February 20, 2016
For qualified energy property placed in service before Jan. 1, 2015, a taxpayer could claim a credit up to a $500 lifetime limit (with no more than $200 from windows and skylights) over the aggregate of the credits allowed to the taxpayer for all earlier tax years ending after Dec. 31, 2005. The credit equalled the sum of: (1) 10% of the amount paid or incurred by the taxpayer for qualified energy efficiency improvements installed during the tax year, and (2) the amount of the residential energy property expenditures paid or incurred by the taxpayer during the tax year. The credit for residential energy property expenditures couldn't exceed: (i) $50 for an advanced main circulating fan; (ii) $150 for any qualified natural gas, propane, or hot water boiler; and (iii) $300 for any item of energy-efficient building property.
Qualified energy efficiency improvements were energy efficient building envelope components, such as (a) insulation materials or systems specifically and primarily designed to reduce heat loss/gain, that met criteria set by the International Energy Conservation Code (IECC); or (b) exterior windows, skylights or doors, or any metal roof with pigmented coating or asphalt roof with cooling granules specifically designed to reduce heat gain, installed on a dwelling unit that met certain Energy Star program requirements.
Under pre-Act law, the credit wasn't available for property placed in service after Dec. 31, 2014.
New law. The Act retroactively extends the nonbusiness energy property credit for two years, to apply to property placed in service after Dec. 31, 2014, and before Jan. 1, 2017. (Code Sec. 25C(g)(2), as amended by Act Sec. 181(a)) For property placed in service after Dec. 31, 2015, the Act provides that exterior windows, including skylights, and exterior doors must meet Version 6.0 of the Energy Star program requirements to qualify for the nonbusiness energy property credit. (Code Sec. 25C(c)(2)(B), as amended by Act Sec. 181(b)(2)
Culture trumps everything at work. If you focus on culture first, most of everything will fall in line...employee engagement, customer satisfaction, business growth, etc.
Workplace Culture: What It Is, Why It Matters, and How to Define It
Culture is the character and personality of your organization. It's what makes your business unique and is...
U.S. corporations are contributing the smallest share of federal tax revenue in a generation.
That’s one of the findings in the Data Book for 2018, released by the Internal Revenue Service on Monday. In the fiscal year covered, the IRS processed more than 250 million tax returns and collected nearly $3.5 trillion in...
Small business owners should keep good records. This applies to all businesses, whether they have a couple dozen employees or just a few. Whether they install software or make soft-serve. Whether they cut hair or cut lawns. Keeping good records is an important part of running a successful business.
Here are some questions and answers to help business owners understand the ins and outs...