Now's the Time to Benefit from Green Tax Incentives
There is one month left in 2009, which leaves you plenty of time to take advantage of the green tax incentives available to consumers. While some of these tax credits or deductions have been available for several years, many were created as part of the American Recovery and Reinvestment Act.
Residential Energy Efficiency
A common theme among green-related Recovery Act programs is the importance of weatherization projects. When homeowners can create a more energy efficient property, they save money on energy bills as well as reduce their greenhouse gas emissions. Energy-saving and weatherization products must be installed on an existing, primary residence.
Although 2009 is coming to a close, these tax credits are valid for projects completed through December 31, 2010.
Hybrid and Clean Diesel Vehicles
If you’re in the market for a new vehicle, purchasing a hybrid or clean diesel vehicle may help you save thousands on your taxes. Unfortunately, the most popular hybrid, the Toyota Prius, is no longer eligible for a tax credit. Tax credits for hybrids are phased out after an automaker has sold 60,000 eligible units. However, there are still three automakers that sell tax credit-eligible hybrid vehicles: Ford, General Motors, and Nissan.
Due to the popularity of the Ford Escape Hybrid, Ford is already in the tax credit phase out process. If you purchased an eligible Ford hybrid prior to April 1, 2009, you may be eligible to take the full credit amount. Ford hybrids purchased between April 1, 2009 and September 30, 2009 are eligible for a 50% credit and eligible Ford hybrids purchased prior to March 31, 2010 will be eligible for a 25% credit.
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