2005 Energy Tax Information

Congress has recently approved $14.5 billion in energy tax cuts for businesses and consumers as part of the 2005 Energy Tax Incentive Act.  These energy tax cuts provide the opportunity for our customers to take advantage of the tax incentive approved by Congress.  Here is how Solatube International, Inc. interprets the law as it pertains to Solatube Skylights.  As always, customers should consult their tax adviser for an official interpretation.

The credit is equal to:

1. The credit is equal to the sum of (1) 10% of significant energy efficiency improvements to existing homes and (2) residential energy property expenditures.
2. The credit is limited to $500 lifetime, across all tax years.  No more than $200 of the $500 allowed in total may be attributed to Solatube skylights.
3. The credit applies to Solatube skylights installed after December 31, 2005 and before January 1, 2008 only.  Solatube installations made before January 1, 2006, do not qualify for the credit.
4. The energy efficiency improvement must be expected to remain in use for at least five (5) years.
5. The credit only applies to installations in a taxpayer's principle residence.  Second homes do not qualify.

For more information about the 2005 Energy Tax Incentive Act, please click here.

Please be sure to contact your tax adviser to find out specifically how this Act will impact you individually.  This information is provided for informational purposes only and should not be construed as tax advice.