From category archives: Boulay

Renewable Energy

Don’t Miss Clean Energy Tax Opportunities: Your Business or Clients Can Benefit

Clean energy has been—and continues to be—a hot topic. With all the debate surrounding climate change and its effect on severe weather (recent hurricanes Harvey, Irma and Maria, for example), and an increasing concern about clean air and water, there is a general consensus that we need to reduce our consumption of fossil fuels. Clean energy—solar, wind, hydroelectric, geothermal and bioenergy—is key to accomplishing this.

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Ethanol Industry: Revenue Recognition Under ASU 2014-09 (Topic 606)

This guide may be useful as the Company implements the standard. The Company is encouraged to use this as a tool to tailor to its individual facts and circumstances. Management’s documentation may include references to specific sections of its contracts. Click here to read the guide.

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Income Tax Credit: Residential Energy Efficient Property

Known also as the Residential Alternative Energy Credit, this credit equals 30 percent of the cost of qualifying small wind, solar water heating, solar electric, geothermal heat pump, and fuel cell property placed in service in a U.S.

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Income Tax Credit: Second Generation Biofuel Producer Credit

Formerly known as the Cellulosic Biofuel Producer Credit, this credit equals $1.01 per qualifying gallon produced. The biofuel must be produced and used as a fuel in the United States. Credits under I.R.C. § 40 offset federal income tax. The credit amount under § 40 is reduced if credits or exemptions are taken against federal excise taxes. If producer is an LLC, the credits flow through and are taken by the members on their individual tax returns. The credit amount must be included in income. Section 40(b)(6) credits are currently set to expire after 2016.

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Income Tax Credit: Energy Credit

Sometimes referred to as the Renewable Energy Investment Tax Credit ("ITC"), this credit equals 30 percent of the cost of qualifying small wind, solar, and fuel cell property placed in service, and 10 percent of the cost of other energy property, such as geothermal heat pumps, stationary microturbines, and combined heat and power systems.

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Income Tax Credit: Electricity Produced From Certain Renewable Resources

Known as the Renewable Energy Production Tax Credit ("PTC"), this credit currently equals 2.3 cents per kilowatt hour (for 2015) produced at a qualifying facility and sold to an unrelated party from resources including: wind; closed-loop biomass; geothermal energy; and solar energy. For municipal solid waste, qualified hydropower, marine and hydrokinetic energy, small irrigation power, and open-loop biomass facilities, the credit is 1.2 cent per kilowatt hour.

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