08 Dec No News Is No News
Good news for home owners! The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 extended the residential energy efficiency tax credits.
The bill allows a tax credit for up to 10% of the amount paid by the taxpayer for qualified nonbusiness energy efficiency improvements to a maximum lifetime limit of $500. If more than $500 of these tax credits were already taken between 2006 and 2010, there can be no further credits taken. This is a reduction from the $1,500 credit allowed in the original bill.
The credit applies to principal residential property placed in service between January 1, 2011 and December 31, 2011.
Among the qualifying improvements are windows and doors, metal and asphalt roofing, insulation, HVAC equipment, water heaters, geothermal heat pumps, and solar energy systems. All must be ENERGY STAR® qualified products. Unfortunately, single-ply membranes, such as the Duro-Last® Cool Zone® roofing system still do not qualify for the residential energy efficiency tax credit. However tax policy and incentive programs are constantly being revised. We’ll stay on top of things and report on changes when they occur.