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Tax Credits Passed!

Avatar for Dave Llorens
Published on 10/03/2008 in
Updated 07/24/2018
fireworks, yay!

pic from penelopesloom.com

The Senate added a lot of renewable energy legislation to the $700B bailout bill because that thing had to go through.  It was just passed by the house and the president signed it earlier this evening.  If that’s the way things gotta get done so be it.  Here’s what’s in there (it’s big, and it’s goooood):

  • 30 percent investment tax credit, capped at $4,000, for installations of small wind turbines.
  • A one-year extension of production tax credits for power companies that produce electricity from wind, biomass or waves and currents from oceans, rivers or irrigation canals.
  • Expansions of credits for producers biofuels and the retailers who sell such fuels.
  • Tax credits for refineries, factories and other businesses that use carbon-capture systems.
  • Extension of tax deductions for builders of energy-efficient buildings and homes and manufacturers of energy-efficient appliances.
  • The 30 percent investment tax credit for solar and fuel-cell installations through 2016 and removal of a $2,000 cap for such credits on residential systems.
  • $2,500 tax credit for owners of plug-in electric cars and (and up to $15,000 for plug-in electric trucks, wow).
  • Up to $800 million in bonds to help finance clean power plants
  • Benefits for employers who help their employees bike to work

Last modified: July 24, 2018

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GlennMike AtencioMichaelJasonvic Recent comment authors
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Glenn
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Glenn

Why was the $2,000 cap not lifted for residential solar water heating projects?

Answer: Although House and Senate staff agreed to lift the $2,000 cap for
solar water heating projects, members of the Solar Thermal Division of
SEIA voted overwhelming to maintain the cap.

Link to document.

http://seia.org/galleries/pdf/ITC_Frequently_Asked_Questions_10_9_08.pdf

Mike Atencio
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Mike Atencio

First off to my republican friends, it was not a Democrat that got the country into this mess nor was it the democrats that came up with the bailout bill. The solar credits were long overdue and someone had the guts to put them in there. Democrats are not socialists as McPain and Failin have declared, we care about people. People work, people receive pay, people buy from corporations and people make the engine work – not big business and multi-trillionaires. The cap and rebates should have been removed years ago. Bush wouldn’t permit it because of HIS special interests.… Read more »

Michael
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Michael

I wish the credit applied in 08, I would really like to have system set up this year.

Jason
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Jason

Has anyone confirmed the solar thermal cap removal? Any investment in sustainable energy regardless of what piece of legislation it is tied to is good for everyone. I can not believe that our country is so far behind others when it comes to clean energy. We should have been investing in this stuff decades ago instead of sub-prime mortgage lenders.

David Llorens
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David Llorens

Eric, Our mistake, gonna add that today. sorry

Luis, if you were interconnected in 08 then you have to file for the credit in 08, so no. However I am not a tax professional so please consult with your tax professional before listening to anything I ever have to say even if it’s about how to make margaritas.

Jim, we have no position on the bailout part itself, we’re just happy about the solar stuff.

vic
Guest
vic

Well, I don’t agree with the “whatever it takes” philosophy, but it’s good to hear about support for sensible energy. I just hope McCain doesn’t get elected because we’ll just keep going down the toilet in terms of a full-fledged refusal to support the inevitable. Oil men should never run the country.

Scott
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Scott

This bailout was a horrible idea no matter what got tacked onto it. There were so many viable options but none were considered. It’s sad that representatives no longer represent, this is the first time I’ve read about anyone not hating this bailout. The free market works, we should have let these clowns sink, it’s called thinning the herd. Stupid decisions used to have consequences.

These things that got tacked on could have been passed by themselves without me, my children, and their children going into debt against our will.

Jim
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Jim

Wow, I’m all for natural energy solutions and tax credits but this is a bit naïve. Here’s an even better deal; you give me your paycheck at the end of the week. I’ll just take $350.00 to give to corporate farmers but I’ll give you back a quarter only so long as you use it to buy organic food. This isn’t good news at all. It gets even worse when one considers the long term damage of the $700billion dollar govt looting and this injection in conjunction with other money creation that happened at the same time without any media… Read more »

Eric
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Eric

It would be great to credit the photo you are using next time. Maybe provide a link.

Penelope’s Loom.com

Luis
Guest
Luis

I installed a residential solar system in August 2008. Will I be able to take advantage of the 30% tax credit when I prepare my 2008 taxes. Or does this new energy bill effective beginning January 2009.

RE
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RE

Thank you Dan. Solar Thermal did have a $2000 cap so I hope that you are correct. I tried to read the bill but it didn’t make any sense to me. Wow! Does anyone ever read those things. Do you know when it goes into effect? We are in the beginning of building a house in Colorado and would like to take advantage of the 30% tax credit if it applies. Do you know of any incentives in the Ridgway, CO area. I looked on this site but didn’t find anything for that area. Thank you.

Mike G
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Mike G

Is the 30% ITC up to $4,000 for small wind good for both residential and commercial installations?

Dan Hahn
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Dan Hahn

RE,

The bill removes the $2,000 cap from the existing legislation. So, if there was a $2,000 cap on solar thermal before, it is now gone. Now, it’s 30% of applicable costs.

RE
Guest
RE

Does this new bill also lift the $2000 limit for solar thermal panel costs? I see reference to solar electric but not to solar thermal heating panels. Does anyone know if the 30% tax credit is for solar thermal as well as solar electric panels?

David Llorens
Guest
David Llorens

We know :-( :-)

disdaniel
Guest
disdaniel

You are going to have to update all your state examples now!

Dan Hahn
Guest
Dan Hahn

Captain Bob,

Obama would raise taxes for those of us making more than $250,000 a year. Otherwise, you can expect a tax cut larger than McCain’s plan.

Regardless, the next president will have very challenging decisions to make in getting our budget back in line.

captgeobob
Guest
captgeobob

you can bet that a increase of taxes is just around the corner for the consumer. No way is this democratic congress going to not raise taxes.

Carson Matthews
Guest
Carson Matthews

this is great, yeah, whatever you gotta do to get it done. I love the removal of the $2000 cap on residential, that’s huge. Now if we could just get our energy companies in Georgia on board we would be all set.

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