► About Betterliving | Andys Blog | March 2009 | $1500 TAX INCENTIVE FOR 2009-1010

$1500 TAX INCENTIVE FOR 2009-1010

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New tax incentives make this the RIGHT TIME to replace your old, inefficient windows with qualifying replacement windows. I am excited to tell you that when the American Recovery & Investment Act of 2009 was signed on February 17, it included a major consumer tax credit that provides funds for replacement windows. Based on average window replacement costs, the credit can mean a 30% discount on new windows for your home. Don’t miss out on this opportunity to save money – on your windows now and on your energy costs forever!
 
 
$1,500 Tax Credit
What is it?
The American Recovery and Reinvestment Tax Act of 2009 extend and modified the tax credits for windows, doors and skylights established in the Energy Policy Act of 2005.
 
How do you qualify?*
To qualify for the tax credit, windows, doors and skylights place in service after February 17, 2009, must have a U-Factor and Solar Heat Gain Coefficient less than or equal to 0.30.
 
How much credit is available?
Qualifying products purchased between February 17, 2009 and December 31, 3010, are eligible for a tax credit equal to 30% of the cost of the product. The maximum amount a homeowner can receive is $1,500.oo during 2009 and 2010.
 
What must you do to receive the credit?
The product you chose must have a Manufacturer Certification Statement to qualify. For record keeping, save your receipts and the Manufacturer Certification Statement
 
When do you claim your credit?
Improvements made in 2009 will be claimed on your 2009 taxes (filed by April 15, 2010) — use IRS Tax Form 5695 (2009 version) — it will be available late 2009 or early 2010.
 
What is U Factor and Solar Heat Gain Coefficient?
The U-Factor measures how the product traps the heat inside the house. The rating would fall between 0.20 and 1.20. The lower the value, the better. The Solar Heat Gain Coefficient (SHGC) measures how the window blocks solar heat coming inside the house. The rating is between 0 and 1. The lower the value, the more heat is blocked.
 
*Note: Homeowners should always consult their tax adviser to determine whether they qualify for any potential income tax credits.

| 3/10/2009 12:00:00 AM | 46 comments

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