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TAX CREDIT UPDATE: Existing Homes

To qualify for the 10% credit offered, a component must meet or exceed the criteria established by the 2000 International Energy Conservation Code (including supplements) and must be installed in the taxpayer's main home in the United States.

The tax credit is allowed only for amounts paid to purchase the energy-efficient items. The credit is not allowed for amounts paid for the onsite installation.

Insulation systems that reduce heat loss/gain are eligible under the program. Other items are eligible under the program-see the website below for more detailed information.

The maximum credit for all taxable years (2006-2007) is $500 - no more than $200 of the credit can be attributable to expenses for windows.

The qualifying energy-efficient improvement items must be in service after December 31, 2005 and before January 1, 2008.

Guidance procedures for homeowners, see www.irs.gov/pub/irs-drop/n-06-26.pdf

 

The Wingate Hotel
Lake George
NY 2007
 
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