EPAct 2005 Tax Credits
By Scott Sumerford on Monday, November 26th, 2007 :: 3:05 pmCategory: Financial News
This is the last holiday season to take advantage of the Energy Policy Act of 2005 (EPAct 2005). To qualify for the tax credits offered by EPAct 2005, you must act before Dec. 31, 2007. If you’re planning on buying a vehicle or home energy efficiency products, then you still have time to capitalize on this opportunity.
Tax Credits for Automobiles
There are many considerations when searching for the vehicle that best meets your needs. With gasoline prices on the rise, fuel-efficient vehicles are a wise investment. The EPAct 2005 adds an incentive to purchasing a new hybrid gas-electric car or truck. Tax credits range from $250 to $3,400 depending on the fuel economy and weight of the vehicle.
Home Improvements
Home improvement products like energy-efficient windows, doors, roofs, insulation, and heating and cooling equipment reduce energy costs and could earn you a tax credit. Under the EPAct 2005, you can receive up to a $500 tax credit for purchasing energy-efficient products that qualify. Here are some of the products you can receive a tax credit for:
- Exterior doors that meet energy-efficiency standards earn a tax credit of 10 percent of the cost up to $500.
- Roofing materials that are Energy Star qualified earn a tax credit 10 percent of the cost up to $500.
- Insulation that meets energy-efficiency standards earns a tax credit 10 percent of the cost up to $500.
- Electric water heaters that meet energy-efficiency standards earn a $300 tax credit.
- Central air conditioner units that meet energy-efficiency standards earn a $300 tax credit.
For more energy-efficient products that offer a tax credit, visit the Department of Energy.
Available tax credits for energy-efficient vehicles and home improvements will not only save you money in April when you file your taxes, but they save you money year-round. A vehicle that gets better gas mileage reduces the number of times you go to the pump, and energy-efficient home improvements cut your energy costs each month. If you are shopping for a new vehicle or thinking about making home improvements, then make cost-efficient purchases that earn you tax credits.
Author Bio: Scott Sumerford has several years of experience working in the financial industry and has written a myriad of articles on various financial matters. Read more about how Credit Solutions offers a viable alternative to debt consolidation.
Related Debt Consolidation Articles
- Be Debt Free Without Secured Loans
When your debt level is outpacing your disposable income level, you can find the most debt relief through a Credit Solutions program, not a secured debt consolidation loan. - Our Debt Solution Relieves Multiple Debts
You can use debt consolidation or our service to relieve multiple debts and other financial problems. - Don't Use Retirement Loans for Debt Relief
Some credit counselors will claim you can use debt consolidation with little worry or risk if you borrow against your retirement savings. - Key Elements of Our Debt Solution
Our service and debt consolidation with a personal loan rank among the most used consumer methods to pay off multiple high-interest debts. - Our Debt Program Outperforms Other Methods
Our service is a more effective method at reducing debt than debt consolidation.
