Tuesday, April 03, 2007

Green Taxes

Thankfully, I've already filed my 2006 tax return, but I'm even happier to report that I noticed some environmental incentives as I was punching my numbers into TurboTax.

First, there was the energy efficient improvements tax break, then the break for owning a hybrid, alternative energy, or electric vehicle. Even though there aren't that many alternative energy fueling stations yet in the United States (compared to regular gasoline stations), the industry is certainly growing.

Farmers are planting more corn this year than they have since 1944, according to the U.S. Department of Agriculture. As the Board of Trade went wild after the agency published its prospective plantings report last Friday, an article in the Chicago Tribune explained why farmers are crazy for corn:
The move to plant corn is in large part due to a rush to produce corn-based ethanol, which is blended with gasoline. There are now 114 ethanol refineries nationwide and another 80 under construction.
So, even though I don't own a car and couldn't claim that I did on my taxes, alternative fuel cars are on the rise, which could help reduce our reliance on fossil fuels at least a little bit.

1 comment:

John R. said...

I agree. It's nice to see some green incentives in the tax code, but be careful what you wish for...

From Patagonia's blog: The Flip side of Ethanol

An article in Foreign Affairs:How Biofuels Could Starve the Poor