If the House passes the Emergency Economic Stabilization Act of 2008 on 10/3/08, when will it likely be effective?
Specifically, I want to install a solar photovoltaic system on my business this year (2008) and claim the 30% tax credit. Unfortunately, since I am subject to AMT I cannot take the solar investment tax credit against AMT. One of the tax incentives built into the Emergency Economic Stabilization Act of 2008 is ability to take the tax credit even when subject to AMT. I'm trying to figure out if this will likely become effective in 2008 so that I could actually install the system this year and get the tax credit even with AMT in 2008.
Thanks for your thoughts.