Gates Contracting, Inc. - Custom Home Remodeling Contractors and Builders
6551 S. Revere Pkwy Suite #125 - Centennial, CO 80111
Complete Home Remodeling Services:
Kitchens, Bathrooms, Bars, Basements, Scrape and Rebuild, Decks and more...
Tax Credits
Tax Credits for Home Energy Efficiency Improvements Increase
Homeowners can get bigger tax credits for making energy efficiency improvements or installing alternative energy equipment.
Section 1121 of the stimulus package allows for a federal energy tax credit to homeowners for up to 30% of the cost of energy improvements (limit of $1500.00 on some improvements, for taxable years 2009 and 2010).
Just a few of the ways that you can take advantage of the tax credit!
“These new, expanded credits encourage homeowners to make improvements that will make their homes more energy efficient,” said IRS Commissioner Doug Shulman. “People can improve their homes and save money over the long run.”
The new law also raised the limit on the amount that can be claimed for improvements placed in service during 2009 and 2010 to $1,500, instead of the $500 lifetime limit under the old law.
In addition, the new law has increased the energy efficiency standards for building insulation, exterior windows, doors, and skylights, certain central air conditioners, and natural gas, propane or oil water heaters placed in service after Feb. 17, 2009.
The new law also eliminates the cap on the 30 percent tax credit for alternative energy equipment, such as solar water heaters, geothermal heat pumps and small wind turbines, installed in a home. The cap generally has been eliminated for these improvements beginning in the 2009 tax year.
The information on this page has been obtained from www.IRS.gov. The information on this page is not meant to be used as tax advice. We recommend that you contact your tax consultant for all tax related questions.
Contact us today for your free consultation on how you can take advantage of the stimulus package!!!
Please Contact us for a free Consultation
(720) 922-3273
