Basics
The ITC allows homeowners and developers to apply the tax credit…
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