Tax Credits For Conservation
This law gave an income tax credit to private residents who use solar, wind, or geothermal sources of energy. The credit is equal to 30% of the cost of the equipment up to $2000, as well as 20% of costs greater than $2000, up to a maximum of $10,000. There were also tax credits to businesses for renewable energy equipment, amounting to a maximum of 25% of the cost of the equipment.
The renewable energy credits of this law were increased by the Crude Oil Windfall Profits Tax Act of 1980.
Read more about this topic: Energy Tax Act
Famous quotes containing the words tax and/or conservation:
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—C. John Sommerville (20th century)
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