One of the key points was extending the existing tax credits. The general theme of the changes is to encourage green building practices, conserving energy, and reducing carbon emissions. There is also a tax credit available for plug-in hybrid vehicles (cars or trucks).
Note that just carrying an Energy Star sticker does not qualify an appliance or product for a tax credit. Before shopping, research which appliance will bring the greatest financial reward.
Direct Effects Of the Stimulus Bill on Tax Credits
Tax Credits for Home Improvement Projects
Just like for income tax deductions, homeowners must maintain records. This means saving the Energy Star labels that come on windows, all sales receipts, as well as any manufacturer’s certification statements. Also:
Green Tax Credits: The Fine Print
There’s fine print with most things and this is no exception. The technology involved with energy conservation is evolving, so incentives are getting more particular. It always pays to do some homework prior to signing the check. Here are some highlights of what’s needed to qualify.
The bottom line is that homeowners can enjoy some real savings when upgrading or remodeling, but to claim the tax credit, careful homework and record-keeping must be done.