Hydropower Expansion Qualifies for Federal Tax Credit
After upgrading one turbine, the J.C. Boyle hydropower facility is producing 2.6 percent more electricity, which qualifies for a federal tax credit. The new tax credit is meant to encourage efficient use of existing hydropower dams. PPL Corp. may soon earn a credit from a similar project in Maine.
IRS Certifies Honda and Toyota Hybrids for Federal Tax Credits
The U.S. Internal Revenue Service has certified Honda’s three hybrid vehicles and the 2007 models of two Toyota hybrids as eligible for a federal tax credit. Meanwhile, South Carolina has passed a bill that will provide a state tax credit equal to 20 percent of the federal tax credit.
IRS Issues Guidance on Commercial Building Tax Deduction
Owners or leaseholders of commercial buildings can qualify for a federal tax deduction by making their buildings more energy efficient. To earn the greatest deduction, the building’s energy use must be cut in half, but a smaller deduction is available if energy use is reduced by one sixth.
DOE Awards $34.6 Million to States for Energy Efficiency
DOE’s State Energy Program will award $34.6 million to improve energy efficiency in 24 states, five territories, and the District of Columbia.
DOE Offers $7 Million for Solid-State Lighting Research
DOE has just awarded funds to five companies for their development of light-emitting diodes (LEDs) and organic LEDs (OLEDs), two technologies that promise to revolutionize lighting. While commercial endeavors press ahead, DOE is also offering another $3.75 million for lighting research.