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Category: Georgia

Georgia Clean Energy Property Credit

In May 2008, Georgia enacted legislation establishing personal tax credits for clean energy equipment installed and placed into service. For clean energy property, installed for single-family residential purposes, the tax credit is equal to 35% of the cost of the system (including installation). The credit is subject to various ceilings depending on the type of system.

Before claiming the credit, the taxpayer must submit an application to the Georgia Department of Revenue for tentative approval. Tax credits are granted on a first-come, first-served basis and may not exceed the taxpayer's liability for that taxable year.

Effective January 1, 2012 and applicable to taxable years beginning on or after January 1, 2012, extends the clean energy property tax credit to clean energy property places into service by December 31, 2014. Specifies that the clean energy property tax credit allowed for calendar years 2012, 2013, and 2014 must be taken in four equal installments over four successive taxable years beginning with the taxable year in which the credit is allowed.