Federal Tax credits are available now for solar energy at the rate of 30% up to $2000 in credits. For More Info, Click here .
Albuquerque, New Mexico [RenewableEnergyAccess.com] President Bush has signed the Energy Policy Act of 2005 into law at Sandia National Laboratories in Albuquerque, New Mexico. The signing of this bill represents the culmination of years of Congressional stalemate over a vast energy policy package, and a central policy goal of the Bush Administration since the president's first term in office.- Senator Pete V. Domenici (R. NM)
"This bipartisan bill contains numerous provisions that will make energy
cleaner, more efficient, and more widely available in the future," said
New Mexico's Republican Senator Pete V. Domenici who, as Chairman of the Senate
Energy & Natural Resources Committee, was the leading lawmaker on the policy
package.
"It is fitting that it will be signed New Mexico, where energy of all types is so important to our state," Domenici said.
Although most of bill's 14 billion price tag level incentives and tax breaks to the traditional fossil fuel industries, a number of supportive policy wins for renewable energy could usher in a new business cycle for the clean energy industries.
The package includes a two-year extension of the wind power industry's coveted Production Tax Credit (PTC), which will also be extended to a wide array of other renewable energy technologies.
The solar industry receives an unprecedented two-year investment tax credit for solar PV, thermal and Concentrating Solar Power (CSP). The first such legislation in decades, the national tax credit would be capped at $2000 per residential project and have no limit on commercial projects.
With their strong farm-belt constituencies, biofuels, and particularly ethanol, made out well through the inclusion of an expanded renewable fuels standard that will effectively double the amount of biofuels being produced.
Ocean energy, a particularly undeveloped technology in the U.S. received a host of policy items to help propel new projects. Geothermal and hydropower also received helpful policy items, as did hydrogen and fuel cells.
In short, all the renewable energy technologies, except small wind, received something to help promote their development and businesses.
There are also tax breaks for homeowners to use energy efficiency appliances and make energy efficiency improvements and tax breaks for the purchase of hybrid-electric cars like the Toyota Prius and Honda Insight.
Dropped was the Senate's passage of a 10 percent national Renewable Portfolio Standard, along with attempts to curb the nation's use of oil or to increase overall vehicle efficiency standards.
With the bill's signing today, the bill's many policy items go into effect beginning next year.
Renewable-energy equipment costs eligible for the tax credit include the cost
of the equipment and associated design, construction costs and installation
costs less any discounts, rebates, advertising, installation assistance credits,
name referral allowances or other similar reductions.
Under North Carolina's tax code, the allowable credit may not exceed 50% of
a taxpayer's liability for the year, reduced by the sum of all other credits.
Single-family homeowners who purchase and install a qualifying renewable energy
system must take the maximum credit amount allowable for the tax year in which
the system is installed. If the credit is not used entirely during the first
year, the remaining amount may be carried over for the next five years.
For all other taxpayers, the credit is taken in five equal installments beginning
with the year in which the property is placed in service. If the credit is not
used entirely during these five years, the remaining amount may be carried over
for the next five years. The credit can be taken against franchise tax, income
tax or, if the taxpayer is an insurance company, against the gross premiums
tax.
Click the links below to access relevant tax forms and documents from the N.C.
Department of Revenue. Tax year 2008 forms will be posted when they become available.
• North Carolina Incentives for Renewable Energy
• NC-478G 2007
• NC-478 2007 Instructions
• NC-478 2007
________________________________________
Contact:
Bob McGuffey
North Carolina Solar Center
Campus Box 7401
North Carolina State University
Raleigh, NC 27695-7401
Phone: (919) 515-3480
Fax: (919) 515-5778
E-Mail: bob_mcguffey@ncsu.edu
Web site: http://www.ncsc.ncsu.edu