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Green Tax Incentives

Green tax incentives are one of the numerous ways to get back a material percentage of your taxes.

Tax time is always a hectic time of year and for corporations and individuals on extension tax time can last through October 15th. Trying to navigate the myriad of Federal and California tax credits while in the middle of preparing last year’s returns can often result in understating or completely missing these highly valuable credits.

Contact The Tax Credit Specialist to claim your savings.

With the growth of green initiatives and incentives, renewable energy and pollution control mandates California’s efforts to be at the forefront of this market. Corporations that understand the numerous eco tax incentives and green tax credits available to them stand to benefit tax-wise while helping to save the planet. Both the state and federal governments have introduced numerous ways to get back a material percentage of our taxes by providing for more green tax incentives and corporate energy tax credits than ever before. Eco tax planning for corporations is a specialty of Blake's.

Not only are corporations eligible for California energy credits but federal, as well. Residential renewable green tax incentives allow you to reduce California taxes by up to 40% of the cost of any applicable systems you install in your business, up to a total cost of $10,000, up to $4,000 of tax credit. It is important to remember that this is a deduction and not a credit. Blake Christian, CPA, provides resources and insights into these various green energy tax incentives along with other vital information on tax, financial and economic information that affect corporations.

Corporate Energy Tax Credits

The new, green energy tax incentives for corporations are widespread and apply to virtually any industry – but they are under-utilized and mis-understood by the vast majority of companies. These credits can dramatically reduce state and federal taxes and unused credits can also be carried forward to future years with any labor costs also used towards the qualifying costs for credits. Figuring out which assets qualify for these eco credits can be a bit confusing for companies and CPAs due to the specialized nature of the credits and complexities of certain types of lease structuring.

California tax credit specialist, Blake Christian can help you make sense of what type of Federal and California energy tax credits and other green tax icentives you do and do not qualify for. Contact a California tax credit specialist today

California Green Tax Incentives

The state of California is the world leader in non-conventional renewable electricity generation. This enviable position was, in large part, due to a combination of green tax incentives, corporate energy tax credits and regulatory reforms put in place to stimulate the production of renewable energy. This industry has benefited from both federal and California tax incentives along with state property tax exemptions.

There are four types of general eco tax credit incentives. The first are home improvements such as insulation, windows and sealing. These improvements make the home more energy efficient and close up leaks. The second set covers home heating, ventilating and air-conditioning, or HVAC. The third California energy credits involve renewable energy technology used by businesses, such as geothermal heat pumps, solar water heating, small wind generators and photovoltaic systems. The final set of California energy credits, and perhaps the most common, involves hybrid and diesel cars purchased by individuals or businesses. Hybrid cars powered by gas, hydrogen, ethanol, natural or liquid nitrogen gas and electric motors are generally eligible for valuable tax credit incentives, and possibly rebates under the federal “Cash for Clunkers” program.

In addition to the aforementioned general eco-credit benefits, there are 42 California Enterprise Zone regions throughout the state, plus numerous “Recycling Zones, which entitle businesses operating there to valuable sales and use tax credits of up to 10% for the cost of purchasing (or in certain cases leasing) qualified: water or air pollution equipment, energy conservation equipment, manufacturing/ processing or R&D equipment.

Take advantage of these green tax incentives to purchase clean energy for your company that doesn't pollute or contribute to global warming. For further information on federal and California energy tax credits and other California tax incentives, please don't hesitate to contact a California tax credit specialist.

For More information on eco credits and other tax, financial and economic information related to green tax incentives please follow these links.

Green Tax Credits

AICPA 2009 Tax Legislation Energizes Tax Benefits

AICPA Eco-Friendly Tax Benefits

LA Business Journal Going Green

Reducing Emissions Whitepaper

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