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Tax Credit Consulting: Federal Energy Tax Credit Douglas GA

With the Mid-East a mess, the environment looking iffy and prices climbing, energy issues are front and center. To promote changes to new energy sources, the federal energy tax credit system has been created.

Reginald J. Clark
(404) 853-8032
1100 PEACHTREE ST NE
ATLANTA, GA
Specialties
Tax, Energy, Environmental, Commercial, Corporate
Education
Duke University School of Law,,Duke University
State Licensing
Georgia

Brad Carver
(404) 954-5000
1180 West Peachtree Street STE 900
Atlanta, GA
Specialties
Energy Law

Data Provided by:
Jeffrey Morton Harvey
(478) 625-3000
504 Screven Street, Po Box 466
Louisville, GA
Specialties
Bankruptcy, Banking, Energy, Health Care, Contracts, Debt Agreements, Employment, General Practice
Education
Florida State University,Georgia State University
State Licensing
Georgia

Cindy A. Upchurch
(404) 853-8181
999 Peachtree Street N.E., Suite 2300
Atlanta, GA
Specialties
Energy, Securities Offerings, Tax
Education
University of Georgia
State Licensing
Georgia

Jesse H. Austin III
(404) 815-2208
600 PEACHTREE ST NE
ATLANTA, GA
Specialties
Bankruptcy, Litigation, Corporate, Energy, Financial Markets And Services
Education
Emory University School of Law,Emory University,University of North Carolina, Chapel Hill
State Licensing
Georgia

Deanna L. Kashdan
1201 W PEACHTREE ST ONE ATLANTIC CENTER
ATLANTA, GA
Specialties
Corporate, Financial Markets And Services, Debt Agreements, Energy
Education
Georgia State University College of Law,University of Pennsylvania,Georgia State University
State Licensing
Georgia

Charles William Whitney
1180 W PEACHTREE ST NW STE 700
ATLANTA, GA
Specialties
Energy, Construction, Employment
Education
Case Western Reserve University
State Licensing
Georgia

Mark William Alexander
(228) 214-0417
14 PIEDMONT CTR NE PIEDMONT CTR BLDG (14)
ATLANTA, GA
Specialties
Energy, Litigation, Business
Education
Mississippi College School of Law,Huntingdon College
State Licensing
Georgia

Julius M. Hulsey
200 E East Butler Parkway
Gainesville, GA
Specialties
State, Local And Municipal Law, Energy, Administrative Law, Wills, Estate Planning
Education
University of Georgia School of Law,University of Georgia, Athens
State Licensing
Georgia

Barbara H. Gallo
(404) 888-0169
ATLANTIC STATION 201 17TH ST NW STE 1700
ATLANTA, GA
Specialties
Energy, Environmental, Administrative Law, Litigation
Education
Samford University, Cumberland School of Law
State Licensing
Alabama, Georgia

Data Provided by:

Tax Credit Consulting: Federal Energy Tax Credit

Federal Energy Tax Credit

With the Mid-East a mess, the environment looking iffy and prices climbing, energy issues are front and center. To promote changes to new energy sources, the federal energy tax credit system has been created.

The Energy Policy Act of 2005, signed into law on August 8, 2005, offers consumers and businesses federal tax credits beginning in January 2006 for purchasing fuel-efficient hybrid-electric vehicles and energy-efficient appliances and products. Most of these tax credits remain in effect through 2007.

A tax credit is generally more valuable than an equivalent tax deduction because a tax credit reduces tax dollar-for-dollar, while a deduction only removes a percentage of the tax that is owed. Beginning in tax year 2006, consumers will be able to itemize purchases on their federal income tax form, which will lower the total amount of tax they owe the government. Importantly, the actual federal energy tax credit amounts will be set by the IRS in 2006.

Individuals and businesses who buy or lease a new hybrid gas-electric car or truck are eligible for, and can receive, an income tax credit of $250-$3,400 depending on the fuel economy and the weight of the vehicle. Hybrid vehicles that use less gasoline than the average vehicle of similar weight and that meet an emissions standard qualify for the credit. "Lean-burn" diesel vehicles could also qualify, but currently available diesel vehicles do not meet the emissions standard. There is a similar credit for alternative-fuel vehicles and for fuel-cell vehicles.

If individuals and businesses buy more than one vehicle, they are eligible to receive a tax credit for each. If a tax-exempt organization buys such a vehicle, the retailer is also eligible to receive another credit. Companies that buy heavy-duty hybrid trucks are also eligible for a larger tax credit. Currently, there is a $2,000 tax deduction for hybrid vehicles for the remainder of 2005.

Federal energy tax credit options also exist for homeowners. 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 to $500 beginning in January 2006.

The Act also provides a credit equal to 30% of qualifying expenditures for purchase for qualified photovoltaic property and for solar water heating property used exclusively for purposes other than heating swimming pools and hot tubs. The credit can't exceed $2,000.

Improvements must be installed in or on the taxpayer's principal residence in the United States. Home improvement tax credits apply for improvements made between January 1, 2006 and December 31, 2007.

Businesses are eligible for tax credits for buying hybrid vehicles, for building energy- efficient buildings, and for improving the energy efficiency of commercial buildings (as outlined in the Energy Policy Act of 2005).

Small producer biodiesel and ethanol credit. This credi...

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