Green Renovation Puts More “Green” In Your Pocket…
Friday, February 27th, 2009
At this point everyone has heard about the Stimulus Package and all the arguments that go along with it. Though the package itself has received plenty of press, the details it seems, have not. One of those little talked about details is the impact of the Stimulus Package on Remodeling.
Through the new Stimulus Package, Energy Tax Credits have been expanded to provide financial incentive for utilizing energy efficient products during a home remodeling project. In previous years the credit was equal to only 10% of the products and had a lifetime cap of $500. With the new package this has been tripled. Homeowners can now claim a tax credit for 30% of the product prices with a lifetime cap of $1,500. The deadline for applications for these credits has also been extended to the end of 2010.
The IRS is expected to have more information on the exact improvements that will qualify for the program soon on their site at www.irs.gov. Homeowners are encouraged to maintain the following information for their 2009/2010 tax records if they make energy efficient improvements to their home:
- Manufacturer name and contact information.
- Make, model, etc. of the product.
- Statement that the product meets the standards for 25C.
- Invoices from the vendor/contractor for the purchase of the products.
If you’d like more information on how Green Remodeling can help improve the energy efficiency of your home and the tax benefits of such a remodel please give us a call at 714-558-1094.
