Notice to Buyer
Thank you in advance for purchasing the 3 IN 1 ROOF system. From beyond this page you will be [1st] self-estimating the size and slope of your entire rooftop, plus determining what type of roof is currently installed and [2nd] placing a 5% deposit against the self-estimated cost of the completely installed Solar Roof System. IRS Notice 2018-59 requires the “Five Percent Safe Harbor” test (i.e., paying or incurring five percent or more of the total cost of the facility in the year that construction begins) and automatically extends your completion date 4-years from now! Under this test, taxpayers will also be deemed to satisfy the requirement that they maintain continuous efforts to advance towards completion. Lastly, individual taxpayers claiming the residential (i.e., property that uses solar energy to generate electricity, to heat or cool a structure, or to provide solar process heat) ITC must have their solar projects placed in service before they can claim any portion the tax credit.
Five Percent Safe Harbor
Construction of energy property will be considered as “having begun” if:(1) a taxpayer pays or incurs five percent or more of the total cost of the energy property, and (2) thereafter makes continuous efforts to advance towards completion of the energy property.
The ITC rate is 30 percent for projects “having begun” construction by December 31, 2019; 26 percent for projects beginning construction by December 31, 2020; and 22 percent for projects beginning by December 31, 2021. Property must be placed in service by December 31, 2023, to qualify for a credit rate in excess of 10 percent. In the case of the sec. 48 commercial credit, the credit rate is 10 percent for projects which begin construction on or after January 1, 2022. The residential credit would expire after December 31, 2021.
The continuity requirement under the Five Percent Safe Harbor will be deemed to have been met if the project is placed in service by the end of the fourth calendar year after the year in which construction began. If an energy property is not placed in service before the end of the fourth calendar year, satisfaction of the “continuity requirements” for the safe harbor tests will be determined by IRS based on the relevant facts and circumstances.
Deposit Related to Future Contract
Any/all buyers of the 3 IN 1 ROOF system whom partake in the “Five Percent Safe Harbor” test are doing so with the full understanding and appreciation their 5% (or more) deposit is directly payable to the 3 IN1 ROOF Corporation. Buyer agrees that his/her deposit is placed against the retail cost of 3 IN 1 ROOF tile and solar materials exclusively for the rooftop he/she has self-estimated pursuant to paragraph 1. Buyer mandates, and not for any reason, shall any sum of deposit monies be distributed by the 3 IN1 ROOF Corporation to buyer’s contracted installer, nor to any other installers, companies or persons, not even at the request of the buyer. Any/all deposits shall be used as a credit against 3 IN 1 ROOF materials which shall be related to the “Future Contract” the buyer enters into with a “Qualified” installer. Said future contract shall be entered into by the Buyer solely with a 3 IN 1 ROOF “Qualified” installer and a copy bonafide future contract shall be mailed by carrier to the 3 IN1 ROOF Corporation along with a Sworn Affidavit of Authenticity enclosed for Buyer’s protection, before deposit can/will be applied.
Privacy of gathered Information: Any/all data submitted shall be utilized exclusively for 3 IN 1 ROOF estimating purposes and is not shared, sold or distributed.