In the waning days of summer, President Bush signed the highly anticipated Energy Tax Incentives Act of 2005. The massive new energy law contains almost $15 billion in tax cuts designed to encourage conservation, expand domestic energy production and develop alternative energy sources.
Here's the skinny on the key tax provisions in the new energy law that apply to individual and business taxpayers.
Homeowner tax credit for energy-saving upgrades
The law allows you to take a tax credit for a wide assortment of energy-saving improvements to your main home. The maximum allowable credit will vary, depending on the improvements.
For starters, beginning in 2006, you can claim a 10 percent credit for energy-efficient building components, including:
• Insulation materials or systems that cut heating and cooling costs.
• Exterior windows (including skylights).
• Exterior doors.
• Certain metal r...(register to read more)