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BEST-L  January 2009

BEST-L January 2009

Subject:

Investment Tax Credits for Alt Fuels, Energy Efficiency and Renewables

From:

"David E. Bruderly" <[log in to unmask]>

Reply-To:

David E. Bruderly

Date:

Wed, 7 Jan 2009 13:00:40 -0500

Content-Type:

text/plain

Parts/Attachments:

Parts/Attachments

text/plain (469 lines)

Besters – your tax money is working to promote sustainable energy
investments ........ for vehicles as well as buildings

 

If any of you have money to spend, here is a partial summary of available
federal and Florida tax incentives to offset the cost of Natural Gas (aka
methane) Vehicle and other alternative fuel vehicle infrastructure and
Energy Efficiency and Renewable Energy investments in your home, office or
business facilities.

 

In addition, federal economic incentive funds will soon be available in the
form of grants through local governments and direct federal loan guarantees,
grants and cooperative agreements for businesses that seek to develop and
manufacture these technologies and projects to install and use them.

 

For example, if you pay Florida corporate tax these federal and state tax
credits can be used to buy down the cost of Natural Gas – Hydrogen Vehicles
(sedans, pickups, vans, SUVs and trucks) with a fuel station for less money
out of pocket than a new, dirty gasoline or diesel vehicle or a gasoline
hybrid-electric. Make your hydrogen on-site with renewable energy and CNG-H
blended fuels and biodiesel from waste oils are the most affordable and
greenest motor fuels available.

 

If you are interested in taking advantage of any of these opportunities,
please contact me.

 

Dave

 

 

David E. Bruderly PE

Clean Power Engineering

Wise Gas Inc.

920 SW 57th Drive

Gainesville FL 32607-3838

352-377-0932

 

Florida Corporate Tax Credits

Renewable Energy Technologies – Florida Investment Tax Credit



Last DSIRE Review: 09/06/2008

   Incentive Type:

Corporate Tax Credit

 


Eligible Renewable/Other Technologies:

Renewable Fuel Vehicles, Fuel Cells, Hydrogen, Refueling Stations, Ethanol,
Biodiesel


Applicable Sectors:

Commercial

 


Amount:

75% of all capital costs, operation and maintenance costs, and research and
development costs

 

 


Carryover Provisions:

Unused amount may be carried forward and used in tax years beginning
1/1/2007 and ending 12/31/2012

 

 


Website:

 <http://www.dep.state.fl.us/energy/energyact/incentives.htm>
http://www.dep.state.fl.us/
energy/energyact/incentives.htm

 

 


Authority 1:

 
<http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&Sear
ch_String=&URL=Ch0220/SEC192.HTM&Title=-%3E2008-%3ECh0220-%3ESection%20192#0
220.192> Fla. Stat. § 220.192

 

 


Date Enacted:

6/19/2006

 

 


Effective Date:

7/1/2006

 

 


Expiration Date:

6/30/2010 (tax credit provision)

 

 


  _____

 

Summary:


 

In June 2006, a corporate tax credit was established in Florida (SB 888) to
promote investment in (1) hydrogen-powered vehicles and hydrogen vehicle
fueling stations; (2) commercial stationary hydrogen fuel cells; and (3)
production, storage, and distribution of biodiesel and ethanol.
 
For tax years beginning on or after January 1, 2007 through and ending
December 31, 2010, the tax credit amount for each technology is as follows:

 
Hydrogen-Powered Vehicles and Hydrogen Vehicle Fueling Station: 75% of all
capital costs, operation and maintenance costs, and research and development
costs incurred between July 1, 2006, and June 30, 2010, up to a limit of $ 3
million per state fiscal year for all taxpayers, in connection with an
investment in hydrogen-powered vehicles and hydrogen vehicle fueling
stations in the state, including, but not limited to, the costs of
constructing, installing, and equipping such technologies in the state.
 
Commercial Stationary Hydrogen Fuel Cells: 75% of all capital costs,
operation and maintenance costs, and research and development costs incurred
between July 1, 2006, and June 30, 2010, up to a limit of $ 1.5 million per
state fiscal year for all taxpayers, and limited to a maximum of $ 12,000
per fuel cell, in connection with an investment in commercial stationary
hydrogen fuel cells in the state, including, but not limited to, the costs
of constructing, installing, and equipping such technologies in the state.
 
Biodiesel and Ethanol Production, Storage, and Distribution: 75% of all
capital costs, operation and maintenance costs, and research and development
costs incurred between July 1, 2006, and June 30, 2010, up to a limit of $
6.5 million per state fiscal year for all taxpayers, in connection with an
investment in the production, storage, and distribution of biodiesel
(B10-B100) and ethanol (E10-E100) in the state, including the costs of
constructing, installing, and equipping such technologies in the state.
Gasoline fueling station pump retrofits for ethanol (E10-E100) distribution
also qualify as an eligible cost.
 
If the credit is not fully used in any one tax year because of insufficient
tax liability on the part of the corporation, the unused amount may be
carried forward and used in tax years beginning January 1, 2007, and ending
December 31, 2012, after which the credit carryover expires and may not be
used.
 
To be eligible for the credit, corporations must submit a tax credit
application to the Department of Environmental Protection (DEP) and attach
DEP’s certification (if approved) to the tax return on which the credit is
claimed.
 
The DEP will determine and publish on a regular basis the amount of
available tax credits remaining in each fiscal year. If a taxpayer does not
receive a tax credit allocation due to the exhaustion of the annual tax
credit authorizations, the taxpayer may reapply in the following year for
those eligible costs and will have priority over other applicants for the
allocation of credits.
 
This legislation also created a a sales tax refund for products relating to
hydrogen-powered vehicles, commercial stationary hydrogen fuel cells, and
materials used in distributing biodiesel and ethanol.
 
Investment tax credit applications and draft rules are available on the
program web site.
  
[Note: DSIRE does not generally report on incentives for transportation
fuels and alternative fuel vehicles. However, this program is included
because stationary fuel cells are eligible. Visit the
<http://www.eere.energy.gov/afdc/laws/incen_laws.html> Alternative Fuels
Data Center for information on all alternative fuels and vehicle
incentives.]

 

 


  _____

  


Contact:


 

Taxpayer Services
Florida Department of Revenue
1379 Blountstown Hwy.
Tallahassee, FL 32304-2716
Phone: (800) 352-3671
Phone 2: (850) 488-6800
Web site: <http://www.myflorida.com/dor> http://www.myflorida.com/dor

 

Jeff Greene

Wise Gas, Inc.
3700 NW 124th Ave, Ste 131, Coral Springs, FL 33065
Phone: (954)-636-4291 Fax: (954)-874-6089

Email: <mailto:[log in to unmask]> [log in to unmask]

Web: <http://www.jncaviation.com/> www.WiseGasInc.com

 

Fact Sheet:

Federal Incentive for Natural Gas Vehicles

 

FEDERAL INCOME TAX CREDITS

Overview for Natural Gas Vehicles

The Energy Policy Act (EPAct) of 2005 (EPAct 2005, §1341, Pub. L. No.
109-58) provides an income tax credit for businesses and individuals that
acquire alternative fuel motor vehicles, including natural gas vehicles
(NGVs). The potential value of the tax credit varies depending on the size
of the vehicle, the incremental cost of the vehicle, and the emissions
performance of the vehicle. In order to qualify for the incentive, a person
or business must be a taxpayer, be the original or first user of the
vehicle, and the vehicle must be a dedicated NGV. Conversions also qualify
as long as the vehicle was not previously an NGV and the other requirements
discussed below are met. The vehicle also must be one that has been
primarily manufactured for use on “public streets, roads, and highways.” If
the vehicle is leased, the incentive goes to the lessor (i.e., leasing
company) and not the lessee. If the NGV is sold to a tax-exempt entity, the
company selling the vehicle can claim the tax credit but only if the
customer is provided written notification of the credit’s value. The seller
may -- but is not required to -- pass along any savings associated with the
tax credit.

Mix-Fuel Vehicles

In addition to providing incentives for dedicated NGVs, EPAct 2005 also
provides tax credits for certain mix-fuel or dual-fuel vehicles having a
gross vehicle weight rating (GVWR) of more than 14,000 pounds. These
mix-fuel or dual-fuel vehicles qualify for the tax credits described below
albeit on a slightly reduced basis. EPAct 2005 recognizes two types of
dual-fuel vehicles – ones that operate on at least 90 percent alternative
fuel and not more than 10 percent petroleum-based fuel (based on BTU
content), and ones that operate on at least 75 percent alternative fuel and
not more than 25 percent petroleum-based fuel (based on BTU content). If the
vehicles are capable of operating on petroleum fuel at levels higher than
that specified above, there must be some efficiency or performance penalty.
For mix-fuel vehicles, the tax credits are 90 percent and 70 percent,
respectively, of the values otherwise available to dedicated NGVs.

Tax Credit Values

In general, the tax credit values range from a low of $2,500 to a high of
$32,000 depending on various factors. The tax code provides a minimum credit
equal to 50 percent of the incremental cost for any new, dedicated NGV that
meets federal EPA

or CARB emissions standards. In addition, there is a maximum credit equal to
80 percent of the incremental cost for NGVs that have been certified as
meeting the most stringent emission standard (other than zero emissions)
available for that particular type vehicle. This has generally been viewed
as requiring certification to EPA’s Tier 2, Bin 2 standard for light duty
vehicles. For heavy-duty engines, the IRS has not released any specific
guidance on what is required and appears to be making determinations on a
case-by-case basis. In all cases, purchasers should ask the seller or
manufacturer for information on the tax credit value of their NGVs. The two
tables below illustrate the relationship among size of the vehicle, the
incremental cost of the vehicle, and the emissions performance of the
vehicle.

 

NGV Credits

Vehicle Size Incremental Cost Cap 50% Credit
80% Credit

8,500 GVWR or less $5,000 $2,500
$4,000

8,501 - 14,000 GVWR $10,000 $5,000
$8,000

14,001 – 26,000 GVWR $25,000 $12,500
$20,000

26,001 GVWR and heavier $40,000 $20,000
$32,000

 

So, for example, a 6,000 pound GVWR passenger car that does not meet the
most stringent emission standard available would qualify for a credit of
$2,500 (50 percent of $5,000). This assumes that the incremental cost is
equal to or greater than $5,000. A 30,000 pound GVWR truck that meets the
most stringent emission standard available would qualify for a credit of
$32,000 (80 percent of $40,000). Again, this assumes the incremental cost of
the vehicle is equal to or greater than $40,000.

Limitations

The income tax credit is subject to alternative minimum tax provisions and
anyone taking the tax credit for property placed in service must reduce
their basis in the cost of the equipment. In addition, there is no carry
over credit for individuals, so that if AMT precludes an individual from
realizing the full benefit of a tax credit in a particular year, they may
not carry a portion of the credit forward or backward. Businesses, however,
are permitted to carry forward and backward unused portions of the credit.

 

IRS Regulations/Guidance/Forms

The Internal Revenue Service (IRS) has issued guidance with respect to the
AFV tax credits. This guidance was released in Notice 2006-54, “Credit for
New Qualified Alternative Motor Vehicles.” A link to this document is
provided below. This guidance clarifies a number of points concerning the
tax credits and provides a voluntary procedure whereby manufacturers may
certify the tax credit values of vehicles they sell. This procedure is
intended to provide manufacturers and customers with greater certainty
regarding the value of tax credits and the ability to take tax credits for
certain vehicles. This guidance also clarifies that vehicle conversions
qualify for the tax credits as long as the vehicle was not previously an
alternative fueled vehicle, the vehicle is a dedicated AFV, and the vehicle
has been certified to U.S. Environmental Protection Agency or California Air
Resources Board (CARB) emission standards.

A number of manufacturers have received certification from the IRS as to the
value of the tax credits for their vehicle offerings. The links below
provide information on these values. The IRS also has released the tax form
(Form 8910) that taxpayers will use to claim the incentive.

Links to IRS and Other Resources

IRS Interim AFV Guidance - http://www.irs.gov/pub/irs-drop/n-06-54.pdf

IRS Tax Form for AFVs -
http://www.irs.gov/formspubs/lists/0,,id=97817,00.html (scroll down to Form
8910 for the latest version)

IRS Website – Information on AFV & Hybrid Credits

http://www.irs.gov/businesses/article/0,,id=175456,00.html – all AFV values

http://www.irs.gov/newsroom/article/0,,id=157632,00.html – general info

http://www.irs.gov/newsroom/article/0,,id=161076,00.html – light duty mfr
letters


Last Updated: May 2008


Federal Tax Credits --Efficiency Improvements to Homes


As you're ringing in the New Year, it might also be a good time to search
your home for air leaks, insufficient insulation, or heating and cooling
equipment that needs updating. That's because the start of 2009 has also
revived the federal tax credits for energy efficiency improvements to homes.
Although the original tax credit expired at the end of 2007, it was revived
this year as part of the Emergency Economic Stabilization Act of 2008, which
President Bush signed back in October 2008. As noted by the Alliance to Save
Energy (ASE), federal tax credits are now available for 10% of the cost of
insulation, storm doors, and Energy Star-qualified "cool roofs," up to a
limit of $500; for 10% of the cost of exterior windows and skylights, up to
a limit of $200; for up to $300 on new high-efficiency air conditioners,
heat pumps, water heaters, and corn-fueled stoves; and for up to $150 on
high-efficiency furnaces and boilers. Those tax credits expire at the end of
this year, but there's also a tax credit for 30% of the cost of Energy
Star-qualified geothermal heat pumps, up to a limit of $2,000, and that
doesn't expire until 2016. For details, see the ASE
<http://links.govdelivery.com:80/track?type=click&enid=bWFpbGluZ2lkPTM4OTE2M
iZtZXNzYWdlaWQ9UFJELUJVTC0zODkxNjImZGF0YWJhc2VpZD0xMDAxJnNlcmlhbD0xMjE1NDY3O
TkwJmVtYWlsaWQ9YnJ1ZGVybHlAYmVsbHNvdXRoLm5ldCZ1c2VyaWQ9YnJ1ZGVybHlAYmVsbHNvd
XRoLm5ldCZleHRyYT0mJiY=&&&120&&&http://www.ase.org/content/news/detail/5155>
press release and
<http://links.govdelivery.com:80/track?type=click&enid=bWFpbGluZ2lkPTM4OTE2M
iZtZXNzYWdlaWQ9UFJELUJVTC0zODkxNjImZGF0YWJhc2VpZD0xMDAxJnNlcmlhbD0xMjE1NDY3O
TkwJmVtYWlsaWQ9YnJ1ZGVybHlAYmVsbHNvdXRoLm5ldCZ1c2VyaWQ9YnJ1ZGVybHlAYmVsbHNvd
XRoLm5ldCZleHRyYT0mJiY=&&&121&&&http://www.ase.org/content/article/detail/26
54> tax credit Web page.

As noted by the Solar Energy Industries Association (SEIA), the Emergency
Economic Stabilization Act also extended a federal tax credit for 30% of the
cost of both residential and commercial solar energy installations, while
eliminating a $2,000 cap on the tax credit for residential solar electric
installations. The law also established a tax credit for 30% of the cost of
residential wind energy systems, fuel cells, and microturbines, with
different caps on each type of system, and all of these clean energy tax
credits are good through 2016. According to SEIA, the solar investment tax
credit provisions will also allow filers of the Alternative Minimum Tax to
still take the tax credit, although anyone planning to file for a tax credit
should first seek the advice of a tax professional. See the
<http://links.govdelivery.com:80/track?type=click&enid=bWFpbGluZ2lkPTM4OTE2M
iZtZXNzYWdlaWQ9UFJELUJVTC0zODkxNjImZGF0YWJhc2VpZD0xMDAxJnNlcmlhbD0xMjE1NDY3O
TkwJmVtYWlsaWQ9YnJ1ZGVybHlAYmVsbHNvdXRoLm5ldCZ1c2VyaWQ9YnJ1ZGVybHlAYmVsbHNvd
XRoLm5ldCZleHRyYT0mJiY=&&&122&&&http://www.seia.org/cs/news_detail?pressrele
ase.id=217> SEIA press release and a summary of all the federal tax credits
on the
<http://links.govdelivery.com:80/track?type=click&enid=bWFpbGluZ2lkPTM4OTE2M
iZtZXNzYWdlaWQ9UFJELUJVTC0zODkxNjImZGF0YWJhc2VpZD0xMDAxJnNlcmlhbD0xMjE1NDY3O
TkwJmVtYWlsaWQ9YnJ1ZGVybHlAYmVsbHNvdXRoLm5ldCZ1c2VyaWQ9YnJ1ZGVybHlAYmVsbHNvd
XRoLm5ldCZleHRyYT0mJiY=&&&123&&&http://www.energystar.gov/index.cfm?c=produc
ts.pr_tax_credits> Energy Star Web site.

 

 

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