The Energy Tax Incentives Act of 2005 created a number of new tax breaks for individuals, with respect to their homes and cars, and for businesses, with respect to their commercial buildings and the construction of homes and appliances.Throughout the act, there is extensive reliance on the promulgation by the Treasury of regulations to flesh out the criteria to qualify for the new tax breaks. With the Treasury and Internal Revenue Service also having been saddled with a lot of last-minute changes affecting the 2005 tax year filing season in the Gulf Zone Opportunity Act of 2005, guidance with an impact on the 2005 tax year had to take precedence.
Now, however, with the 2005 guidance out the door, guidance is starting to trickle out with respect to the energy tax breaks that are effective generally starting Jan. 1, 2006.
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