Tax credit deadline looms
There can be rewards for procrastinators, even when it comes to tax credits.
People who buy new cars, light trucks, motor homes and motorcycles between Feb. 17 and Dec. 31 can receive a state and local sales tax deduction.
Although the first-time homebuyer tax credit of up to $8,000 has been extended, any Americans wanting to take advantage of the home credit on their 2009 tax forms will have to close on their new home by the end of this month.
There is an array of tax credits and incentives that will stretch into the new year, according to High Noon Solar employee Terry Sullivan.
One that will expire at midnight New Year’s Eve, though, is a 50 percent bonus depreciation allowance.
This measure allows a business that buys solar equipment to pay taxes on just half of the original value of the equipment the first year after it’s purchased, making for a smaller tax bill for the business.
Tax incentives and credits are a boon to businesses such as High Noon Solar, Sullivan said.
“It helps make (buying solar energy systems) affordable for a lot of people. We hope to see a day when we don’t need incentives. But right now it does help an awful lot,” he said.