As a part of American Recovery and Reinvestment Act 2009, the tax credit for non business energy property credit has been increased as a result you would be able to save a lot on tax if you take steps to save energy in your home.
- In the new law the credit rate has been raised to 30% of total cost of the improvements that qualify.
- Maximum limit of credit that could be claimed for years 2009 and 2010 is $1500.
- The improvements that are qualified would be something like insulation installation, heating and air conditioning systems that are energy efficient and exterior windows that are energy efficient.
- The products used for saving energy should be of a higher standard than specified in 2007 tax credit.
- The improvement claimed must be a part of tax payer’s principal residence that is located in United States.
- A certificate from the manufacturer to the tax payer assuring the standards met is necessary.
So now do you realize the importance of creating an energy efficient atmosphere that i usually advice? Act now and save most next year!!!
