2009/2010 Energy Tax Credit*
On
February 17th, President Obama signed the $789 billion economic stimulus bill
that includes tax credit incentives for homeowners who make energy-efficient
home improvements. The bill extends eligibility for tax credits through 2010 on
energy-efficient improvements—including qualifying windows and doors!
The
bill includes the ability for homeowners to receive a tax credit of 30 percent
of the cost of qualifying energy-efficient products up to a maximum of $1,500
per household for all improvements made in 2009 and 2010.
The requirements to qualify for the new energy tax credit include:
- Windows purchased must be equal to or below a U-Factor of 0.30 and a Solar
Heat Gain Coefficient (SHGC) of 0.30.
- The purchase of the qualified windows must be made during the taxable year
for which the credit is being claimed.
- The credit is only allowed on the price of the qualified windows
themselves, not on installation costs, onsite preparation, assembly or sales
tax.
- The tax credit is allowable only for qualified window units placed in
service in 2009 and 2010.
- Homeowners must to save their receipts for their windows purchased along
with all window labels and stickers for verification and tax recordkeeping.
- The windows must be installed in the taxpayer's principal residence