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Tuesday, August 30, 2005

Summary of Energy Tax Incentives Act of 2005

This recently passed law provides tax incentives to make energy saving improvements to homes and offices. Interestingly, the incentives generally come in form of tax credits (which are more valuable than tax deductions) and do not phase out for higher-income taxpayers.

Some of the key credits include:

-For purchase of hybrid, fuel cell, advanced lean-burn and other alternative power vehicles

-For purchase of qualifying residential solar water heating, photovoltaic equipment, and fuel cell property

-For energy efficient improvements to existing homes

-Credit for contractors that construct new energy efficient homes

There is also a deduction for energy efficient commercial buildings that are placed in service.

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