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Essay / Research Paper Abstract
A 20 page research paper that discusses literature pertaining to current tax incentives for individuals and businesses that encourage the use of energy efficient and environmentally friendly measures. It has been a goal of both the federal government and the state governments in recent years to reduce the nation’s dependence on foreign oil and also to reduce greenhouse emissions, which scientists believe are responsible for powering global warming and potentially catastrophic climate change. To encourage both businesses and individuals to institute changes in energy consumption that will facilitate achieving the nation’s prescribed environmental and energy goals, governments at both the state and national levels have offered tax incentives for instituting specific energy conversation measures. This examination of these tax provisions looks at the tax code now in enforce, with a primary focus on the federal level. Bibliography lists 19 sources.
Page Count:
20 pages (~225 words per page)
File: D0_khenetax.rtf
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Unformatted sample text from the term paper:
and also to reduce greenhouse emissions, which scientists believe are responsible for powering global warming and potentially catastrophic climate change. To encourage both businesses and individuals to institute changes in
energy consumption that will facilitate achieving the nations prescribed environmental and energy goals, governments at both the state and national levels have offered tax incentives for instituting specific energy conversation
measures. The following examination of these tax provisions looks at the tax code now in enforce, with a primary focus on the federal level. Federal tax provisions in general Some
federal tax breaks that address efforts to conserve energy and promote environmentally green initiatives are new, while others have been in place for some time. A new initiative that President
George Bush initially called for in 2005 concerns tax incentives for purchasing fuel efficient cars, which was first proposed by federal officials in 1998 (Stoffer, 2005). Bush proposed extending this
tax credit to both diesels and gasoline/electric hybrid cars, but the initial proposed legislation deleted diesel as environmental groups argue that while diesel is fuel efficient, these engines are not
environmentally "clean" (Stoffer, 2005). The U.S. Department of Energy (US DoE) explains that a "tax credit" is typically more valuable to the taxpayer than the equivalent tax deduction due to
the fact that a "tax credit reduces tax dollar-for-dollar," while a deduction "only removes a percentage of the tax that is owed" (US DoE, 2005). According to CNNs Valdes-Dapena
(2006) beginning on January 1, 2006, the government began offering a "hefty tax credit" on purchases of hybrid vehicles. However, this report also stipulates that the credit offered vary considerably
and some fuel-efficient vehicles do not quality for any tax credits. While the new law covers diesels, as well as hybrids, according to the American Council for an Energy
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