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Global Climate Change: The Energy Tax Incentives in the President's FY1999 Budget , Record No.: 98-193 E, Date: March 04, 1998 1 (March 4, 1998)

handle is hein.tera/crstax0236 and id is 1 raw text is: 98-193 E March 4, 1998 Global Climate Change: The Energy Tax Incentives In the President's FY1999 Budget Salvatore Lazzari Specialist in Public Finance Economics Division Summary The Presidet's FYI 999 budget icludes several eery tax icetives designed to help the United States reuce greednhouse 1ses tht ae linked to possible global w\arinig. These inicentives sub[sidlize eniergyT coniservationi, enlergy efficienlcy, aridc sustittional tonrdy atelttiie fues sch as solar poner atnd ee atricitn producedl f- biomniass and wind. The coniservation ad efficiency tax iceneties are il the fonr of lol arefnable tax credits for energy-sa fig caital goods, and they target eic of the energy e sectorns: traisportatmion industry, residential and commercial. In addition, some of the tax credits are intended to directiy reduce the AmouInit of rmpful greentose ga~ses that w\oldI othlerwNise b-e released inito the atmiosphlere. Mlost of the inicenitiver lewt soe yesemflng versios Of energy ta x equincentives that wee ena ctedf uider Presidetit carter's iergy Tax Act of 1978 (ans aended), but ave sitce expired. Tw of the provisions colstitte a lberalization of existig eerg tha su g p )bsidies. Residential and Commercial Buildings Three tax credits are proposed in the FY 1999 budget to reduce the use of conventional energy -electricity from fossil fuels, natural gas, heating oil, etc. -in residential and commercial buildings: (1) tax credits for equipment that uses solar energy; (2) a tax credit for the purchase of energy-efficient, new homes; and (3) a tax credit for purchases of energy efficiency equipment, and materials. Tax Credits for Solar Energy Equipment. The Administration proposes a tax credit for two types of solar energy using equipment: (1) a 1500 tax credit for up to $13,334 in investments in rooftop solar equipment that uses photovoltaic cells to generate electricity, for a maximum tax credit of $2,000; and (2) a 15%o tax credit for up to $6,667 in investments in solar water heating equipment (other than swimming pools), for a maximum tax credit of $ 1,000. Solar equipment installed in either a personal residence or a business would qualifiy for this tax credit, which would be nonrefundable, i.e., limited by the amount of tax otherwise owed. Congressional Research Service -+° The Library of Congress CRS Report for Congress Received through the CRS Web

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