A STUDY OF ECO-FRIENDLY TAX CREDITS IN THE U.S.A.
“Recycle”, “reuse”, “repurpose” are words often spoken as the world grapples with the ever increasing burden daily life is placing on the environment. Everything - from the cars we drive, to the electricity used to power appliances and other conveniences, to the clothes we wear and the foods we consume – affects the environment around us. Natural resources are being depleted and the purity of the air we breathe and the water we drink is being compromised – a result of creativity and progress in an effort to improve our lives. Throughout the past several years, the government has offered tax credits to promote implementation of products aimed at reducing environmental impacts.
One key
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The qualifying equipment includes depreciable items such as lighting, heating, cooling, ventilation, and hot water systems which decrease the total energy consumed by 50% or more as compared to a similar building. In addition, the building must be certified in compliance by an IRS recognized individual deemed qualified to determine compliance. The IRS allowable credit is $1.80 per square foot of certified building space. The credit is available only to the one who paid for the equipment.
The energy-efficient appliance credit has been available for companies which produce high-efficiency appliances such as dishwashers, washers and refrigerators for home use. In general, this credit applies only to the number of those appliances made in the US during the tax year, which exceeds the average number produced in the previous two years. There is a maximum total of $75 million for this credit. In addition, each appliance type has energy saving requirements which determine the specific allowed credit for that
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Purchasing a hybrid car which operates on alternative power or one with a diesel engine can provide a tax credit in the range of $250.00 to $3,400.00 depending on the gas savings and total vehicle weight. Furthermore, if two hybrids are bought, two tax credits can be claimed.
Charitable Donations
One of the more common tax credits claimed relates to charitable donations. While it may seem strange to discuss this in a study of eco-friendly tax credits it does involve reuse or a form of recycling. For many years, taxpayers have been donating old clothing, household goods, furniture and sporting equipment to their local non-profit thrift store. If not for these stores, unused items would be disposed of in the trash where it would most likely makes its way to a landfill.
Instead, these donations reap a double benefit for all involved. The individual donor receives a tax benefit on their annual tax filing and the thrift store is able to serve their client base by offering slightly worn or used goods at an affordable price. Guidelines for determining the value of donated goods is often available through various
River Island also recycles and uses biodegradable materials whenever possible. The Waste Electrical and Electronic Equipment Regulations (WEEE) are aimed at maximising recovery and recycling of old materials and preventing the negative aspects of landfill disposal. As a retailer, River Island fully supports this regulation and has met their objective by joining the Distributor Take Back Scheme to which they have contributed funding for the provision of improved recycling facilities throughout the UK for all their customers. By supporting the environment, it shows that River Island is a caring and committed company who want to be known as eco-friendly. It benefits them because if customers and suppliers know they are taking action to support this good cause, it will only increase the company’s good reputation and, therefore, being known as a company to do business
In the late 1980s and 1990s, developments in Australian home appliances focused on energy efficiency. Environmental awareness was at an all-time high and studies had
Go to the EPA website and learn about “Reduce and Reuse” , “Composting” and “Recycling” : http://www.epa.gov/osw/conserve/rrr/
The industry can be very susceptible to environmental issues together with other manufacturers. With the advent of campaigns toward saving the environment and “going green”, the society is now more concerned with how the industry’s wastes and other by-products are being managed. Using recycled materials and recycling one’s wastes can affect the industry’s over-all image as an environmental advocate.
“Going green” is the spread of knowledge and practicing environmentally and ecologically friendly habits. It is providing tips and ways to be involved in sustainable living. This concept uses the terms reduce, reuse, and recycle. Goodwill exploits these skills. Their business revolves around collecting unwanted things and selling it to be used again. Most people shop there not knowing that they are doing their part and recycling. Job training comes into play because they teach individuals in their community skills that also enhance the recycling process. They teach them how to analyze objects, repair them, and determine decent prices. This is an investment for not only their industry but in the economic health of their community. Goodwill teamed up with Dell to formulate the Reconnect program. Dell describes the program as a program that puts "technology and jobs back into the hands of those who need them most” (Johnson). The program started in 2004 and opened 250 jobs. Reconnect allows people to donate old computers, this donation helps allow “technology, education, training and career services” to people who need extra help” (Johnson). This program abstracted more that 96 million pounds of potential waste. Both Dell and Goodwill meet high standards for workplace and environmental
Before you consider a hybrid vehicle for economic reasons, such as leaving less of a carbon foot print, or not making as much carbon monoxide output as you would driving a normal gasoline powered car, realize this, to get the materials necessary for the hybrid motors it requires an extreme amount of mining and relocation of wildlife. Not to forget the enormous amount of tailings and hazards left behind as a byproduct of the materials needed. This causes more damage to the environment than the emissions from a normal gasoline powered
Are there any restrictions that apply to charitable deductions of old clothes and household items that you, Clarence, intend to deduct?
The US government will reward certain home improvements that increase energy efficiency. If you are willing to make major improvements
Some of the ways to spend less money on energy is to use Energy-Star appliances. Their energy efficient and can save 30% to 80% on our electricity bill. Thats adds up to $50 or more than $100 in annual savings.
Making America great again has never been more of a challenge. We need to make America green again. “…over the last five decades as states have implemented requirements and consumers have become more aware, the U.S. is way behind leading European countries” (Lacey). America is one of the largest producers of waste in the world. With this we should be figuring out new ways in which to recycle and reuse different compounds and materials to ensure a better future.
First, we will looked at the mileage. We drive about 1200 miles a month. If we take the price of gas, which is about $2.20 per gallon, we pay about $121 in one month. If we take it one step further, we pay about $1,452 in one year. A lot of money for travel. So how much does this hybrid save us? Well based on the mileage, the cost of gas, and
Product donation has emerged as a cost effective alternative to disposal. Donation to charities is a great way for businesses to give back to their communities and building their image and reputation in the community. It has also helped free the needed warehouse space, reduce the cost of storage and take advantage of the special tax deduction.
If you remodel a kitchen or replace washer, dryer, or water heater, look for appliances that have an Energy Star rating. The more energy
Product donation have emerged as a cost effective alternative to disposal. Donation to charities is a great way for businesses to give back to their communities and building their image and reputation in the community. It also help free the needed warehouse space, reduce the cost of storage and take advantage of the special tax deduction.