WANT LOWER ENERGY BILLS? TIBERI SAYS NEW FEDERAL TAX BREAKS CAN HELP
January 12, 2006
WASHINGTON-{With the start of the new year, a variety of tax credits meant to encourage energy efficiency are now available to consumers, Congressman Pat Tiberi (R-Delaware County) said today.
"The energy policy bill approved by Congress last summer included these credits, which became effective on January 1," said Tiberi. "They can be a tremendous tool in helping Americans save money and reduce energy use at home, work or on the road."
Tiberi said taxpayers may be eligible for credits up to a total of $500 for steps taken to improve the energy efficiency of their homes. These can include:
- $50 for purchasing an advanced main air circulating fan;
- $150 for installing a highly efficient furnace or boiler;
- $200 for installing energy efficient windows;
- $300 for purchasing a highly efficient central air conditioner, heat pump or water heater.
"In addition," said Tiberi, "a separate credit is available for the installation of solar water heating equipment. You can take 30% of the cost off your taxes, up to a total of $2000, as long as the system is not used to heat a hot tub or swimming pool."
The Central Ohio congressman also noted that tax breaks of as much as $3400 are available if you purchase cars using fuel-efficient hybrid technology. The amount of the credit will vary depending on the make and model.
"Remember, a tax credit provides a dollar-for-dollar reduction in the federal income taxes you pay," said Tiberi. "It's better than a deduction, which only reduces your taxable income."
The Internal Revenue Service should release specific details of how the tax credits may be used shortly. In the meantime, Tiberi said consumers can find information at several websites, including www.energystar.gov/index.cfm?c=products.pr_tax_credits and www.hybridcars.com (a non-government site). Contractors and dealers may also be able to provide specific information. Tax professionals can be helpful as well.}
http://www.house.gov/apps/list/press/oh12_tiberi/011206.html