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Tax Credit Consulting: Federal Energy Tax Credit Gardnerville NV

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.

Lewis Darrell Lacy Jr
7113 Rancho De Taos
Las Vegas, NV
Specialties
Energy, Environmental, Administrative Law, Real Estate
Education
University of Houston
State Licensing
Texas

Severin A Carlson
(775) 852-3900
5470 KIETZKE LN STE 140
RENO, NV
Specialties
Litigation, Energy, Environmental
Education
Willamette University College of Law,University of the South
State Licensing
Nevada, Oregon

Jasmine K. Mehta
(775) 770-2600
50 W. Liberty St., Ste. 410
Reno, NV
Specialties
Litigation, Environmental, Energy, Telecommunications
Education
Boston University,University of California Law School
State Licensing
Nevada

Craig Newby
(702) 873-4100
2300 West Sahara Avenue, Suite 1000
Las Vegas, NV
Specialties
Energy Law

Data Provided by:
Leif Reid
(775) 770-2600
50 W. Liberty St., Ste. 410
Reno, NV
Specialties
Litigation, Environmental, Defective & Dangerous Products, Energy, Telecommunications
Education
Stanford Law School,Brigham Young University,
State Licensing
Nevada

Brent T Kolvet
(775) 786-2882
6590 S. McCarran Blvd., Ste. B
Reno, NV
Specialties
Civil Rights, Insurance, Energy
Education
McGeorge School of Law, University of the Pacific,University of Nevada
State Licensing
Nevada

Scott Wayne Shaver
(775) 323-1980
50 W Liberty St, Suite 1000
Reno, NV
Specialties
Public Finance, Energy, Tax
State Licensing
Colorado

Darren J Lemieux
(775) 823-2900
50 W Liberty St #410
Reno, NV
Specialties
Litigation, Energy, Telecommunications
Education
Univ of Nevada Las Vegas, Boyd SOL,Univ of Nevada
State Licensing
California, Nevada

Domenico Robert DePaoli
(775) 688-3000
6100 Neil Road
Reno, NV
Specialties
Environmental, Business, Federal Regulation, Energy
Education
Lewis & Clark Northwestern Law School,University of Nevada-Reno
State Licensing
Nevada

Elaine S Guenaga
(775) 829-1222
5345 Kietzke Lane, Ste. 200
Reno, NV
Specialties
Litigation, Business, Gaming, Tax, Energy
Education
McGeorge School of Law, University of the Pacific
State Licensing
Nevada

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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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