Wolters Kluwer: Now is a great time to look at green tax credits


Wolters Kluwer outlines tax deductions and credits available on 2021 tax returns that help taxpayers save energy and protect the environment.

What: In the spirit of St. Patrick’s Day, a holiday focused on all things green, and the tax law contains provisions to help taxpayers make the world a little greener. When preparing a 2021 tax return, tax deductions and credits can have a significant impact on reducing or offsetting taxes owed. Wolters Kluwer Tax & Accounting outlines tax deductions and credits to help the environment and save energy. Unless the U.S. Congress acts, many of these tax breaks may not be available for 2022.

Why: Many of the green tax breaks were only enacted by the US Congress for short periods. They expire regularly and must be renewed. Sometimes this happens retroactively, even a year or more after they expire. Many have currently expired for 2022 and using them on a 2021 tax return may be taxpayers’ last chance unless the US Congress acts.

  • Owner Energy Credit. The Non-Commercial Energy Goods Credit, a lifetime credit of up to $500 for the installation of energy-efficient items such as windows and doors and energy-efficient systems such as central air conditioners and water heaters, was available for 2021 but expired for 2022 and beyond
  • Credit for plug-in electric vehicle. A credit of up to $7,500 for the purchase of an eligible plug-in electric vehicle remains available for 2021 and 2022 for certain manufacturers who have not yet sold 200,000 vehicles. The credit has already been removed for General Motors and Tesla vehicles
  • Fuel cell vehicle credit. The fuel cell motor vehicle credit is available for 2021 tax returns, but has currently expired for 2022 and beyond
  • Real estate credit for alternative fuel supply. The 30% credit for alternative fuel property, up to a maximum of $30,000 for depreciable property and $1,000 for personal property, is available for 2021 tax returns, but has currently expired for 2022 and beyond.
  • Two-wheeled rechargeable electric vehicle credit. The credit for qualified electric motorcycles, the lesser of ten percent of the cost of the vehicle or $2,500, is available for 2021 tax returns, but has currently expired for 2022 and beyond.
  • Residential solar and wind credit. The energy-efficient residential mortgage is available for solar-eligible properties, solar water heating-eligible properties, fuel cell-eligible properties, wind-eligible small properties and geothermal heat pump. This is a 26% credit for 2021 and 2022, but is gradually increasing to 22% for 2023 and currently expires after 2023.
  • Energy deductions and credits for businesses. There are also many deductions and tax credits available to businesses for various energy efficient activities for 2021 tax filings. A number of these green tax breaks also expire after 2021. These currently expired provisions include the second-generation biofuels, the credit for the construction of energy-efficient new homes, the excise tax credits and expense payments for alternative fuels, and the excise tax credits for alternative fuel blends

WHO: Tax expert Mark Luscombe, JD LL.M, CPA, senior federal tax analyst at Wolters Kluwer Tax & Accounting, can help you sort through the various rules, requirements, and reporting forms for these green tax breaks.

PLEASE NOTE: These documents are designed to provide accurate and authoritative information on the subject matter. The information is provided on the understanding that Wolters Kluwer Tax & Accounting is not engaged in the provision of legal, accounting or other professional services.

Contact: To arrange interviews with Mark Luscombe and other Wolters Kluwer Tax & Accounting federal and state tax experts on this or any other tax-related topic, please contact Bart Lipinski.

About Wolters Kluwer

Wolters Kluwer (WKL) is a global leader in professional information, software solutions and services for the healthcare, tax and accounting, governance, risk and compliance, and law and regulation. We help our customers make critical decisions every day by delivering expert solutions that combine deep domain knowledge with specialized technology and services.


Wolters Kluwer AG published this content on March 16, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on Mar 16, 2022 4:17:05 PM UTC.

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