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The American Recovery and Reinvestment Act of 2009 was signed into law on February 17, 2009. Included are Energy Conservation Incentives for homeowners who invest in energy efficiency upgrades. The recent reintroduction of the U.S. residential tax credit program allows a Federal Income Tax Credit for eligible products. To qualify for the tax credit the products must meet certain criteria as specified by the program details.
The the tax credit applies towards qualified improvements such as water heaters, windows, doors, skylights, storm windows, storm doors, roofing, and insulation. All of these improvements qualify, but a homeowner may only claim $1,500 in total for any improvments during 2009 AND 2010.
To be eligible, units must be placed into service between January 1, 2009 and December 31, 2010 in the taxpayer’s principle home.
A very important, but confusing dollar limitation. The total tax credit allowed for tax years 2009 and 2010 for a taxpayer is $1,500. This cap is determined by applying the 30% to the total amounts paid or incurred for qualified energy improvements AND qualified energy property expenditures during tax years 2009 and 2010. The $1,500 tax credit is for both 2009 AND 2010 tax years, it does not mean you qualify for $1,500 in each tax year; it is a combined total for BOTH tax years.
If the 30% of the installed costs is less than $1,500 the homeowner can "bank" the remaining available tax credit to be used for other qualified improvements.
For more information, visit the EnergyStar website at http://www.energystar.gov/
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