Aug 10, 2012 Energy Talks
Home Owners Tax Credits
Betcha didn’t know that there was an Energy Policy Act of 2008, did you?
Well, you won’t find any bill based on that name. The passage of last week’s appropriately titled “Emergency Economic Stabilization Act of 2008″ is almost a new energy bill.
The Senate prepared a nice summary of the energy-related provisions that were stuffed into the bill at the last minute to get something passed that would “RESCUE” the financial markets. In addition to the Residential Existing Homes Tax Incentives as shown below there are several other clean energy technologies included such as wind, solar, energy efficiency, hybrid vehicles, biofuels, and smart grid.
It’s nice that there has been at least one small silver lining to the dark cloud of the very scary financial implosion of the past few months not to mention our present obvious recessionary predicament.
Here is the information on the incentive for existing homes. Check out the links above to learn more about everything that was included in the bill
Section 201. Extension and modification of the credit for energy-efficiency improvements to existing homes (IRC section 25C). Current law provides a 10 percent investment tax credit for purchases of advanced main air circulating fans, natural gas, propane, or oil furnaces or hot water boilers, windows and other qualified energy-efficient property. The credit applies to property placed in service prior to January 1, 2008. The bill extends the credit for one year (through December 31, 2009), and specifies that certain pellet stoves are included as qualified energy-efficient building property.
Post written by: Ameri-Serv