Automobile tax
credits
Individuals and
businesses who buy or lease a new hybrid gas-electric car or truck are
eligible for an income tax credit $250 to $3,400 depending on the fuel
economy and the weight of the vehicle. Hybrid vehicles that use less
gas than the average vehicle of similar weight and that meet an
emissions standard, qualify for the credit. A similar credit applies
to alternative-fuel vehicles and fuel-cell vehicles.
Home energy efficiency
improvement tax credits
Consumers who purchase
and install specific products such as energy-efficient windows,
insulation, doors, roofs and heating and cooling equipment in the home can
receive a tax credit of up $500. The Energy Policy Act also provides a
credit equal to 30% (to a maximum of $2,000) of qualifying expenditures
for purchase of qualified photovoltaic property and for solar water
heating property used exclusively for purposes other than heating swimming
pools and hot tubs.
Improvements must be
installed in or on the taxpayer’s principal residence in the
United States. To qualify for tax credit, the improvement must be made between January
1, 2006, and December 31, 2007.
Tax credits are also
available to businesses that buy hybrid vehicles, build energy efficient
buildings and for improving the energy efficiency of commercial buildings.
For more information, log on to www.energy.gov/taxbreaks.htm
Tax credits for energy
efficiency
Credits available under the Energy Policy Act of 2005.
www.energy.gov/taxbreaks.htm
Tax Incentives Assistance
Project
Information and links related to Energy Policy Act of 2005.
www.energytaxincentives.org
