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The Renewable Energy and Energy Conservation Tax Act of 2008 will provide tax credits and deductions to individuals as well as businesses. This bill is a modification of a previous energy bill that was passed in 2006 that offered most of the tax breaks to large oil companies.

The bill will offer tax breaks for the following:

• Solar energy and fuel cell investment tax credits
• Residential solar property credits
• Credits for energy efficient home improvements
• Credit for the purchase of a hybrid vehicle
• Deductions for energy efficient commercial buildings
• Renewable energy production tax credit

If you are looking to make energy efficient home improvements, there are many items that can provide you a tax credit. Starting January 1, 2009, energy efficient items such as windows, doors, roofs, and heating systems can provide you with a tax credit up to $500.00. If you installed a solar electric system you can receive a tax credit of up to 30%. The system must be placed in service from January 1, 2006 through December 31, 2016. As far as hybrid vehicle tax credits, it will vary on when and what type of vehicle you purchased and you must have purchased the car new.

Businesses looking to produce renewable energy will also be able to receive many tax deductions and credits. There are many incentives offered for businesses that provide and use clean renewable energy. The goal of these tax incentives is to encourage developers to build efficiently or to improve existing buildings to help reduce greenhouse emissions.

To learn more about renewable energy tax breaks please visit TurboTax Online. TurboTax Online will help you find every deduction you deserve.

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