Green Incentives

The Emergency Economic Stabilization Act of 2008 and the American Recovery and Reinvestment Tax Act of 2009 introduced and renewed numerous energy tax breaks that aim to stimulate the economy and promote environmentally sound solutions. The Section 179D Energy Efficient Commercial Buildings Deductio...

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Bibliographic Details
Published inCalifornia CPA Vol. 78; no. 5; p. 19
Main Authors Aberin, C J, Melillo, Jason
Format Trade Publication Article
LanguageEnglish
Published Redwood City California Society of Certified Public Accountants 01.11.2009
Subjects
Alternative energy sources
Cost control
Energy efficiency
Energy tax credit
Green buildings
Internal Revenue Code
Lighting systems
Section 179D
Section 25C
Section 45L
Section 48
Tax credits
Tax deductions
Tax incentives
United States > US
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Summary:The Emergency Economic Stabilization Act of 2008 and the American Recovery and Reinvestment Tax Act of 2009 introduced and renewed numerous energy tax breaks that aim to stimulate the economy and promote environmentally sound solutions. The Section 179D Energy Efficient Commercial Buildings Deduction allows for an immediate depreciation deduction of 30 cents up to $1.80 per square fool for improvements to "commercial buildings" that reduce energy use for a building's envelope, interior lighting systems, and heating, ventilation and air conditioning. The Section 45L New Energy Efficient Home Credit allows for a tax credit of $1,000 or $2,000 per dwelling unit that meets certain energy efficiency criteria. Section 48 provides a 30% tax credit for solar energy property, certain fuel cell power plants and small wind energy property. Consumers that purchase and install specific products to their primary residence such as energy-efficient windows, insulation, doors, roofs, and heating and cooling equipment can receive a tax credit under Section 25C for 30% of the cost up to an aggregate of $1,500 for improvements placed in service January 1, 2009-December 31, 2010.
ISSN:1530-4035