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Services – Tax Deductions, Incentives & Grants
Government stimulus, tax deduction
qualification, utility incentives, Energy
Star, Federal grants… How can anyone keep
track of it all? We do it everyday!
- TAX SMART -On February 17,
2009, President Barack Obama
signed the American Recovery
and Reinvestment Act of
2009. $20 billion of this
economic stimulus
legislation will go directly
to energy efficiency
initiatives. Major
components of the designated
budget include:
- $3.1 billion in energy
efficiency block grants to
states conditioned on
assurances for regulatory
reform and more effective
building energy codes
- $3.2 billion in a Energy
Efficiency and Conservation
Block Grant Program to local
governments
- $8.1 billion to improve the
energy performance of
federal buildings
- $500 million for research,
labor exchange and job
training projects to prepare
workers for careers in
energy efficiency and
renewable energy industries,
and the extension and
increase in the amount of
the existing homes federal
tax credit
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Extends and increases the
value of the Existing Homes
Tax Credit to 30 percent of
cost up to $1,500 for 2009
and 2010 for property
meeting certain standards.
- Establishes a new 30 percent
investment tax credit for
the manufacture of "advanced
energy property," including
technology for the
production of renewable
energy, energy storage,
energy conservation,
efficient transmission and
distribution of technology,
and carbon capture and
sequestration.
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View a
complete summary of energy efficiency in
the economic recovery bill. Or read the
US Department of Energy article on the
American Recovery and Reinvestment Act of
2009.
Internal
Revenue Code 179D Allows for tax deductions
for certified energy efficient commercial
buildings. Full text of IRC 179D including
the updated amplification of the above
provision. Important: Legislation and local
laws may have changed since initial posting.
Please consult your local government office
for the most up-to-date and comprehensive
information on IRC 179D and other tax credit
legislation. |
