mhffas
Returning Member

Retirement tax questions

Thank you for your reply.

 

I will have a 20% federal tax credit for the cost of the project and a 20% state tax credit for the cost of the project.   Project will be 500 K so I will get 200K credits.

 

My timeline is to  finish the design of the project in a month or so.  After the design is completed and I have price quote from my contractor for the project, I will give this information to a group that specifies in applying for these credits. 

 

There are three steps to receive the tax credits. The first step is submission for approval before the project starts, the second step is an update submission when the project is 50% completed, and the final step is showing the project has been completed, and  then receiving the credits.   I anticipate the project being completed in 2026.

 

I can also sell the Louisiana tax credits for 88 cents on the dollar.

 

Thanks again for your insight and knowledge.