Solar Tax Incentives Act

Solar Tax Incentives Act - Allows, under the Internal Revenue Code, as a credit against the income tax an amount equal to the ordinary and necessary expenses paid during the taxable year for the application of solar energy to the principal residence and/or place of business through the installation of solar heating energy equipment.

Limits such credit for residences to 25 percent of any qualified expense not to exceed $2,000 during January 1, 1975, to December 31, 1979, and 15 percent not to exceed $200 during January 1, 1980 through December 31, 1984.

Limits such credit in commercial buildings to 12 percent of any qualified expense during January 1, 1975, and December 31, 1979, and 10 percent of any qualified expense during January 1, 1980, and December 31, 1984.

Allows as deduction from gross income the amortization for the taxable year based on a period of 60 months for the solar energy equipment installed and capable of normal functioning.