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Also included is an amendment to the ethanol blender tax credit for general ethanol, reducing the tax credit from $0.51 to $0.45 per gallon (Section 15331). [9] Finally, Title XV extends ethanol import tariff of $0.54 per gallons from its original expiration date of the end of 2008 to the end of 2010 (Section 15333).
As of 2011, blenders received a US$0.45 per gallon tax credit, regardless of feedstock; small producers received an additional US$0.10 on the first 15 million US gallons; and producers of cellulosic ethanol received credits up to US$1.01. Tax credits to promote the production and consumption of biofuels date to the 1970s.
Despite this cost differential in production, in contrast to Japan and Sweden, the U.S. did not import much of Brazilian ethanol because of U.S. trade barriers corresponding to a tariff of 54-cent per gallon – a levy designed to offset the 45-cent per gallon blender's federal tax credit that was applied to ethanol no matter its country of origin.
A tax credit directly reduces your tax liability on a dollar-for-dollar basis. This makes it a better option than a tax deduction, which simply lowers your taxable income. In some cases, a tax ...
The tax credit will only be given to the original purchaser of the vehicle, and not to a secondhand owner. If the vehicle is being lease, the tax credit can be claimed by the leasing company alone. The vehicle must be used mostly in the United States. The vehicle must be placed in service by the taxpayer by 2010 or later.
The full tax credit is $7,500 or you may be eligible for a partial tax credit of $3,750. The amount you'll get will vary depending on factors such as your vehicle's MSRP, its final assembly ...
The Work Opportunity Tax Credit (WOTC) is a federal tax credit providing incentives to employers for hiring groups facing high rates of unemployment, such as veterans, youths and others. WOTC helps these targeted groups obtain employment so they are able to gain the skills and experience necessary to obtain better future job opportunities.
The Business Energy Investment Tax Credit (ITC) is a U.S. federal corporate tax credit that is applicable to commercial, industrial, utility, and agricultural sectors. . Eligible technologies for the ITC are solar water heat, solar space heat, solar thermal electric, solar thermal process heat, photovoltaics, wind, biomass, geothermal electric, fuel cells, geothermal heat pumps, CHP ...