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Monday
Mar082010

IRS Making Tax Credits Available for Home Efficiency Renovations Made in 2009

Stock photo.

Here’s some great bonus news for anyone who made home efficiency renovations to their primary residence last year to save on energy costs. On the federal and state level, homeowners will be allowed to claim tax credits for home improvements to areas such as their windows, insulation, heating and cooling equipment, boilers, water heaters, appliances, and on-site renewable energy equipment.

The resource information for this post comes from the Tax Incentive Assistance Project, which is sponsored by a coalition of public interest nonprofit groups, government agencies, and other organizations in the energy efficiency field.

The project has a free website designed to give consumers and businesses detailed information - with lots of resource links - to access state and federal income tax incentives for energy efficient products and technologies.

The TIAP reviewed the American Recovery and Reinvestment Tax Act of 2009, and looked at several provisions modifying and expanding existing renewable energy and efficiency incentives.

Among the expansions, it found that larger financial caps - covering home envelope improvements, as well as heating, cooling, and water heating equipment - had increased to $1,500 (from $500). The caps can apply to a combined tax credit for 2009 and 2010.

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