Earth Day: Go Green and Save Green with These Tax Tips

April 22, 2009
Going green is not only environmentally friendly, but it also can be friendly to your wallet. The recently passed American Economic Recovery and Reinvestment Act offers many eco-friendly tax breaks for 2009 as part of the stimulus package, according to the Illinois CPA Society.

The Illinois CPA Society offers the following tips so you can act now and save later:

  1. Catch some rays. The State of Illinois and the Renewable Energy Resources Program (RERP) are offering up to 30 percent rebates up to $10,000 on solar energy systems installed after Jan. 1, 2008.
  2. Ditch the gas. Buy a hybrid and get a net tax break between $250 and $3,400 based on the weight of the vehicle and the amount of gas saved. Mass transit users can also use pre-tax dollars in an amount up to $230, increased from $120, to purchase tickets and passes.
  3. Be energy efficient. Install energy-efficient windows, insulation, roofs, doors, air conditioners and central heating units and you may be eligible for a tax credit up to $1,500. Larger purchases, such as solar heaters and geothermal pumps, qualify for a credit of 30 percent.
  4. Buy green. First-time homebuyers qualify for a credit of $8,000, as well as any tax breaks on green materials that they add to the home.

Be sure to document all purchases of green materials with receipts and maintenance records in order to get the full credit amounts, the society said. Many of these credits are only on the books for 2009 and 2010, but look for them to be renewed in the future. Speak with a CPA to verify the credit amounts for this coming tax season and clarify any of the purchase requirements.

Sponsored Recommendations

ISO 45001: Occupational Health and Safety Management Systems (OHSMS)

March 28, 2024
ISO 45001 certification – reduce your organizational risk and promote occupational health and safety (OHS) by working with SGS to achieve certification or migrate to the new standard...

Want to Verify your GHG Emissions Inventory?

March 28, 2024
With the increased focus on climate change, measuring your organization’s carbon footprint is an important first action step. Our Green House Gas (GHG) verification services provide...

Download Free ESG White Paper

March 28, 2024
The Rise and Challenges of ESG – Your Journey to Enhanced Sustainability, Brand and Investor Potential

Work Safety Tips: 5 Tactics to Build Employee Engagement for Workplace Safety

March 13, 2024
Employee safety engagement strategies have become increasingly key to fostering a safer workplace environment. But, how exactly do you encourage employee buy-in when it comes ...

Voice your opinion!

To join the conversation, and become an exclusive member of EHS Today, create an account today!