Business Tax Incentive – Go Green for Tax Breaks
While many of the tax incentives offered by federal and state governments for going green have now dried up, there are still a few in effect which can be taken advantage of. Currently, there don’t seem to be any new initiatives on the horizon, but there are ways that companies can still get a business tax credit. If you know where to look and who to contact, you may be able to take advantage of some business tax credits which are still in effect and available.
Ecosystem restoration projects
Although this is not a very highly publicized business tax credit, it can have a significant impact for a business financially, as well as for military veterans who have served in Iraq or Afghanistan. Since November 2011, there has been a congressional act in place which awards a business tax credit of $9,600 for hiring a wounded veteran, and $5,600 for employing a non-wounded veteran of either Iraq or Afghanistan. Opportunities for employment on projects like ecosystem restoration can be a perfect match for veterans returning from tours of combat areas, and can be financially advantageous to business owners as well.
Energy Star program
Going green has been financially advantageous for both homeowners and businesses ever since the US Department of Energy and the US Environmental Protection Agency combined their efforts to reward individuals and businesses for going green. By purchasing products which have earned Energy Star approval, business tax breaks and incentives on purchasing these products are still available through 2021 under some specific programs.
Recycling old electronic devices can provide a business tax windfall, provided those electronic devices either require a battery, or must be plugged into a power source. There is a tax benefit available to businesses or individuals who work with nonprofit companies or with partners of nonprofit companies that handle the recycling. This is a win-win situation for both parties, since businesses can obtain credits for electronic devices which have outlived their usefulness, and the recycling companies can recover valuable resources and re-purpose them.