Home Energy Credits Back For 2009 Only
December 2, 2008
A new tax law in 2006 allowed homeowners to claim credits for purchases that make their homes more efficient. This law was originally only for purchases or improvements made in 2006 and 2007, but has been extended by the Emergency Economic Stabilization Act of 2008 to include 2009 (not sure why but 2008 was skipped).
Here is a refresher on the original law (edited for 2009):
During 2009, individuals can make energy-conscious purchases that will provide tax benefits when filling out their tax returns. Manufacturers offering energy efficient items such as insulation or storm windows can assure their customers that their energy efficient items will qualify for the tax credit if certain energy efficiency requirements are met.
This tax law change provides a tax credit to improve the energy efficiency of existing homes. The law provides a 10 percent credit for buying qualified energy efficiency improvements. To qualify, a component must meet or exceed the criteria established by the 2000 International Energy Conservation Code (including supplements) and must be installed in the taxpayer’s main home in the United States.
The following items are eligible:
* Insulation systems that reduce heat loss/gain
* Exterior windows (including skylights)
* Exterior doors
* Metal roofs (meeting applicable Energy Star requirements).