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business Friday 4 March 2022
Made green upgrades in 2021? Don't miss these tax credits

By SABRINA PARYS of Nerd- state-level rebate of up to
Wallet $2,000 on top of the federal
have woven green practic- tax credit.
es into their everyday lives RESIDENTIAL ENERGY CRED-
— from recycling to going ITS
paperless and even cutting Green tax credits for the
back on meat consump- home come in two buck-
tion. ets: one for renewable en-
Switching to clean energy ergy systems and another
or purchasing an electric for energy efficiency.
vehicle are additional ways Taxpayers who upgrade to
to go green, but large-scale renewable energy systems
upgrades also often come for their homes, such as so-
with major price tags. Sev- lar panels or geothermal
eral existing tax credits can heat pumps, may be eligi-
help to offset the cost of ble for a nonrefundable tax
the commitment — but it credit of up to 26% of the
pays to know the details. costs for systems installed
Whether you're looking to in 2020 through 2022. After
make some upgrades this that, the percentage goes
year or are wondering if down to 22% for systems in-
any changes you made in stalled in 2023.
2021 count toward a tax Switching to an alterna-
discount, here's a quick- In this photo made on Thursday, May 6, 2021, a 2021 Ford Mustang Mach E is seen as it is charging tive energy system could
start guide to the current at a Ford dealer in Wexford, Pa. also help you save on utili-
federal tax incentives for Associated Press ties and even increase the
energy efficiency and oth- value of your home.
er green upgrades. catch? You'll need to keep the fine print: bill to zero, but it won't result But note that certain subsi-
PLUG-IN ELECTRIC CAR an eye on which vehicles — The credit is worth $2,500 in a refund. dies — like, say, a kickback
CREDIT qualify and for how much. to $7,500, depending on Don't forget to look for ad- check you receive from a
Upgrading to an electric "What you'll find is that high- the car's battery capacity. ditional incentives on the utility company — should
vehicle comes with a few performing fully electric ve- — Credits are reduced state and local level, says be included as income
feel-good benefits. Apart hicles get the full benefit of and eventually phase out Gena Jones, an attorney when you file your return,
from lowering your carbon the credit," says Shannon after a manufacturer sells and certified public ac- says Christensen. Other-
footprint, electric vehicles Christensen, an attorney 200,000 qualifying vehicles. countant based in Floss- wise, you'll need to subtract
often require less mainte- and editor for Thomson Re- — You must own the car. moor, Illinois. California's the check amount from the
nance and cost less to fuel uters Tax and Accounting Used or leased cars don't Clean Air Vehicle program, total costs you're claiming
than their gas-powered based in Lindstrom, Minne- qualify. for example, grants car- before you calculate your
counterparts. sota. Hybrid models, on the — The car must weigh less pool lane access to se- credit. If you're wondering
Your purchase might even other hand, often qualify than 14,000 pounds. lect electric vehicles. New about smaller commitment
count toward a federal tax for a smaller sum. — The credit is nonrefund- Yorkers, on the other hand, changes, the IRS also offers
credit of up to $7,500. The Here's a glance at some of able ; it can lower your tax might be eligible for a some relief there. q

Amazon shuttering its physical bookstores and 4-star shops

By ANNE D'INNOCENZIO building great, long-term toys and games.
AP Retail Writer physical retail experienc- The move comes as Ama-
NEW YORK (AP) — Ama- es and technologies and zon.com Inc.'s overall rev-
zon is closing all of its brick- we're working closely with enue growth is slowing,
and-mortar bookstores, as our affected employees to and it's looking for new
well as its 4-star shops and help them find new roles ways to reignite sales.
pop up locations, as the within Amazon," the com- Neil Saunders, managing
online retail behemoth re- pany said in a statement. director of GlobalData
works its physical footprint. It couldn't be learned im- Retail, said the strategy
The Seattle-based compa- mediately how many Am- comes as a surprise. He
ny said Wednesday that azon workers are being af- said he believes it's an ac-
the move, which affects fected. knowledgement that the
66 stores in the U.S. and Amazon opened its first bookstores weren't deliv-
two in the United Kingdom, brick-and-mortar book- ering the returns Amazon
will enable it to concen- store in 2015, two decades was looking for. Customers buy a bag of books at an Amazon Books store,
trate its efforts on Amazon after it began selling books Saunders said he thinks Nov. 20, 2017, in New York.
Fresh, Whole Foods Mar- online and helped drive the main problem with Associated Press
ket, its convenience con- a number of shops out of Amazon's non-food stores
cept called Amazon Go business. Amazon's 4-star is that they lacked a real would head on a mission to Saunders added that the
and its upcoming Amazon shops, which first made purpose even though the buy something," he wrote other problem is the assort-
Style stores. Amazon Style, their debut in 2018, carry merchandise was well- in a note on Wednesday. ment which, in many loca-
which will sell fashion and a limited selection of best- presented. He noted that ultimately tions, was disjoined and
accessories, is set to open selling products from top "They were designed for that wasn't good for driv- unfocused.
in a Southern California categories that Amazon. people to pop in and ing customer traffic, espe- The news of the closure
mall later this year. com sells, including devic- browse rather than as des- cially in an era where peo- was first reported by
"We remain committed to es, consumer electronics, tinations where people ple are visiting shops less. Reuters.q