Tax Breaks for Businesses, Utilities, and Governments
The recently passed Emergency Economic Stabilization Act of 2008 (P.L. 110-343) included, extended and/or amended many offered for businesses, utilities, and government originally introduced in the Energy Policy Act of 2005 (EPACT).
The bill also included tax incentives for consumers.
For a complete summary of the tax incentives included in the bill, download the summary of Energy Tax Incentives in The Emergency Economic Stabilization Act of 2008.
The following types of incentives are covered in the bill:
Renewable Energy Incentives
These incentives include tax credits for production and facilities using wind, refined coal, geothermal, biomass, solar, and combined heat and power systems. In addition, $800 million of Clean Renewable Energy Bonds (CREBs) are authorized to finance renewable facilities.
Transportation & Domestic Fuel Security
These incentives provide tax credits for alternative fueling stations, cellulosic biofuel facilities, and for alternative fuel production, including biofuels, biomass gas versions of liquefied petroleum gas, liquefied or compressed natural gas, and aviation fuels. Idle reduction units and advanced insulation for heavy vehicles are also provided a tax exemption.
Energy Conservation and Efficiency
These incentives provide financing and incentives for state and local governments to reduce greenhouse emissions, for builders and developers to build efficient buildings or to improve existing buildings, and for manufacturers to produce efficient appliances. In addition, these incentives allow for swifter recovery of the cost of smart electric meters and grid equipment.
Click Here to visit the U.S. Department of Energy Website for complete details.
Contact your local Springfield Electric Branch for assistance in qualifying for & claiming Tax Incentives.
