California is one of the most progressive states in the nation in terms of the California energy tax credits that are offered to both residents as well as corporations. California energy credits can include vehicle tax incentives and alternative fuel credits. These, in addition to hiring credits made available to businesses such as the WOTC California credits, can help individuals and businesses meet their tax expenses more easily during the economic downturn the country is facing.
California energy tax credits are available from both the federal and state governments. These California energy credits are broken down into those applied to homeowners and those for businesses. For homeowners who take action to conserve on energy use, they are rewarded with California energy tax credits. Ways in which homeowners qualify for this tax incentive are to add insulation to the home, or energy efficient windows or simply add seals to windows and doors. These are simple actions that yield positive results in terms of California energy tax credits. When energy saving heating systems, ventilation and air-conditioning units are added to the home, you may then qualify for additional California energy credits. Both homeowners as well as corporations can benefit from vehicle tax incentives, which come into play when an energy efficient hybrid vehicle is purchased. Alternative fuel credits may be granted for vehicles that run on a combination of electric motor, gas, hydrogen, ethanol, nitrogen gas or diesel. Corporations can also earn energy credits when they install geothermal heat pumps, photovoltaic systems, small wind generators or solar water heaters to their business sites, as an incentive to use more renewable energy technology. Sales and use tax credits may also be applied when companies buy water or pollution, energy conservation, research and development, or manufacturing and processing equipment.
In addition to energy credits, corporations in California can also earn hiring credits. Federally-based credits, such as WOTC California, can help businesses reap from $2,400 to $4,800 per eligible employee. State-based hiring credits may offer your corporation up to a hefty $13,000 per qualifying employee. These employees must meet certain requirements of belonging to recognized groups, which can include qualified disabled veterans, those who have been recently laid off or threatened with lay off, Native Americans or Pacific Islanders, those who recently qualified for or received food stamps, SSI or temporary assistance for needy families, qualifying ex-felons and certain categories of youth hires.
To learn more about energy credits as well as WOTC California hiring credits, make an appointment to speak with a certified public accountant experienced with these and other types of tax credits.
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