- Credit Claims For Boston Nonprofit And Social Services Professionals: Legal Considerations And Guidance
- Most Overlooked Tax Deductions, Credits And Exemptions
Credit Claims For Boston Nonprofit And Social Services Professionals: Legal Considerations And Guidance – Commercial Battery Storage Energy Storage Solar Battery Battery Backup Financing Loan Solar Loan SMART Program ITC Tax Credits Solar Tax Credit Solar Incentives Solar Leasing Solar Financing Solar Installation Process Solar Installation Solar Energy News Commercial Solar Incentives
Nonprofits have just as much to gain from switching to solar energy as for-profit companies. But until recently, direct solar ownership wasn’t an option for most nonprofits due to limited funding, and because nonprofits have no tax liability, they don’t qualify for the 30% federal solar tax credit. The tax credit has made solar energy more affordable for businesses, and without this tax credit, many would not be able to afford the upfront costs.
Credit Claims For Boston Nonprofit And Social Services Professionals: Legal Considerations And Guidance
Because they don’t qualify for tax credits, going solar as a nonprofit has historically been a challenge. In the past, organizations that were unable to raise enough money for a solar panel installation had to settle for a solar lease or a Power Purchase Agreement (PPA). Leases and PPAs can save you money, but they don’t have the same benefits as outright solar ownership.
Most Overlooked Tax Deductions, Credits And Exemptions
The Inflation Reduction Act of 2022 (IRA) has changed the game for nonprofits by creating a direct-pay version of the solar investment tax credit (ITC).
The federal solar tax credit allows for-profit companies to receive a tax credit worth 30% of their total installation costs when they install solar panels and/or battery storage. The new direct payment option allows nonprofits to take advantage of this incentive even if they don’t pay taxes. Nonprofits can now receive a direct payment for 30% of the total installation cost of their solar energy system, making solar installation easier and more affordable.
Any organization with a tax-exempt status with the federal government is eligible for the direct payment option for Non-Profit Solar Tax Credits. This includes:
Savings on electricity bills – Electricity is a major operating expense for most organizations. Solar panels allow you to generate your electricity for free, reducing operating costs so you can put more money back into your organization.
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Improved public image – Installing solar panels can generate positive publicity due to the environmental benefits they provide, bringing attention (and possibly donations) to your organization.
Solar Incentives – If you directly own your solar system, you are eligible for incentives. Massachusetts offers many incentives for commercial solar installations, including net metering, SMART and ConnectedSolutions. All of this can help your nonprofit save even more money with solar energy.
Power Outage Protection – Solar energy storage provides you with a reliable backup power source and allows you to keep your solar panels on during a power outage.
Reduced Carbon Footprint – By powering your organization with clean, renewable solar energy, you reduce your dependence on fossil fuels for energy and reduce your carbon footprint.
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The Inflation Reduction Act and solar panels can help your nonprofit save money so you can invest more in your organization. If you’re interested in adding solar power to your nonprofit, Boston Solar can help. We’re a leading local commercial solar installer near you, and we work with nonprofits of all sizes, including schools, governments, churches and more. We have been serving Massachusetts for more than a decade and have installed more than 5,000 solar energy systems. We can design a custom solar solution that works for your nonprofit and help you take advantage of the tax benefit of the Inflation Reduction Act’s direct payout solar tax credit option.
Find out if your nonprofit is eligible for direct payment through the ITC. Call 617-858-1645 or contact us for a consultation.
Are you considering solar energy for your non-profit organization? You may qualify for 30% instant payment through the ITC! 617-858-1645 READ MORE $3 Million Expands Human Services at Western Mass Center for Human Development, Inc. Uses & PeoplesBank Tax-Exempt Bonds to Purchase Four New Group Homes and Commercial Buildings for Outpatient Behavioral Health Services
BOSTON – has issued a $3 million tax-exempt bond on behalf of the Center for Human Development, Inc. (CHD), a nonprofit organization that will use the proceeds to purchase four residential group homes in Chicopee and Springfield that will house 24 individuals with developmental disabilities and behavioral care needs. The organization will also use the proceeds to purchase and renovate a commercial building at 55-69 Union St. in Easthampton, which will be used for outpatient behavioral health care, including emergency care. The projects will help CHD meet increased demand and better serve customer needs. The organization expects to create 250 full-time jobs and 100 part-time jobs over the next three years. PeoplesBank bought the bond, allowing CHD to achieve a lower cost of capital.
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“The Center for Human Development, Inc. has provided care and services to countless individuals and families in western Massachusetts and beyond for decades,” said President and CEO Dan Rivera. “ is proud of our long-standing relationship with CHD and is pleased that this tax-exempt financing will help the nonprofit move forward with the purchase of four new group homes and an outpatient center, and the creation of hundreds of human services jobs.”
“PeoplesBank is proud to support the work of CHD as they provide invaluable assistance to so many members of our communities,” said Matthew Bannister, PeoplesBank Senior Vice President of Corporate Responsibility. “In addition to providing financial grants for several specific CHD initiatives, and our employees volunteering their time on behalf of the organization, our involvement in funding this project is another tangible demonstration of our support for CHD.”
Founded in 1972, CHD has helped people build strong productive lives through community-based social services and behavioral health programs that reach more than 25,000 people annually. CHD is the largest social service agency in Western Massachusetts, providing more than 80 programs and services, including shelter for 300 homeless families, foster care, residential care for adults with developmental disabilities, day health services for seniors and people with disabilities, behavioral health outpatient clinics, recovery programs for substance abuse, community-based flexible support programs, juvenile justice programs, and residential care for children.
Has previously supported the Center for Human Development. In 2019, the agency issued a $4 million tax-exempt bond to help CHD construct a building in South Hadley to house the organization’s Recovery Service Program, purchase and renovate a group home in East Longmeadow, an administrative office building in Springfield to be renovated and three new group homes. In 2017, the agency issued a $3.1 million tax-exempt bond to help CHD renovate and equip a 24,579-square-foot building on Main Street in Greenfield to provide outpatient behavioral health and wellness services, and to establish Community Health Center of Franklin. The province’s main medical and dental clinics. In 2008, the agency issued a $3 million tax-exempt bond to help CHD purchase two buildings at 622 State St. and 342 Birnie Ave. in Springfield.
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“This funding supports our work and allows us to develop services to fulfill our mission and meet the needs of the community,” said Jim Goodwin, president and CEO of Center for Human Development, Inc. “Delivering essential care in the communities where people live is a core aspect of our 50 years as a not-for-profit provider, and we thank PeoplesBank for their outstanding support.”
, the state’s development finance agency and land bank, works with businesses, nonprofits, banks and communities to fuel economic growth across the Commonwealth. During fiscal year 2022, he financed or managed 356 projects that generated investments of more than $1.69 billion in the Massachusetts economy. These projects will create or support an estimated 11,080 jobs and build or preserve 1,778 housing units. A breakdown of closing costs, including various fees associated with title insurance, requested by Peter Ott for the Dorchester home he and his partner now own. (Jesse Costa/)
Early this year, Peter Ott and his partner sat at a table in their lawyer’s office and signed a thick stack of papers to buy their first home. Like most people, they agreed to a slew of closing costs.
Several major expenses related to title – a reflection of the couple’s legal right to own the Dorchester estate, and that no one else could lay claim to it. They had to get insurance on the title to protect the bank, the attorney explained. She also advised them to get a second, optional title insurance policy for themselves just to be on the safe side.
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Together, the policies would cost almost $4,800. What the lawyer didn’t say: Nearly 80% of that money would go to her law firm.
“The whole idea behind hiring a real estate attorney is that they represent you and your interests.” Peter Ott
Ott’s experience is common in Massachusetts, where title insurance makes a lot of money for attorneys and insurance companies. It is an opaque company with the lightest level of regulation in the country. And in this state, title insurers pay large, hidden commissions to attorneys, and homebuyers unknowingly foot the bill. The costs are hidden in the haste of the largest financial transaction most people make.
“The vast majority of the premium you pay actually goes back to your real estate attorney,” Ott said. Yet homebuyers can’t know that, and lawyers don’t have to tell them.
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“The whole idea behind hiring a real estate attorney is that they represent you
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