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| Energy Tax Credits Available |
New Tax Credits Still Available to Homeowners as the Result of the Energy
Tax Act of 2005.
In 2005 Congress passed the Energy Act of 2005 which carries incentives for
energy companies to boost energy production and efficiency and includes tax
incentives for individuals to make energy saving and energy creating
improvements to their homes. The incentives come in the form of tax credits
which reduce your federal tax bill on a dollar-for-dollar basis. All taxpayers
are eligible because the credits are not phased out at higher-income levels.
New tax credits for energy efficient improvements include a credit for buying an
assortment of energy saving improvements and installing them in your principal
residence. The credit depends on the type of improvement plus there is an
overall life-time dollar limit for all improvements. The tax credits for energy
efficient improvement will only be available for equipment placed in service in
2006 and 2007.
Information is available at the
United
States Department of Energy, Environmental Protection Agency Website.
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