The Federal Tax Credits Blog

Posts Tagged ‘environment’

Question: Are there 2008 energy tax credits this year?

Been looking on Google and I can’t figure out if there are or not.

Answer: As of now, the credit for energy efficient home improvements expired as of 12/31/2007.

Congress can always choose to extend it when they come back after the election.

New tax law packed with obscure business tax cuts

WASHINGTON — The massive new tax bill signed into law by President Barack Obama is filled with all kinds of holiday stocking stuffers for businesses: tax breaks for producing TV shows, grants for putting up windmills, rum subsidies for Puerto Rico…

Farm bill enacted over president’s veto.: An article from: The Tax Adviser $9.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on August 1, 2008. The length of the article is 524 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: Farm bill enacted over president…

Growing opportunities: the agricultural chemical security credit.: An article from: The Tax Adviser $9.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on March 1, 2010. The length of the article is 1258 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: Growing opportunities: the agric…

Zero-Energy Designation Good For $2000 Tax Credit

Question: Fossil fuel subsidies 12 times more than renewable energy subsidies – what’s wrong with this picture?

“Governments last year gave $43 billion to $46 billion of support to renewable energy through tax credits, guaranteed electricity prices known as feed-in tariffs and alternative Energy Credits, the London-based research group said today in a statement. That compares with the $557 billion that the International Energy Agency last month said was spent to subsidize fossil fuels in 2008.”

http://www.bloomberg.com/news/2010-07-29/fossil-fuel-subsidies-are-12-times-support-for-renewables-study-shows.html

So aside from the fact that fossil fuels are artificially cheap as we don’t pay for the externalities (global warming, ocean acidification, etc.), on top of that they also get 12 times more subsidies than renewable energy.

And yet conservatives oppose putting a price on carbon emissions. What’s wrong with this picture?
Carson, you are simply wrong.

http://www.reuters.com/article/idUSTRE6103RM20100201

Answer: Let’s clarify the topic and discuss what oil we’re talking about. With approximately one-fifth of the world’s proven oil reserves and some of the lowest production costs, Saudi Arabia is expected to remain the world’s largest net oil exporter in the near and long-term.

Even some portion of the cost of our military presence in the Gulf is typically included in the “oil subsidy” figures:
“Quantifying the national security costs associated with ensuring the safe and reliable delivery of foreign oil is difficult. The Congressional Research Service estimated in 1997 that those costs may be anywhere between $0.5-65 billion, or 1.5 cents to 30 cents per gallon for motor fuel from the Persian Gulf. Agreement about the extent of the military’s ‘oil mission’ is difficult because military and foreign policy expenditures are generally tasked with multiple missions and objectives, and oil security is simply one mission of many. Analysts disagree about how to divide those missions into budgetary terms.”

http://www.cato-at-liberty.org/2007/01/18/how-large-are-federal-oil-subsidies/

Due to the Bush family’s close ties with the Saudi royal family, for the past 2 decades much of the energy policy and foreign policy in the United States has been centered around doing favors for them, like inexplicably attacking their enemy Iraq, even though it was 15 Saudis who attacked America on 9/11.

Once the war broke out, Saudi Arabian citizens continued to attack us where we were closest and most convenient… in Iraq.

“Of 1,200 suspected suicide bombers arrested by Syrian authorities since the beginning of the war in 2003, 85 percent have been Saudis.” (2005)

http://www.militaryphotos.net/forums/showthread.php?53217-The-Devil-You-Think-You-Know

So why is the U.S. doing all of this? You can be sure that out of those billions in oil subsidies allocated by our elected officials, a healthy flow of cash returns to line their pockets in the form of so-called “campaign contributions” which they are free to pocket and use as they please.

“I summon my blue-eyed slaves anytime it pleases me. I command the Americans to send me their bravest soldiers to die for me. Anytime I clap my hands a stupid genie called the American ambassador appears to do my bidding. When the Americans die in my service their bodies are frozen in metal boxes by the US Embassy and American airplanes carry them away, as if they never existed. Truly, America is my favorite slave.” King Fahd Bin Abdul-Aziz, Jeddeh 1993

So how much does it cost to buy an oil-friendly, Saudi-friendly Congress?

A while ago I ran across statistics stating that Senator James Inhofe alone had accepted over $500,000 from the fossil fuel industry. Do you suppose that his vote on oil subsidies might possibly have a statistically significant alignment with those contributions? Hmm, I wonder…

Lets live in the real world for a moment, and not kid ourselves and dream that this is about right or wrong.

We either need to outlaw bribery and properly categorize it as treason and a hangable offense, or the renewable energy industry needs to ante up and pay off all of Congress in an amount competitive with the fossil fuel industry’s payoffs. Half a mil to every outstretched hand, requiring a budget of roughly $300 million, may be required before renewable energy can be seriously discussed at the bargaining table.

Of course our Saudi benefactors and other cumulative forces of Big Oil would respond and raise the stakes, and our civil servants will draw out the battle for years to milk the competition for all its worth before doing anything that might end their windfall cash flow. So the total budget required to see this issue through to the first healthy discussion will probably be over $5-10 billion, just in politician payoffs (not counting additional tens to hundreds of billions in pork barrel projects they’ll require as well on any related bills, to additionally reward their friends and donors).

Let’s face it, our current system of government is extremely corrupt, and the disconnect between politicians and the public good is only getting worse. You’ll have to change the system (start by outlawing bribery) before you’ll get any different results. What have you done to move that sort of change forward?

Political parties are simply a red herring to give us teams to root for; aside from their propaganda and marketing slogans, they’re identical. Neither party proposes to do anything about illegal immigration and the associated rampant identity and healthcare fraud which is bankrupting us. Neither party cares that 400,000 ADDITIONAL H1-B visas are issued for a term of 3 years, easily extended to 6, to legally put up to 2.4 million Americans out of work each year, simply because that foreign labor costs less.

The problem is rampant, systemic corruption, not one political party or the other. Solve the problem (campaign financing), then we can make some progress on the symptoms (including counterproductive resource allocation).

Senate Dems give boost to renewable energy in tax plan

Renewable energy backers just won the first round in their battle to renew a federal grant program that kicked off construction on hundreds of wind and solar projects the last two years. Senate leaders folded the…

Energy Conservation And Alternative Fuel $0.99 Are You Aware Of The Damage Inflicted By The Fuel You Use For Your Vehicle? Are You Responsible Enough To Save The Environment From The Atrocities Of Mankind? Looking For An Alternative Source Of Fuel, But Not Sure Where To Even Start… ?Finally! Discover Some Of The Top Secrets That Gives You Premium Tips On Using Environmentally Friendly Fuel…! Learn Some Insider Tips To Increase Mileage, Sav…

Energy Efficiency and Renewable Energy Legislation $50.00 This book reviews the status of energy efficiency and renewable energy legislation introduced during the 110th Congress. Most action in the second session is focused on the FY2009 budget request, the Farm Bill (H.R. 2419), and the proposed Renewable Energy and Energy Conservation Tax Act (H.R. 5351). DOE’s FY2009 budget request seeks $1,256.1 million for DOE’s Energy Efficiency and Renewable Energ…

Clean energy gets a tax jolt.: An article from: Journal of Accountancy $9.95 This digital document is an article from Journal of Accountancy, published by American Institute of CPA’s on June 1, 2009. The length of the article is 956 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: Clean energy gets a tax jol…

Air Conditioning Energy Tax Credit

Question: Should you get a tax credit if you live close to your work?

Since you would be burning less fuel, reducing traffic on the freeways-not to mention your stress level-and generating less green-house gasses, I think you should be given a huge tax incentive of some kind. If folks want to drive alone their big 8 passenger SUVs 100 miles each way to work, great! But please give the rest of us some credit for being more considerate to the environment; truly understanding how to improve road safety; and significantly reducing individual stress levels.

Answer: That would be fine, as long as you don’t have a 12 cylinder Bentley sitting the the garage that you drive the 3 blocks to work and put on another 500 miles shopping on weekends.

Seriously, it can’t be as simple as your proximity to work. The reality is that you are getting a tax credit if you don’t drive. Those of us driving are paying gas, property and motor vehicle fees that all go towards general funds in Federal, State and local governments. If you don’t drive you don’t pay those taxes.

Now put appropriate taxes on gas etc that only go towards transit problems (including mass transit), and that will mean that if you drive you are penalized for it.

How would we prove you were walking to work and not taking a limo on your tax credit? And just think how complex that would make auditiing tax returns. People cheat on how much they give to charitys (until this year they didn’t require a receipt), just imagine what they would do to get a tax credit?

Sometime in the future hopefully city planners will do things to make it more attractive to live there. There will be a pool of electric cars for you to sign up to take out for errands so you don’t need to have so much garage space, etc.

I agree something needs to be done – but a tax credit is definitely not the answer in my mind.

Regards,

California Dreaming: Missing America’s Wake-Up Call

The state’s reliance on central planning, tax-supported subsidies and social entitlement programs is making it fall behind.

Energy Conservation And Alternative Fuel $0.99 Are You Aware Of The Damage Inflicted By The Fuel You Use For Your Vehicle? Are You Responsible Enough To Save The Environment From The Atrocities Of Mankind? Looking For An Alternative Source Of Fuel, But Not Sure Where To Even Start… ?Finally! Discover Some Of The Top Secrets That Gives You Premium Tips On Using Environmentally Friendly Fuel…! Learn Some Insider Tips To Increase Mileage, Sav…

Biofuels Incentives: A Summary of Federal Programs – CRS Report $0.99 With recent high energy prices, the passage of major energy legislation in 2005 (P.L. 109-58) and 2007 (P.L. 110-140), and the passage of a farm bill in 2008 (P.L. 110-246), there is ongoing congressional interest in promoting alternatives to petroleum fuels. Biofuels-transportation fuels produced from plants and other organic materials-are of particular interest.Ethanol and biodiesel, the two mos…

Agriculture-Based Biofuels: Overview and Emerging Issues $0.99 Since the late 1970s, U.S. policymakers at both the federal and state levels have enacted a variety of incentives, regulations, and programs to encourage the production and use of agriculture-based biofuels. Initially, federal biofuels policies were developed to help kick-start the biofuels industry during its early development, when neither production capacity nor a market for the finished produc…

Alternative Motor Vehicle Tax Credit, Part 1 of 3

Question: How much will I be taxed per hour for a minimum wage job in Ohio?

Hey, I live in ohio and I’m 16 years old, I just got hired at a local Wendy’s. I know that I would be taxed for medicare and social security but what other taxes will there be and how much % will be taken off for every hour I work? I’ve tried a tax calculator but I don’t really know what to put for most of the boxes, so it’s not very accurate. Minimum wage in Ohio is 7.30 $/hr. Also, will I get a tax credit at the end of the year and get most of that back?

Answer: Dear M: Fill out the W4 as single 1 and very little will be with held. If you do not make over $5700 (est) you will not owe any federal tax.

Soc Sec and Medicare will hold out about 7.5%. Ohio will take very little.

This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more Errol Quinn Enrolled Agent

Mary Holm : Let’s not get manic over metals

Gold bug excites Good morning Mary. Remember me??? Gold has now gone sailing past US$1300 ($1732.64). The next target is US$1369. I am pretty sure we will see US$1600 by year’s end. Silver is now on the verge of a major…

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Tips from the IRS-Making Work Pay Credit

Question: If the government is serious about reducing carbon emissions, why doesn’t it give corporations tax credits?

to have its employees telecommute? Imagine the reduction in carbon emissions that would result from this. It would also reduce our dependency on foreign oil.

Answer: Instead of a tax credit, I believe they just got Cap and Trade?

Nigeria Government & ECCO2 Corp Announce Launch for $90 Billion Cleantech Project to Reduce Carbon Emissions and …

LAGOS, NIGERIA–(Marketwire – 10/08/10) – Nigeria Minister of Environment John Ogar Odey and ECCO2 Corp, ( www.ecco2corp.org ), an affiliate organization of United Nations Framework Convention on Climate Change ( www.unfccc.int ) have started plans to immediately launch “ECCO2 Nigeria Project” in efforts to reduce greenhouse gases, carbon …

Cost containment in climate change policy: alternative approaches to mitigating price volatility.: An article from: Virginia Tax Review $9.95 This digital document is an article from Virginia Tax Review, published by Virginia Tax Review on September 22, 2009. The length of the article is 9562 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: Cost containment in climate cha…

Carbon offset trading fraud — huge criminal activity