First, the good news:
On April 10, the U.S. Senate passed a bill that included a one-year extension of the renewable-energy production tax credit. Under the bill, the tax credit would be extended for one year through 2009 for producing electricity from wind, biomass, hydropower, and geothermal means. Both businesses and homeowners would also be able to offset 30 percent of the cost of installing solar or fuel-cell equipment with a one-time tax credit. Supporters hope it will stimulate $20 billion worth of renewable-energy projects.
The provision also provides for homeowners to get credits for energy-efficient furnaces, windows and insulation; builders to get a deduction for constructing energy-efficient homes; and businesses to get savings for making energy-efficient upgrades.
Now, the not-so-good news:
The bill must still pass the House and be signed by the President, who has not been supportive of it. The House is currently working on a more restricted version. So if you'd like to see tax incentives for residential green energy, call or write your Congressperson and the White House!
In local news:
Mayor Bloomberg's PlaNYC also contains provisions for a green-roof tax credit. While it has not yet been passed by the State Legislature, it could be effective by July if it passes by the end of June (the last day of the current session). If not, it'll have to wait till 2009 (so call your Legislator!). The tax incentive would amount to $4.50/sq ft.
On April 10, the U.S. Senate passed a bill that included a one-year extension of the renewable-energy production tax credit. Under the bill, the tax credit would be extended for one year through 2009 for producing electricity from wind, biomass, hydropower, and geothermal means. Both businesses and homeowners would also be able to offset 30 percent of the cost of installing solar or fuel-cell equipment with a one-time tax credit. Supporters hope it will stimulate $20 billion worth of renewable-energy projects.
The provision also provides for homeowners to get credits for energy-efficient furnaces, windows and insulation; builders to get a deduction for constructing energy-efficient homes; and businesses to get savings for making energy-efficient upgrades.
Now, the not-so-good news:
The bill must still pass the House and be signed by the President, who has not been supportive of it. The House is currently working on a more restricted version. So if you'd like to see tax incentives for residential green energy, call or write your Congressperson and the White House!
In local news:
Mayor Bloomberg's PlaNYC also contains provisions for a green-roof tax credit. While it has not yet been passed by the State Legislature, it could be effective by July if it passes by the end of June (the last day of the current session). If not, it'll have to wait till 2009 (so call your Legislator!). The tax incentive would amount to $4.50/sq ft.
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