New Tax Incentives Provide Consumers Relief

Physician's Money DigestDecember 2005
Volume 12
Issue 16

On August 8, 2005, President Bushsigned into law a $14.5-billion energy billthat provides tax breaks beginning in 2006,but does not offer immediate relief from thenational average gasoline price of $2.37 pergallon (as of mid-November). Bush statesthe legislation will not solve the energyproblem or high gas prices overnight, butthe 1724-page bill is a step in the rightdirection, aimed at promoting alternativeenergy sources and improving oil, naturalgas, and electricity supplies. For the energyconsciousphysician-consumer, incentivesinclude tax breaks for updating heating, airconditioning, and appliances, with as muchas a $500 credit for upgrading thermostatsor for purchasing energy-efficient appliances.In addition, the bill provides a creditof up to $2000 for installing solar power athome. For those interested in saving moneyon gas, the new auto industry-backed taxbreak provides thousands of dollars inincentives for the purchase of fuel cell-poweredvehicles (ie, $8000 and more) andconsumers can receive full-dollar tax creditfor hybrid vehicles purchased in 2006. Fora complete list of current and future modelsand estimated tax credits, visit MostUS consumers, though, will feel the greatesteffect of the new law in 2007, whendaylight saving time begins 3 weeks earlierin March and extends 1 week later inNovember.

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