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- Does NJ follow the federal rules on depreciating solar panels over 5 years and reducing basis by 50% of the federal tax credit?
Does NJ follow the federal rules on depreciating solar panels over 5 years and reducing basis by 50% of the federal tax credit?
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Nancy9
Level 3
09-23-2022
02:18 PM
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Commercial solar panels are considered 5 year property for the Federal return. The basis is reduced by 50% of the energy tax credit. It is also eligible for 100% depreciation. Does NJ allow 5 year as the property life? Is the basis calculated the same as it is for Federal?
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