| RETC Pass-Through Option |
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The Residential Energy Tax Credit Pass-through Option allows Oregon residents who purchase a qualifying appliance, system, or vehicle to transfer their Residential Energy Tax Credit to another individual or business with an Oregon tax liability (a pass-through partner) in exchange for a cash payment. The appliance/system/vehicle purchaser must be an Oregon resident, but may or may not have an Oregon tax liability. The pass-through partner must have an Oregon tax liability.
Tax credits are issued for eligible appliances (dishwasher, clothes washer, refrigerator), water heaters, ground source heat pumps, furnaces, boilers, heat pumps, ducts, air conditioning systems, hybrid vehicles, alternative-fuel vehicles, fuel cells, wastewater heat recovery systems, heat recovery and energy recovery ventilation systems, or wind systems. (see Residential Energy Tax Credits.) The same review, rules and standards for tax credits issued under the Residential Energy Tax Credit Program apply to those issued under the Pass-through Option.
PAYMENT
When the Pass-through Option is used, the pass-through partner pays the purchaser a lump-sum payment equal to 95 percent of the tax credit. In return, the pass-through partner receives 100 percent of the tax credit to use when filing his or her state income tax..
APPLICATION PROCESS
The purchaser must first complete the appropriate Residential Energy Tax Credit form for the purchase and check off the appropriate field under the "Pass-through Option" heading. The Department of Energy will review the application to ensure it is eligible and will mail a Pass-through Option Application form to the purchaser.
The purchaser must find his or her own pass-through partner. The Department of Energy can not secure a pass-through partner for a purchaser.
The purchaser and pass-through partner must both sign the Pass-through Option Application form and send it to the Department of Energy.
Upon review and approval of the Pass-through Option Application, the Department of Energy will issue the tax credit certificate in the name of the pass-through partner as the tax credit recipient. The Department of Energy will send a copy of the tax credit certificate to the purchaser.
Once the tax credit certificate has been issued, the pass-through partner must pay the applicant a lump-sum payment equal to 95 percent of the tax credit amount as certified by the Oregon Department of Energy. The Department of Energy is not responsible for collection of this payment.
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TO BE USED WITH ONE OF THE FOLLOWING:
Appliance Application
Heat Pump/Air Conditioning System Application
Duct Systems Application
Furnace/Boiler Application
Water Heater/Wastewater Heat Recovery System Application
Heat RecoveryVentilation/
Energy Recovery Ventilation Application
Ground-source Heat Pump Application
Wind System Application
Hybrid Vehicle Application
Alternative Fuel Vehicle Application
Residential Energy Tax Credit information
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