LEDs in the Theatre & Taxes

[MJS94]

Hello I am wondering if I were to purchase LED fixtures for my theatre if they could be tax-deductible?
Thanks!

 

[Morte615]

Is your theater a non-profit? If so it may be tax-deductible. Even if your theater is a non-profit does not automatically mean that everything is tax-deductible. Consult a tax specialist if your not 100% sure.

 

[sk8rsdad]

Are you asking if a theatre conversion qualifies for the Energy Act tax deductions? It seems to be aimed at commercial spaces rather than theatres. The program requires an assessment from an qualified, independent third party. Finding one would be a good place to start. Your local utility should be able to give you guidance.

Some states offer programs that are aimed at theatres. Here's one Google found about Louisiana.
Musical and Theatrical Production Tax Incentive

 

[JD]

Hello I am wondering if I were to purchase LED fixtures for my theatre if they could be tax-deductible?
Thanks!

Two key words here are "I" and "my."

If you do not own the theater and are donating the fixtures, then the theater would have to be a 501 c in order for it to be deducted as a charitable donation on your personal taxes.

If by "I" and "my" you are indicating that the theater belongs to you and is a business, then equipment is a cost of doing business and can be depreciated across the lifespan of the equipment. (usually on a 5 year schedule of business asset depreciation.)

Then there are the energy tax rebates (again, if you are owner) but they change around a lot.

In addition, there may be incentive programs from your local utility (again, if you are owner) Such as the PECO SmartIdeas program.

 

[MJS94]

Well it's for my private colleges theatre and it's backed by UCC.

 

[RickR]

The chances are very good that it would be deductible. The school can probably help you sort some of the details.

AND consulting an expert is always advisable! There are simply too many possibilities for complications. I have had extensive exposure to the how these things can go, and would never dream of advising you in any way, other than to consult with someone who will be there if it goes wrong.

 

[lwinters630]

Well it's for my private colleges theatre and it's backed by UCC.

Uniform Commercial Code or United Church of Christ?
The Commercial Code will probably not help you TaxWise. as for the church again you need a 501 c. start with the college ask for a letter for tax exempt donation. then talk to your tax consultant

 

[MJS94]

United Church of Christ and I will do that. Thanks!

 

[bishopthomas]

Talk to an accountant and/or the school.