BATON ROUGE, LA (WAFB) - If you plan on purchasing a residential solar energy system, don't count on receiving tax credits from the State of Louisiana. The state Department of Revenue said the amount of claims filed for the tax credit program exceeds the funds available by $14 million.
The department says it is reviewing previously submitted claims, and taxpayers who do not receive tax credits under the 2016 fiscal year cap will be notified if they are eligible for deferred funds under the final two fiscal years of the program.
If a taxpayer is not eligible for deferred funds, they will receive a certified letter of denial.
The Louisiana Legislature set caps on the amount of money available for the solar tax credit program in 2015. The program ends on December 31, 2017.
The legislature designated a $10 million cap for fiscal years 2015-2016 and 2016-2017 and a $5 million cap for fiscal year 2017-2018. The credits were approved on a first-come, first-served basis.