“Despite the expiration of the ‘1603 Cash Grant Program’, green energy developers and investors still have a variety of attractive tax incentives to encourage new investment,” said Rodman & Rodman CPAs’ Kathy Parker, at the “Banker & Tradesman’s Renewable Energy Real Estate Conference” last week in Boston. Rodman & Rodman is a full service CPA firm where Ms. Parker serves as a partner, and an active leader in the firm’s Renewable Energy and Cleantech specialty practice. The Conference was attended by more than 120 renewable energy project developers, property owners, investors and commercial lenders in the greater Boston area.
According to Parker, qualified solar, landfill gas, wind, biomass, hydroelectric, geothermal electric, fuel cells, geothermal heat pumps, municipal solid waste, CHP/cogeneration, hydrokinetic power, anaerobic digestion, small hydroelectric, tidal energy, wave energy, ocean thermal, fuel cells (using renewable fuels), and microturbines, are eligible for a 30 percent investment tax credit. Although the credit will not be in cash, it can be used to reduce tax liability for one year back and 20 years forward, said Parker. After 2016, the investment Tax credit on Solar is scheduled to drop to 10 percent. In addition, 100 percent of the tax credits can also be used to offset the Alternative Minimum Tax (AMT).
Parker pointed out that bonus depreciation on renewable energy projects also ended in 2013. However, solar projects are still eligible for accelerated depreciation over five years.
About Rodman & Rodman P.C. CPAs
Founded in 1961 and listed in the Boston Business Journal’s “Top 50 Firms,” Rodman & Rodman, P.C. provides accounting, tax and business services to small and medium-sized companies. The Rodman & Rodman “Green Team” is a specialized green energy and clean technology accounting and tax services practice within Rodman & Rodman, P.C. that serves “green” clients throughout the U.S. The company is Green Business Certified and has been named by “Accounting Today” as one of the “Best Accounting Firms to Work For” in 2010, 2011, and 2012. For more information, email info@rodmancpa.com, visit their website at www.rodmancpa.com or contact (617) 965-5959.
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