Posts Tagged ‘R&D Tax Credits’

The President signed into law a measure to renew critical tax incentives for energy efficiency and renewable energy sources like wind, solar and geothermal.

A number of the energy efficiency and renewable tax incentives included in the broader legislation were modeled after bipartisan legislation previously authored by Senator Feinstein along with Senator Olympia Snowe ( R-Maine ) and others. These incentives were set to expire at the end of the year.

“Congress today approved, and the President has now signed into law, a measure that will help keep America’s energy efficient commercial building, emerging wind, solar and geothermal industries in business. This is a major and most significant legislation approved by Congress this year to help address the energy conservation issues in the United States” stated Julio Gonzalez, CEO of Engineered Tax Services. “Engineered Tax Services has worked hard educating the American Public on the importance of these much-needed tax incentive programs needed to spur energy efficiency and renewable energy in the United States and I’m very proud that Engineered Tax Services has been at the forefront in promoting energy efficient tax programs” added Julio Gonzalez.

The extension of the energy provisions provides an estimated $1.779 billion in incentives for energy efficient buildings, based upon legislation introduced by Senators Snowe and Feinstein, the Extend Act ( S.822 ).

Critical components of the extension include the following incentives:

1. Renews critical tax credits for energy efficient upgrades for existing homes, such as air conditioners and insulation.
2. Extends a tax credit for energy efficient new homes up to $2,000.
3. Extends for five years a landmark energy efficient commercial buildings deduction.
4. Provides eight years of tax stability to the solar industry.
5. Extends the 30 percent investment tax credit for solar energy property and qualified fuel cell property through 2016 – this will provide long-term stability to the solar and fuel cell industries in California. With this provision in place, large-scale solar projects will move forward.
6. Extends the credit for residential solar property for eight years through 2016, and removes the credit cap (currently $2,000) for solar electric investments.

Engineered Tax Services is a licensed engineering firm and the premier firm in the United States at marrying the science of energy engineering with the principles of tax and accounting. ETS provides IRS sanctioned services to include engineered based Cost Segregation Studies, Energy Tax Credits, Research & Development Credits, Insurance Replacement Appraisals and Property Tax Appeals. . For more information regarding this press release, please feel free to contact Julio Gonzalez, CEO of Engineered Tax Services at 1-800-236.6519 or visit their website at www.engineeredtaxservices.com.