Community Solar Farm

[hcboat3]

I'm buying into a community solar farm.  The final payment will be in June 2024 when the farm becomes operational.  How do I claim the energy tax credit for this purchase?

[KrisD15]

To clarify, what business model will the farm be? 

Partnership?

C-Corp

something else? 

[hcboat3]

Inc.

[hcboat3]

I'm not really sure how to answer your question about business model.  The developer and manager of the farm is Revision Energy Inc., South Portland ME

[ThomasM125]

If it is taxed as a regular corporation ("C" corporation) then the corporation would take any energy credit on the corporate tax return. If it is a small business corporation ("S" corporation), any credit you would be entitled to would be reflected on the schedule K-1 you would receive from the company each year. You would enter that into TurboTax to report your share of company income, deductions and credits.

[hcboat3]

It's an LLC.  Does that help clarify?

[DaveF1006]

To clarify, Single-member LLC or multi-membered?

@hcboat3 

[hcboat3]

Multi member

[hcboat3]

there are approximately 180 individual owners, all members of the LLC

[hcboat3]

Still there?  It's been 15 minutes since I answered your clarifying question.  Can you give me a response?

[DaveF1006]

If this is a C-Corp, then the Corp will claim the credit on its corporate return as ThomasM125 has already stated.  If it is an S-Corp, you will be issued a K-1 for your share of the credit. Since you mention it is an Inc, it could be either one or the other.