Business not using green energy credit - Atlanta Business Chronicle:

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“Clean energy” tax credits to promote more sustainable developmentes for both businesses and homeowners were approved durinfg the last session of theGeorgia legislature. But few peoplwe are aware thatthe eco-credits exist. And the dollar s that have been set aside go awayif they’red not used. The Cleanh Energy Property Tax Credit allows corporations and homeowners to receivw credit for investing in a host of environmentallyfriendl technologies. The five-year progranm offers up to $2.5 million of tax creditw each year for a totaolof $12.5 million. But if any of those tax creditss go unused in one they do not roll over to thenext year.
Just this it appears as though millions of dollars inthe eco-credity program will go unused. (GEFA) and the Georgia Departmentf of Revenue, which are overseeing the program, say that as of late they had received 33 applications fortax credits; they have approvex a total of $87,713 out of the $2.5 Only a handful of those applicationzs have come from businesses. “Nobody is award of this program,” said Peterf Stathopoulos, director of state and local practicer for BennettThrasher P.C. accountingh firm. “Businesses are not and individuals arenot aware.
” The legislationm was passed to encourage businesses and homeowners to invesyt in renewable energy resources and in energy-efficient buildingsa and equipment. Those investments include solarenergyy equipment, geothermal heat pumps, energy-efficient lighting, wind power biomass equipment and the transportatiobn of wood residuals to a renewable biomasz facility. But businesses and individuals must first make the investment and then applg for thetax credit, whicgh then must be approved by GEFA and implementec by the Georgia Department of “Georgia has a long history of playing catcb up in regards to economic developmenyt incentives and tax Stathopoulos said.
“With the current wave of eco-creditz around the country, Georgia did not want to be on thetrailinhg end.” While some states have better eco-credits than Georgia (includinyg a market to buy and sell eco-tax the state legislation is fairlty competitive with other states. “We want to have more people take advantageof it,” Stathopoulos said. “Georgia doesn’t have the juiciest eco-creditz in the country, but I think this is a good Walter Brown, chairman-elect of the and a senior vice president of said the tax credit is a way to help encourag e a green economy inthe state.
The more peoplr who invest in solar and other renewable energy the lower the costwill be. Brown said Georgia actually is a good candidater for solar energy because of the amounft of sunlight itreceives “Germany has the largest installation of solaf power in the world,” Brown “And Germany is on par with New Englan as far as the amount of sun that hits their solard panels. We probably have 50 percenr more efficiency thanNew England.” The Cleanm Energy Property Tax Credit can help createe a market for these environmentally friendly “We want Georgia companies to starg stepping up to the plate to develolp skill sets,” Brown said.
He addedf that the legislation, when combined with federal incentives, will allow corporations “an opportunityt through tax credits and accelerated depreciationb to recapture all their investmentf in less thanfive years.” For more information on the Clea n Energy Property Tax Credit, go to www.gefa.orgg or www.dor.ga.gov.