Energy Policy Act
What is the Energy Policy Act?The Energy Policy Act was passed by Congress in July of 2005 and then signed into law in August 2005 by President George W. Bush. The Energy Policy Act was made as an attempt to combat the ever growing energy problems. It made changes to the United States energy policy by making guarantees of loans for several types of energy production, as well as providing these energy production companies with tax incentives. There are many provisions that were included in the Energy Policy Act.
If an individual makes energy efficient changes to their place of worship, are they eligible for the tax credit according to the Energy Policy Act?The Energy Policy Act did not make it possible for an individual to receive a tax credit for paying for the energy efficient renovation of their place of worship. The Energy Policy Act credits only can be applied if the money spent is on the individual’s primary residence However if the individual is to make a donation to the place of worship they would be able to take a deduction for the contribution.
Are there tax breaks for manufactures of green technology in the Energy Policy Act?The Energy Policy Act did allow for tax breaks for companies that are manufacturers of products for green technology. The code entailed in the Energy Policy Act addresses directly those products that are being used to create alternative renewable energy sources or those that used to build appliances that are energy efficient.
Can a limited partnership get a tax break for putting an energy efficient roof on a rental property, under the Energy Policy Act?Limited partnerships are able to receive tax breaks under the Energy Policy Act if the partnership were to put an energy efficient roof on their principal office building as long as the roof products are qualified. However under the Energy Policy Act only improvements made to an existing primary property, rentals and newly built buildings are not qualified.
The Energy Policy Act was signed into law in August of 2005 by President George W. Bush. Under the Energy Policy Act were provisions for tax credits for companies that manufacture products for energy efficiency and for individuals who make renovations to their homes to make them more energy efficient. The tax credits are able to be applied to the companies and individuals who met the qualifications laid out in the Energy Policy Act. Anyone who has a question regarding the Energy Policy Act should ask their questions to the Experts.