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: Gas Guzzler Tax
Famous quotes containing the words tax and/or conservation:
“In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.”
—Alexis de Tocqueville (1805–1859)
“A country grows in history not only because of the heroism of its troops on the field of battle, it grows also when it turns to justice and to right for the conservation of its interests.”
—Aristide Briand (1862–1932)