IRS Provides Guidance for Nonbusiness Energy Property and Energy Efficient Property Credits

IRS Notice 2013-70 provides guidance regarding non-business energy property and energy efficient property credits.The non-business energy property credit is limited to 10% of the cost of property placed in service before 2014, and capped at $500. This includes Qualified energy efficiency improvements and residential energy property expenditures.

The non-business energy efficient property tax credit is limited to 30% of the cost paid on property placed in service before 2017 for the following: qualified solar energy property, qualified solar water heating property, qualified fuel cell property, qualified small wind energy property, qualified geothermal heat pump property

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