The Effects Of Global Warming On Our Environment - 1290 Words

One of the more troubling themes of over the past few years is global warming. Global warming is the result of human activity overloading our atmosphere with carbon dioxide and other toxic emissions. These emissions trap heat, drive up Earth’s temperature, and create significant and harmful impacts on our health, our environment, and our climate. In an effort to hinder global warming, advocates have made several efforts to decrease the amount of harmful emissions being released into the atmosphere and have put pressure on the government to be involved in the fight against global warming. The U.S. Federal Government responded by making certain atmosphere-harming actions illegal and providing incentives for individuals and companies to†¦show more content†¦With the congressional budget deal extender tax breaks, the popular residential property energy tax credit was retroactively applied to 2015 and proactively extended through 2016. The two types of tax credits include the renewable energy system credits and home energy efficiency credits. Renewable Energy System Credits These federal tax credits are available for individuals who have installed equipment that uses renewable sources of energy to help power their home. These credits fall under  §25D of the Internal Revenue Code (Appendix 3), and individuals can file under Form 5695. Qualified equipment includes (1) solar hot water heaters, (2) solar electric systems, (3) geothermal heat pumps, (4) small wind energy property, and (5) fuel cell property. In order to qualify, equipment must reside in a qualified house, which is a unit located in the United States and used as the taxpayer’s primary or secondary residence. This includes existing homes and/or new construction, but does not include rentals. Certain production requirements also exist for some equipment, such as solar electric systems (which must power at least half of the residence) and fuel cell property (which must have at least 0.5kW of capacity). If installed equipment qualifies, individuals are eligible to receive credit of up t o 30% of the cost with no upper limit, including