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Free Efile 1040ez

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Free Efile 1040ez

Free efile 1040ez Publication 526 - Additional Material Prev  Up  Next   Home   More Online Publications
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Qualifying Advanced Energy Project Credit (section 48C)

What's New

Notice 2013-12 Announces New Allocation Round; $150,228,397 Available

Notice 2013-12, issued February 7, 2013, announced the availability of $150,228,397 in section 48C tax credits in the Phase II allocation round in 2013.  Application procedures are different than in the first allocation round.  The first deadline to be met is April 9, 2013.  See Notice 2013-12 and the updated Frequently Asked Questions, available through the links below.  The Frequently Asked Questions are updated every Monday.

Overview

The Qualifying Advanced Energy Project tax credit is a credit for businesses which establish, expand or re-equip a manufacturing facility for the production of —

  • property designed to be used to produce energy from the sun, wind, geothermal deposits or other renewable resources,
  • fuel cells, microturbines, or an energy storage system for use with electric or hybrid-electric motor vehicles,
  • electric grids to support the transmission of intermittent sources of renewable energy, including storage of such energy,
  • property designed to capture and sequester carbon dioxide emissions,
  • property designed to refine or blend renewable fuels or to produce energy conservation technologies (including energy-conserving lighting technologies and smart grid technologies),
  • new qualified plug-in electric drive motor vehicles, qualified plug-in electric vehicles, or components which are designed specifically for use with such vehicles, including electric motors, generators, and power control units, or
  • other advanced energy property designed to reduce greenhouse gas emissions.

An example is building a factory to manufacture solar panels.

Because the credit was enacted as section 48C of the Internal Revenue Code (Title 26 of the U.S. Code), it is sometimes referred to as the section 48C (§ 48C) credit.

The credit amount is 30% of qualified investment in selected manufacturing facilities. Taxpayers must apply in advance and have their facilities selected to be eligible for the credit.  The process for applying and being allocated a credit is summarized as follows (details are in Notice 2013-12):

  • The taxpayer applies for the credit.
  • If approved, the IRS sends the taxpayer a letter allocating a credit to the taxpayer’s project.
  • The taxpayer sends the IRS two signed copies of the required agreement (Appendix A of Notice 2013-12).
  • The IRS signs the two copies of the agreement and returns one to the taxpayer.
  • Within 1 year of the date of the allocation letter, the taxpayer sends the IRS a request for certification of its project documenting its progress implementing the project.
  • If the IRS approves it sends the taxpayer a certification letter.
  • Within 3 years of the date of the certification letter, the taxpayer completes its project and notifies the IRS.

General 48C Resources

Section 48C of the Internal Revenue Code 

Phase II Program (2013) Resources

Notice 2013-12 -- how the Phase II program in 2013 works

Frequently Asked Questions – updated every Monday

Webinar on how to apply – an informational webinar on the 48C Phase II Program hosted by the Department of Energy on February 19, 2013.  Scroll down to the 48C section and select the “48C_Webinar” link. 

Phase II Application Portal -- all 2013 applications must be submitted through this site. Select FOA number 48C-0002013 then read the instructions on the next screen.  Click on the “EERE_eXCHANGE_48C_Applicant_User_Guide” link to view or download the user guide.  Click on the “Apply” button to register and begin the application process.”

Fillable template of the agreement required in the Phase II program in 2013

Phase I Program (2009) Resources

Notice 2009-72 – how the Phase I program in 2009 works

Fillable template of the agreement required in the Phase I program in 2009

Contact Us

Please send questions about the program to the IRS by fax at 713-209-3964 or by telephone at 713-209-3669.  Please include both your telephone number and fax number in your message.  Tell us whether you prefer a response by fax or telephone.  We will ensure that we respond to every question we receive by March 26, 2013, in time for you to meet the first deadline on April 9, 2013.  For questions we receive after March 26, 2013, we will do our best to answer as quickly as possible, but we cannot ensure that we will answer them in time for you to meet the April 9 deadline.

Page Last Reviewed or Updated: 21-Feb-2014

The Free Efile 1040ez

Free efile 1040ez 5. Free efile 1040ez   Student Loan Cancellations and Repayment Assistance Table of Contents Introduction Student Loan CancellationQualifying Loans Student Loan Repayment Assistance Introduction Generally, if you are responsible for making loan payments, and the loan is canceled (forgiven), you must include the amount that was forgiven in your gross income for tax purposes. Free efile 1040ez However, if you fulfill certain requirements, two types of student loan assistance may be tax free. Free efile 1040ez The types of assistance discussed in this chapter are: Student loan cancellation, and Student loan repayment assistance. Free efile 1040ez Student Loan Cancellation If your student loan is canceled, you may not have to include any amount in income. Free efile 1040ez This section describes the requirements for tax-free treatment of canceled student loans. Free efile 1040ez Qualifying Loans To qualify for tax-free treatment, for the cancellation of your loan, your loan must have been made by a qualified lender to assist you in attending an eligible educational institution and contain a provision that all or part of the debt will be canceled if you work: For a certain period of time, In certain professions, and For any of a broad class of employers. Free efile 1040ez The cancellation of your loan will not qualify for tax-free treatment if it is cancelled because of services you performed for the educational institution that made the loan or other organization that provided the funds. Free efile 1040ez See Exception, later. Free efile 1040ez Eligible educational institution. Free efile 1040ez   This is an educational institution that maintains a regular faculty and curriculum and normally has a regularly enrolled body of students in attendance at the place where it carries on its educational activities. Free efile 1040ez Qualified lenders. Free efile 1040ez   These include the following. Free efile 1040ez The United States, or an instrumentality thereof. Free efile 1040ez A state, territory, or possession of the United States, or the District of Columbia, or any political subdivision thereof. Free efile 1040ez A public benefit corporation that is tax-exempt under section 501(c)(3); and that has assumed control of a state, county, or municipal hospital; and whose employees are considered public employees under state law. Free efile 1040ez An eligible educational institution, if the loan is made: As part of an agreement with an entity described in (1), (2), (3) under which the funds to make the loan were provided to the educational institution, or Under a program of the educational institution that is designed to encourage its students to serve in occupations with unmet needs or in areas with unmet needs where the services provided by the students (or former students) are for or under the direction of a governmental unit or a tax-exempt section 501(c)(3) organization. Free efile 1040ez   Occupations with unmet needs include medicine, nursing, teaching, and law. Free efile 1040ez Section 501(c)(3) organization. Free efile 1040ez   This is any corporation, community chest, fund, or foundation organized and operated exclusively for one or more of the following purposes. Free efile 1040ez Charitable. Free efile 1040ez Religious. Free efile 1040ez Educational. Free efile 1040ez Scientific. Free efile 1040ez Literary. Free efile 1040ez Testing for public safety. Free efile 1040ez Fostering national or international amateur sports competition (but only if none of its activities involve providing athletic facilities or equipment). Free efile 1040ez The prevention of cruelty to children or animals. Free efile 1040ez Exception. Free efile 1040ez   The cancellation of your loan does not qualify as tax-free student loan cancellation if your student loan was made by an educational institution and is canceled because of services you performed for the educational institution or other organization that provided the funds. Free efile 1040ez Refinanced Loan If you refinanced a student loan with another loan from an eligible educational institution or a tax-exempt organization, that loan may also be considered as made by a qualified lender. Free efile 1040ez The refinanced loan is considered made by a qualified lender if it is made under a program of the refinancing organization that is designed to encourage students to serve in occupations with unmet needs or in areas with unmet needs where the services required of the students are for or under the direction of a governmental unit or a tax-exempt section 501(c)(3) organization. Free efile 1040ez Student Loan Repayment Assistance Student loan repayments made to you are tax free if you received them for any of the following: The National Health Service Corps (NHSC) Loan Repayment Program (NHSC Loan Repayment Program). Free efile 1040ez A state education loan repayment program eligible for funds under the Public Health Service Act. Free efile 1040ez Any other state loan repayment or loan forgiveness program that is intended to provide for the increased availability of health services in under served or health professional shortage areas (as determined by such state). Free efile 1040ez You cannot deduct the interest you paid on a student loan to the extent payments were made through your participation in the above programs. Free efile 1040ez Prev  Up  Next   Home   More Online Publications