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Solar
Credit
Available
As of Jan. 1,1983, Virginia residents and corporations can subtract a percentage of what they spend on an approved solar system from their state income tax, according to the State Office of Emergency and Energy Services (OEES).
Virginia’s solar tax credit, passed last March by the General Assembly, is a declining credit that will be in effect from Jan. 1, 1983, "until Dec. 31, 1987. The Virginia Coal and Energy Commission will review, by Oct. 15, 1987, the impact of the solar tax credit on the state’s economy and determine if it has encouraged Virginians to increase their use of solar energy systems.
Virginia’s solar tax credit allows for a 25 percent tax .. credit on the price of solar equipment purchased in 1983 and 1984, a 20 percent credit in 1985, 15 percent in 1986 iind 10 percent in 1987. The maximum credit which is allowed is SI,000.
If the taxpayer’s credit is more than he owes in state income taxes during the year in which he bought the solar system, he may subtract the excess credit from next year’s tax liability.
86.8%