The Federal Tax Credits Blog

Posts Tagged ‘energy’

House Session 2010-04-13 (19:35:01-20:35:48)

Question: What Are Some Pros and Cons of Different Organizations that Assist With Purchasing Renewable Energy Credits?

There are two organizations that I have been considering: 1) LiveNeutral (www.liveneutral.org); and 2) Native Energy (www.nativeenergy.com).

Some issues that I am considering are: 1) non-profit vs. for-profit; 2) credits purchased from the Chicago Climate Exchange (CCX) vs. credits created from renewable energy sources; 3) “imaginary” market vs. real-world projects; and 4) managed by educational institution vs. managed by Native American organization. Please feel free to suggest additional criteria.

Also, if there is another organization that you think I should consider, please let me know, and please provide your reasoning for the suggestion.

Thanks!

Answer: There is a table from the Dept. of Energy that compares various vendors and their costs. See:

http://www.eere.energy.gov/greenpower/markets/certificates.shtml?page=1

In effect, you are donating money to fund alternative energy sources (wind, solar, hydro, biogas) that subsequently feed into the nat’l power grid.

Since you are donating money, you might as well get a charitable deducation on your income taxes. The nativeenergy.com site won’t give a definitive answer on this question, but suggests you can do it.

So go with a group which is a charitable non-profit organization that clearly states donations are tax deductible. Look at your yearly electricity bills, multiply kilowatt hours by 2 cents and donate that much.

Unlike the carbon offset credits that are often nebulous and sometimes outright fraudulent, renewable Energy Credits (RECs) trace back to definite generating capacity that can be (and usually are) audited to make sure they are above board. (The US gov’t buys RECs, so any egregious fraud tends to get uncovered quickly.)

I think you are taking the right approach to renewable energy, and these projects will stand the test of time regardless of how the global warming issue pans out.

Despite all the bashing of the US, the graph at:

http://www.eea.europa.eu/pressroom/newsreleases/GHG2006-en

shows how the EU-25 don’t come close to meeting their Kyoto promises.

The non-Kyoto country, the US, in 2006 DECREASED CO2 emissions in by 1.4%.

I guess that signing Kyoto and then reneging somehow makes countries feel noble and good about themselves. But buying RECs that actually do something doesn’t count.

UPDATE:Obama Highlights Efforts To Unleash Private-Sector Growth

UPDATE:Obama Highlights Efforts To Unleash Private-Sector Growth

Gains from an integrated market for tradable renewable energy credits [An article from: Ecological Economics] $8.95 This digital document is a journal article from Ecological Economics, published by Elsevier in 2004. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.Description: Decoupling the environmental attributes of renewable energy (RE) generation from the physical unit of energy is an innovative mecha…

Law 270.6 – Lecture 9 – Resource Alternatives: Renewable Energy – The Technologies

Question: How messy is your room/home office/home workspace right now and why?

No matter how much I toss I can’t seem to make any headway, I am this close to just throwing it all out! It is either keep it all or toss it all. You never know what to save anymore – pefect example – we can get an income tax credit on our phone bills for the past 3 years I think…who keeps phone bills that long?!?!? This credit is for the “normal” residential customers and businesses. The normal customers usually toss bills after they’ve been paid, no? *ARRGH*

Answer: Tel me about it. I can’t rid of any of my paper either and I feel like the pile never goes down and i feel overloaded.

Tax credits boost home sales 39%?

Federal tax credits for homebuyers helped fuel a 39 percent surge in home sales in Connecticut in May compared with a year ago, The Warren Group reported Monday.

The Mortgage Encyclopedia: The Authoritative Guide to Mortgage Programs, Practices, Prices and Pitfalls, Second Edition $14.51 The bestselling one-stop guide to mortgages—updated for the post–housing crisis market! The Mortgage Encyclopedia demystifies all the various mortgage terms, features, and options by offering clear, precise explanations. Fully updated to address the new realities introduced by the housing crisis of 2007, The Mortgage Encyclopedia provides not just a complete description, but als…

Low interest rates, tax credit lift march sales.(REAL ESTATE)(Statistical table): An article from: Los Angeles Business Journal $9.95 This digital document is an article from Los Angeles Business Journal, published by CBJ, L.P. on April 13, 2009. The length of the article is 6991 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Low interest rates, tax credit lift …

New tax credits to help boost area home sales?(REAL ESTATE): An article from: San Diego Business Journal $9.95 This digital document is an article from San Diego Business Journal, published by CBJ, L.P. on March 9, 2009. The length of the article is 435 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: New tax credits to help boost area home …

(Cleveland Real Estate) For Sale First Time Home Buyer Tax Credit Able

Question: Can IRS increase taxes by changing tax form calculations without passing tax law changes in Congress?

IRS form1040 line 51 child tax credit reduced 2009 vs 2008 for AGI over $110K for couples and $75K for singles by 5%. Reducing $1000 tax credit = tax INCREASE. Ex: jt AGI of $123K = 65% reduction in $1000 child tax credit to $350= $650 tax increase. Not highlighted in tax form booklet under “What’s new for 2009.” In 2008, full $1000 child tax credit unless more than you tax.

Answer: Check form 8812 Additional child tax credit. To see if you qualify for the remainder of the amount.

Phase out or reductions in 2008 were $110,000 for MFJ and 75,000 for Single, or HOH
same for 2007 and 2006. According to the Publication 17 for each of those years. This hasn’t changed.

Poor, elderly get short end of tax relief bill; unemployment extension proposal scaled back

WASHINGTON (MCT) — As the Senate scrambles to scale back a $140 billion recession relief bill, the poor, the elderly and the unemployed are bearing the brunt of the squeeze. But NASCAR track developers, movie producers and other special interests are likely to escape unscathed.

Community Tax Center 2008

Question: What should i pay for my house?

I am considering buying the home that I have been renting. He wants $60,000 for the home. It is a 3-2 manufactured home built in 2000. The tax value of the home is $32,000. He wants to give me no credit for the rent that I have paid, nor the deposits that I paid before mving in. He wants $8,500 down with payments of $696 per month. The house has 2 skylights that leak, the master bath tub leaks, the sliding glass door leaks, and there is a leak in the laundry room. The floor by the sliding glass door needs to be replaced. Three months ago he offered us the house at $55,000, $7500 down and $549 per month. Should we take the offer as the first offer is off the table.

Answer: The real estate market is coming back and deals will be harder to find. Get an independent appraisal for the property and a building inspection. Offer him $60k or 80% of the appraised price(whichever is lower) on the condition he fixes all the problems before you sign.

Jason Alderman: When Does Home Remodeling Make Financial Sense?

My wife and I survived two major home remodeling projects and we’ve got the battle scars to prove it. Like most people feeling cramped for…

Recovery: Home Energy Credit (ASL, Captions & Voice Over) – June 09