Talk:Energy Policy Act of 2005 & Transportation Act of 2005

From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.

From TaxAlmanac

Jump to: navigation, search

Discussion Page for the Energy & Transportation Acts

How will these new laws affect your clients? Have you learned anything about them that you'd like to share? Do you have any questions to ask about them?

Add a comment about this subject by clicking here,

EPA of 2005 - when will it effect individuals?

Will the tax credits/deductions for individuals take effect starting in 2006? I beleive so, but wanted to verify.

Just an FYI to the folks at Intuit and everyone else on the TaxAlmanac. I just decided to read the content on TaxAlmanac about the "Energy & Transportation Acts". Just from the name these Acts seem kinda boring and not having much to do with TAXES. Well, after it was posted for a week or two on the main page I read it and got a little bit from the content on what might effect my clients and some planning opportunities. I had a client ask me this past tax season about the $27,000 they spent on their house for energy saving purposes in late 2004 and early 2005, so I guess I'll have to find out if they will get any benefit from these new tax laws. --Gregg Gillaspy, CPA, CFP 21:34, 30 Aug 2005 (CDT)

I believe that the credits/deducitons will not be effective for improvements prior to 12/31/05. Also there is a $500 maximum lifetime credit - of which only $200 can be for new windows. So I think your clients are out of luck on their expenditures in 2004/2005. MP, EA

Personal tools