Tax Credit For Consumers:
Home Improvments:
Tax credits are now available for home improvements:
must be "placed in service" from January 1, 2009 through December 31, 2010
must be for taxpayer's principal residence
-- $1,500 is the maximum total amount that can be claimed for all products placed in service in 2009 & 2010 for most home improvements, EXCEPT for geothermal heat pumps, solar water heaters, solar panels, fuel cells, and windmills which are not subject to this cap, and are in effect through 2016
-- must have a Manufacturer Certification Statement3 to qualify
-- for record keeping, save your receipts and the Manufacturer Certification Statement3
-- improvements made in 2009 will be claimed on your 2009 taxes (filed by April 15, 2010) — use IRS Tax Form 5695 (2009 version) — it will be available late 2009 or early 2010
-- If you are building a new home, you can qualify for the tax credit for geothermal heat pumps, photovoltaics, solar water heaters, small wind systems and fuel cells, but not the tax credits for windows, doors, insulation, roofs, HVAC, or non-solar water heaters. More.
Summary of Tax Credits for Homeowners
Product Category | Product Type | Tax Credit Specification | Tax Credit | Notes |
Windows & Doors | Exterior Windows and Skylights | U factor <= 0.30 | 30% of cost, up to $1,5002 | Not all ENERGY STAR labeled windows and skylights qualify for tax credit. |
Storm Windows | Meets IECC1 in combination with the exterior window over which it is installed, for the applicable climate zone | 30% of cost, up to $1,5002 | Manufacturer Certification Statement3 will list classes of exterior window (single pane, clear glass, double pane, low-E coating, etc.)4 that a product may be combined with to be eligible in specific climate zones. | |
Exterior Doors | U factor <= 0.30 | 30% of cost, up to $1,5002 | Not all ENERGY STAR doors will qualify. | |
Storm Doors | In combination with a wood door assigned a default U-factor by the IECC1, and does not exceed the default U-factor requirement assigned to such combination by the IECC | 30% of cost, up to $1,5002 | ||
Roofing | Metal Roofs, | ENERGY STAR qualified | 30% of cost, up to $1,5002 | All ENERGY STAR metal and asphalt roofs qualify for the tax credit. Must be expected to last 5 years OR have a 2 year warranty. |
Insulation | Insulation | Meets 2009 IECC & Amendments | 30% of cost, up to $1,5002 | For insulation to qualify, its primary purpose must be to insulate. (example: vapor retarders are covered, insulated siding does not qualify). Must be expected to last 5 years OR have a 2 year warranty |
Table Continues on Tax Rebates and Credits - Page 2
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