Fifteen hundred dollar tax credit

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FEDERAL Tax CrEDIT

On February 17th, 2009 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% 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.

If you don't pay any taxes, then you can't get the tax credit for energy efficiency.*

The requirements to qualify for the new energy tax credit include:

1. Windows purchased must be equal to or below a U-Factor of 0.30 and a Solar Heat Gain Coefficient (SHGC) of 0.30.
2. The purchase of the qualified windows must be made during the taxable year for which the credit is being claimed.
3. The credit is only allowed on the price of the qualified windows themselves, not on installation costs, on site preparation, assembly or sales tax.
4. The tax credit is allowable only for qualified window units placed in service in 2009 and 2010.
5. Homeowners must save their receipts for their windows purchased along with all window labels and stickers for verification and tax record keeping.
6. The windows must be installed in the taxpayer's principal residence.
7. This tax credit is capped at a total of $1,500 for the years of 2009 and 2010.
8. Unlike a tax deduction, which only reduces the amount of your taxable income, a tax credit reduces the amount of tax you owe.

Contact us and we will walk you through qualifying energy efficient products.

Window Solutions Plus is not a tax adviser and recommends that consumers consult their tax advisers and review the IRS guidelines prior to purchasing any product. For further details on the energy tax credit see the IRS website.