Outline
The Louisiana R 1086 form serves as a vital tool for individuals and businesses looking to take advantage of the state's solar energy income tax credit. This form is specifically designed for those who have installed solar energy systems, allowing them to claim a tax credit for the associated costs. Taxpayers must provide detailed information about their solar systems, including installation costs and system specifications. It's essential to note that the credit can be claimed for both purchased and leased systems, with specific guidelines governing eligibility. For example, the credit for leased systems installed in 2017 is set at 38% of the first $20,000 of eligible costs. Additionally, the form requires taxpayers to complete a worksheet for each solar energy system, ensuring all necessary calculations and documentation are accurately provided. Compliance with federal and state regulations, such as the “Buy American” requirements, is also crucial. By understanding the key components of the R 1086 form, taxpayers can navigate the application process more effectively and maximize their potential savings.
Sample - Louisiana R 1086 Form
|
|
|
|
|
|
FILING PERIOD |
|
|
|
|
|
S o l a r E n e rgy I n c o m e Ta x C re d i t fo r |
2017 |
|
|
|
|
|
I n d i v i d u a l s a n d B u s i n e s s e s |
|
|
|
|
|
|
|
|
Individual |
Business |
PLEASE PRINT OR TYPE |
Name of Taxpayer/Entity Claiming Credit
Social Security No./Entity Louisiana Revenue Account No.
Name of Taxpayer’s Spouse (if joint individual income tax return)
Spouse’s Social Security No. (if joint individual income tax return)
Taxpayer Residence Address (if individual income tax return) or Business Address
City
State ZIP
|
|
|
Total Available Credit |
|
|
|
1 |
Complete the worksheet, found on page 2, for each solar energy system. Add the |
1 |
|
|||
amounts from Line 12 of each worksheet and enter the total. |
|
|||||
|
|
|
|
|
|
|
|
Share of qualifying tax credit from partnerships, trusts or small business corporations |
|
|
|||
|
(Number of units ____________ ) |
|
|
|||
2 |
Name of Entity: |
|
|
2 |
|
|
|
|
|
||||
|
Louisiana Revenue Acct No: |
|
|
|||
|
|
|
|
|
|
|
3 |
Total Credit Available to the taxpayer (Add Lines 1 and 2.) |
3 |
|
|||
|
|
|
|
|
|
|
LA R.S. 47:6030 provides for a credit against income tax for the purchase and installation of a solar electric system (“system”). The credit may be claimed by a
System components purchased on or after July 1, 2013, must be compliant with the “Buy American” requirements of the federal American Recovery and Reinvestment Act of 2009. See Revenue Information Bulletin
The tax credit for a leased system installed in 2017 is equal to 38 percent of the first $20,000 of eligible costs. For the purpose of determining the cost basis of the credit for a leased system, the eligible cost is $2.00 per watt limited to six kilowatts.
If the taxpayer received this credit through an interest in a partnership, trust, or small business corporation, please retain copies of the Schedule
This credit may be used in addition to any federal credits earned for the same system, but the taxpayer is prohibited from using any other state tax benefit for property for which the credit is claimed.
Declaration
I declare that to the best of my knowledge of all available information, this refund claim is true and complete and complies with all statutes, rules and regulations, and any other policy pronouncements related to the solar energy income tax credit.
Signature of Taxpayer, Entity Officer or Other (for other, attach power of attorney, Form
Date (mm/dd/yyyy)
Signature of Spouse (if joint return)
Date (mm/dd/yyyy)
Please complete a separate worksheet and supplemental information sheet for each solar energy system for which you are requesting credit. Attach each worksheet to page 1.
1
|
|
|
|
|
|
S o l a r E n e rgy I n c o m e Ta x |
|
|
|
|
|
FILING PERIOD |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|||||
|
|
|
|
|
|
Leased Systems (Credit Code 74F) |
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
Worksheet |
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PLEASE PRINT OR TYPE |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of Taxpayer/Entity Claiming Credit |
|
Social Security No. /Entity Louisiana Revenue Account No. |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of Taxpayer’s Spouse (if joint individual income tax return) |
|
Spouse’s Social Security No. (if joint individual income tax return) |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Physical Address of Location Where System Installed |
|
City |
|
State |
ZIP |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
LA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
||||||||||||||||
Date the Installation of the Energy System was Completed |
________________________________________ |
(mm/dd/yyyy) in a Louisiana Residence |
|
||||||||||||||
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contractor’s Name |
|
Contractor’s Louisiana License Number |
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Computation of the Credit |
|
|
|
|
|
||||||
1 |
Cost of new system equipment |
|
|
|
|
|
|
1 |
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
Cost of new system installation |
|
|
|
|
|
|
2 |
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
Taxes associated with new system |
|
|
|
|
|
|
3 |
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Total (Add Lines 1 through 3.) |
|
|
|
|
|
|
4 |
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
Enter the smaller of $20,000 or the amount on Line 4. |
|
|
|
|
|
|
5 |
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
6 |
Enter the sum of the nameplate kW of all of the photovoltaic panels in the system. |
|
6 |
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7 |
Multiply Line 6 by 1,000. |
|
|
|
|
|
|
7 |
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 |
Enter the smaller of $6,000 or the amount on Line 7. |
|
|
|
|
|
|
8 |
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 |
System cost per watt |
|
|
|
|
|
|
9 |
|
$2.00 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 |
Multiply Line 8 by Line 9. |
|
|
|
|
|
|
10 |
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 |
Enter the smaller of Line 5 or Line 10. |
|
|
|
|
|
|
11 |
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 |
Multiply Line 11 by 38% (.38). This is your credit. |
|
|
|
|
|
|
|
12 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
Solar Energy |
|
|
FILING PERIOD |
|
|
|
|
|
|
|
|
2017 |
|||
|
|
|
|
|
|
Income Tax Credit |
|
|||
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
Supplemental Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PLEASE PRINT OR TYPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of Taxpayer/Entity Claiming Credit |
|
Social Security No./ Louisiana Revenue Account No. |
||||||||
|
|
|
|
|
|
|
|
|
|
|
Physical Address of Location Where System Installed |
|
City |
State |
ZIP |
||||||
|
|
|
|
|
|
|
|
|
LA |
|
|
|
|
|
|
|
|
|
|
|
|
Name of Taxpayer’s Spouse (if joint return) |
|
Spouse’s Social Security No. |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
System Information
Total nameplate listed kW of all installed panels:
Provide the make, model, and serial number of generators, alternators, turbines, photovoltaic panels, and inverters for which a credit is being applied.
Make
Model
Serial Number
Attach Additional Sheets if Needed
LAC 61:I.1907 requires certain information about the system be provided to determine eligibility for the credit. Below is a list of additional information required about the solar system. Failure to provide this information shall result in the disallowance of the credit.
1.A copy of the modeled array output report using the PV Watts Solar System Performance Calculator. The calculator was developed by the National Renewable Energy Laboratory and is available at the website www.pvwatts.nrel.gov. The analysis must be performed using the default PV Watts
2.A copy of the solar site shading analysis conducted on the installation site using a recognized industry site assessment tool such as a Solar Pathfinder or Solmetric demonstrating the suitability of the site for installation of a solar energy system.
3.A copy of the installation contract signed by the taxpayer and a copy of the receipt or paid invoice detailing the amount of purchase.
3
|
|
|
|
|
|
Solar Energy |
|
|
FILING PERIOD |
|
|
|
|
|
|
|
|
2017 |
|||
|
|
|
|
|
|
Income Tax Credit |
|
|||
|
|
|
|
|
|
|
||||
|
|
|
|
|
Residential Property Owner Declaration |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
PLEASE PRINT OR TYPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of Taxpayer/Entity Claiming Credit |
|
Social Security No./ Louisiana Revenue Account No. |
||||||||
|
|
|
|
|
|
|
|
|
|
|
Physical Address of Location Where System Installed |
|
City |
State |
ZIP |
||||||
|
|
|
|
|
|
|
|
|
LA |
|
|
|
|
|
|
|
|
|
|
|
|
Name of Taxpayer’s Spouse (if joint return) |
|
Spouse’s Social Security No. |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
This page must be signed by the owner of the property on which the solar system is installed.
I, the undersigned residential property owner, am the lessee of a solar energy system and may be entitled to claim the Louisiana solar energy income tax credit pursuant to R.S. 47:6030.
I understand and acknowledge my right to consult a tax professional prior to claiming any Louisiana state tax credit for which I may be eligible.
I understand and acknowledge that LAC 61:I.1907(F)(2) and (3) provide costs ineligible for inclusion under the tax credit. I understand that R.S. 47:6030(C)(1) explains that my “cost of purchase” or overall “costs” of a solar energy system cannot include any lease management fee or any inducement to lease a solar energy system.
I understand that an inducement is an incentive for me to lease a solar energy system. An inducement may be offered to me as a rebate, prize, gift certificate, trip, additional energy item or service, or any other thing of value given to me by the seller, installer, or equipment manufacturer as an incentive for me to lease a system.
Whenever marketing rebates or incentives are offered to me in return for a reduction in the lease price of the system or as an inducement to lease, the eligible cost under LAC 61:I.1907(F)(1) will be accordingly reduced by the fair market value of the marketing rebate or incentive that I receive.
Date (mm/dd/yyyy) |
Last 4 Digits of SSN |
Signature |
_______ _______ _______ _______
Print Name
4
|
|
|
|
|
|
FILING PERIOD |
|
|
|
|
|
Sworn Statements by Licensed |
2017 |
|
|
|
|
|
Dealer and Installer |
|
|
|
|
|
|
|
|
Pursuant to Revised Statute (R.S.) 47:6030(D)(3)(d), Form
Residential Property where the Solar Energy System was Installed
Address
City
State
ZIP
To Be Completed by Dealer:
The undersigned is an authorized principal in _______________________________________________________, is licensed by the
Louisiana Board of Contractors as required by R.S. 47:6030, and certifies under penalty of law, particularly R.S. 14:202.2(A), that the
system leased to the homeowner of the residence located at ___________________________________________________ has a total
nameplate value of ___________________ kilowatts, that no solar dealer, solar installer, or installer affiliate financed the repayment
obligations, and that a reasonable good faith belief exists that the residence is eligible for the credit provided for in this Section in the
amount claimed on a Louisiana income tax return.
___________________________________________________ |
__________________________________ |
______________ |
Dealer’s Name (printed) |
Dealer’s Name (signature) |
Date |
___________________________________________________ |
__________________________________ |
_______________ |
Dealer’s Louisiana License Number |
Notary Public |
Date |
To Be Completed by Installer:
The undersigned is an authorized principal in ______________________________________________________________________,
is licensed by the Louisiana Board of Contractors as required by R.S. 47:6030, is a licensed installer, as required by R.S. 37:2156.3, and certifies under penalty of law, particularly R.S. 14:202.2(A), that the system installed at the residence located at ____________________
______________________________________________________ has a total nameplate value of _____________ kilowatts.
___________________________________________________ |
___________________________________ |
_______________ |
|
Installer’s Name (printed) |
Installer’s Name (signature) |
Date |
|
___________________________________________________ |
___________________________________________________ |
||
Installer’s Louisiana License Number |
Date the installation of the energy system was completed and placed in service |
||
___________________________________________________ |
_______________ |
|
|
Notary Public |
Date |
|
|
5
Form Information
| Fact Name | Description |
|---|---|
| Form Purpose | The Louisiana R 1086 form is used to claim the Solar Energy Income Tax Credit for individuals and businesses who purchase and install solar energy systems. |
| Filing Period | This form is specifically for the tax year 2017, allowing taxpayers to claim credits for eligible solar energy systems installed during that year. |
| Credit Percentage | The tax credit equals 38% of the first $20,000 of eligible costs for leased solar systems, providing significant savings for taxpayers. |
| Eligible Costs | Eligible costs include the purchase and installation of the solar energy system, with specific limits on how these costs are calculated for the credit. |
| Governing Law | The credit is governed by Louisiana Revised Statute 47:6030, which outlines the eligibility and requirements for claiming the solar energy tax credit. |
| Compliance Requirements | Components purchased after July 1, 2013, must meet "Buy American" requirements as specified in the federal American Recovery and Reinvestment Act of 2009. |
| Additional Documentation | Taxpayers must provide supporting documentation, including installation contracts and performance analysis reports, to validate their claims for the credit. |
Detailed Guide for Filling Out Louisiana R 1086
To complete the Louisiana R-1086 form, individuals or businesses must provide specific information regarding their solar energy systems. This includes details about the taxpayer, the solar energy system, and any associated costs. After gathering all necessary information, follow the steps outlined below to accurately fill out the form.
- Print or type the name of the taxpayer or entity claiming the credit at the top of the form.
- Provide the Social Security Number or Louisiana Revenue Account Number as applicable.
- If filing jointly, include the name and Social Security Number of the taxpayer's spouse.
- Enter the taxpayer's residence address or business address, including city, state, and ZIP code.
- Complete the worksheet for each solar energy system on page 2 of the form. Add the amounts from Line 12 of each worksheet and enter the total on the form.
- If applicable, provide the share of the qualifying tax credit from partnerships, trusts, or small business corporations, including the number of units.
- Enter the name of the entity and its Louisiana Revenue Account Number, if applicable.
- Add the total available credit from Line 1 and Line 2, and enter the sum on the form.
- Complete the declaration section by signing and dating the form. If filing jointly, the spouse must also sign and date the form.
- Attach the completed worksheets and any additional required documentation to the form.
Obtain Answers on Louisiana R 1086
-
What is the Louisiana R 1086 form?
The Louisiana R 1086 form is a tax credit application specifically for individuals and businesses that have purchased and installed solar energy systems in Louisiana. It allows taxpayers to claim a credit against their income tax for eligible solar energy system costs. This form must be completed accurately and submitted to the Louisiana Department of Revenue to receive the benefits associated with the solar energy income tax credit.
-
Who is eligible to claim the solar energy income tax credit?
Eligibility for the solar energy income tax credit is available to both individual taxpayers and businesses that have installed a solar electric system in Louisiana. The credit can also be claimed by third-party owners through a lease agreement with the owner of a single-family detached residence. However, only one tax credit can be claimed for each residence, and the system must meet specific requirements outlined in Louisiana law.
-
What are the key components to complete the R 1086 form?
To successfully complete the R 1086 form, taxpayers must provide several pieces of information:
- Name and Social Security number or Louisiana Revenue Account number of the taxpayer and spouse (if applicable).
- Details of the solar energy system, including installation address and contractor information.
- Computation of eligible costs, which includes the cost of the system, installation, and associated taxes.
- Documentation supporting the credit claim, such as installation contracts, receipts, and performance reports.
Each solar energy system requires a separate worksheet to detail the costs and eligibility criteria.
-
What are the limitations of the solar energy income tax credit?
There are several limitations associated with the solar energy income tax credit in Louisiana:
- The credit is limited to 38% of the first $20,000 of eligible costs for leased systems.
- The maximum eligible cost per watt is capped at $2.00, with a total system size limit of six kilowatts.
- Taxpayers cannot claim any other state tax benefits for the same property for which this credit is claimed.
- System components must comply with the "Buy American" requirements as specified in federal law.
It is essential for taxpayers to review all eligibility requirements and limitations to ensure compliance and maximize their benefits.
Common mistakes
Filling out the Louisiana R 1086 form can be straightforward, but many people make common mistakes that can lead to delays or denials. One frequent error is failing to complete the required worksheets for each solar energy system. Each system must have its own worksheet attached to the main form. Neglecting this step can result in the application being considered incomplete.
Another mistake involves incorrect calculations. Applicants often miscalculate the total available credit by not properly adding the amounts from the worksheets. It's essential to double-check these figures before submitting the form. Additionally, not including the necessary supporting documents can lead to complications. For instance, copies of the Schedule K-1 or other documentation supporting any credits received through partnerships should always be attached.
People sometimes overlook the requirement to provide specific information about the solar system. This includes details like the make, model, and serial numbers of the equipment. Without this information, the application may be disallowed. Furthermore, failing to sign the form can halt the process entirely. Both the taxpayer and, if applicable, the spouse must provide their signatures and dates.
Many applicants also forget to check the compliance with the "Buy American" requirements. If the system components do not meet these standards, the credit may not be valid. Another common issue is not adhering to the installation date requirements. The form specifies that the installation must have been completed within a certain timeframe, and missing this detail can lead to rejection.
Lastly, individuals may mistakenly think they can claim additional state tax benefits for the same system. The rules clearly state that only one tax credit can be claimed per residence. Understanding these limitations is crucial for a successful application. By avoiding these common pitfalls, applicants can ensure a smoother experience when filing for the Louisiana solar energy income tax credit.
Documents used along the form
The Louisiana R-1086 form is essential for claiming the solar energy income tax credit. However, it often works in conjunction with several other documents that provide necessary information and verification for the credit application process. Below is a list of key forms and documents commonly used alongside the R-1086 form, each serving a specific purpose in the overall application process.
- Worksheet for Solar Energy Systems: This worksheet helps calculate the total available credit for each solar energy system installed. Taxpayers must complete it for each system to determine eligible costs and the resulting credit.
- Supplemental Information Sheet: This document collects additional details about the solar energy system, including specifications of the equipment used. It's crucial for confirming eligibility for the tax credit.
- Residential Property Owner Declaration: This declaration must be signed by the property owner where the solar system is installed. It acknowledges the owner's understanding of the tax credit requirements and confirms their eligibility.
- Sworn Statements by Licensed Dealer and Installer: This form includes sworn statements from both the dealer who leased the solar system and the installer who set it up. Their signatures verify compliance with state laws and confirm the system's specifications.
- Schedule K-1: If the taxpayer is part of a partnership or trust that has received a share of the solar credit, the Schedule K-1 is essential. It documents the taxpayer's share of income, deductions, and credits from the partnership.
- Installation Contract: This contract outlines the agreement between the taxpayer and the installer. It details the scope of work and the costs associated with the installation, which are important for calculating the credit.
- Invoice or Receipt: A paid invoice or receipt from the installation is necessary to prove that the taxpayer has incurred eligible costs for the solar system. This document supports the credit claim by confirming payment for the installation and equipment.
Understanding these documents is crucial for anyone looking to take advantage of the solar energy income tax credit in Louisiana. Each form plays a vital role in ensuring that the application process is smooth and compliant with state regulations. By preparing these documents carefully, taxpayers can maximize their benefits while adhering to the necessary legal requirements.
Similar forms
The Louisiana R 1086 form is an important document related to claiming tax credits for solar energy systems. It shares similarities with several other forms, each serving a unique purpose while maintaining a common theme of tax credit claims or energy efficiency. Here are five documents that are similar to the Louisiana R 1086 form:
- IRS Form 5695: This form is used to claim the Residential Energy Credits on federal tax returns. Like the R 1086, it provides a structure for taxpayers to report their solar energy system costs and determine eligible credits.
- California Solar Initiative (CSI) Application: This application is for California residents seeking rebates for solar energy systems. Similar to the R 1086, it requires detailed information about the system and its installation to assess eligibility for financial incentives.
- New York State Solar Incentive Application: This document allows New York residents to apply for solar incentives. It parallels the R 1086 in that it also asks for specifics about the solar system and the costs incurred, ensuring that applicants can maximize their available credits.
- Massachusetts Solar Renewable Energy Certificate (SREC) Application: This application is for claiming SRECs in Massachusetts. Like the R 1086, it serves to document the installation of solar energy systems and the associated costs, allowing for the receipt of credits or certificates.
- Florida Solar Energy System Incentives Application: This application allows Florida residents to apply for state incentives for solar installations. It shares similarities with the R 1086 by requiring detailed information about the solar system and its installation to determine eligibility for financial support.
Understanding these forms can help ensure that you are well-prepared to navigate the process of claiming solar energy credits. Each document plays a vital role in supporting the transition to renewable energy while providing financial relief to taxpayers.
Dos and Don'ts
When filling out the Louisiana R-1086 form, it is essential to follow specific guidelines to ensure accuracy and compliance. Here are seven things you should and shouldn't do:
- Do complete the worksheet on page 2 for each solar energy system you are claiming.
- Do ensure that all names and Social Security numbers are accurate and match official documents.
- Do attach all required documents, including installation contracts and receipts.
- Do declare the total available credit accurately, adding the amounts from the worksheets.
- Don't forget to sign the form; both the taxpayer and spouse must sign if filing jointly.
- Don't leave any sections blank; fill in all required fields to avoid delays.
- Don't claim costs that are not eligible under the guidelines, such as lease management fees.
Misconceptions
Understanding the Louisiana R 1086 form can be crucial for anyone looking to benefit from the solar energy income tax credit. However, several misconceptions often arise. Here are nine common misunderstandings about this form:
- Misconception 1: The credit is available for any solar system installed.
- Misconception 2: You can claim multiple credits for the same residence.
- Misconception 3: All costs associated with the solar system are eligible for the credit.
- Misconception 4: You can apply for the credit without any supporting documentation.
- Misconception 5: The credit amount is fixed and does not vary.
- Misconception 6: You can combine this credit with any other state tax benefits.
- Misconception 7: The credit is only for homeowners.
- Misconception 8: You do not need to consult a tax professional.
- Misconception 9: The credit is automatically applied when filing taxes.
The credit specifically applies to systems that meet certain criteria, including compliance with federal requirements and installation in a single-family detached residence.
Only one tax credit is allowed per residence, regardless of the number of systems installed.
Costs such as lease management fees or inducements to lease are not eligible and must be excluded from the calculation.
Proper documentation, including installation contracts and receipts, is essential to substantiate your claim.
The credit is calculated based on eligible costs, which can vary depending on the specifics of your installation.
This credit cannot be combined with other state tax benefits for the same property.
Businesses can also claim this credit, provided they meet the necessary requirements.
It is highly advisable to seek professional advice to ensure compliance and maximize your benefits.
Taxpayers must actively claim the credit by completing the R 1086 form and providing all required information.
By clearing up these misconceptions, individuals and businesses can better navigate the complexities of the Louisiana R 1086 form and take full advantage of the solar energy income tax credit.
Key takeaways
The Louisiana R 1086 form is essential for claiming the Solar Energy Income Tax Credit for individuals and businesses that installed solar energy systems in 2017.
Before filling out the form, ensure that you have completed the required worksheet for each solar energy system, which helps calculate the total available credit.
Only one tax credit can be claimed per residence, and it is important to verify that the system components meet the "Buy American" requirements.
The credit is calculated at 38% of the eligible costs, with a cap of $20,000 for the first eligible expenses incurred.
Keep documentation such as the Schedule K-1 or other supporting documents if you received credit through a partnership or trust.
Additional information, including installation contracts and shading analysis, must be provided to ensure eligibility for the credit.
Signatures from both the taxpayer and spouse (if applicable) are necessary, along with a declaration confirming the accuracy of the information provided.