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Warm up to energy tax incentives

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in Small Business Tax

The new federal bailout law extends and modifies several energy-saving tax incentives for businesses and individuals. Many of these extensions go beyond the usual two-year limit for other tax breaks. Here are some of the highlights:

  • The deduction for energy-efficient commercial buildings is extended through 2013.
  • The residential energy-efficient credit is extended through 2016. In addition, incentives are added for residential small wind property and geothermal heat pumps. Taxpayers can use this credit to offset the AMT.
  • Various credits for using renewable energy sources extend for several years (in one case through 2016).
  • The residential energy property credit is restored for qualified property. The maximum credit of $500 covers improvements such as insulation materials, exterior windows, skylights and exterior doors. This tax break is available for property placed in service in 2009—but not for 2008.   

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