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New Tax Credit for Residential Energy Improvements
This personal tax credit has a $500 lifetime limit, but it's broad enough that many folks will benefit even though the numbers won't be very big. The credit applies only to energy-saving items you put to use in your main residence after 2005 and before 2008 (vacation homes don't count). The credit amount equals the sum of 10% of your expenditures for a qualified energy efficiency improvements to an existing home plus 100% of your expenditures for qualified residential energy property.
The 10%
part of the credit for qualified energy efficiency improvements covers outlays
for the following items:
Metal roofs coated with heat-reduction pigments.
Exterior doors.
Exterior windows including skylights (the lifetime credit for windows is limited to $200).
Insulation materials designed to
reduce heat loss or gain.
The 100% part of the credit for qualified residential
energy property covers money spent on these things:
Qualified electric heat pumps, electric heat pump water heaters, geothermal heat pumps, and central air conditioners. The credit for these can't exceed $300.
Qualified natural gas, propane and oil furnaces, and qualified hot-water boilers. The credit for these can't exceed $150.
Advanced main air circulating fans. The credit for these can't exceed $50.
New Tax Credit for Other Residential Energy
Equipment
You can also collect a completely separate personal tax credit equal
to 30% of the cost of:
Qualified solar water-heating equipment (maximum credit of $2,000).
Qualified electricity generating solar photo-voltaic property (maximum credit of $2,000).
Qualified fuel-cell property (maximum credit of $500 for each 0.5 kilowatt of capacity).
This credit applies only to equipment put to use in your personal U.S. residence after Dec. 31, 2005, and before 2008. However, you can't claim the credit for equipment used to heat a swimming pool or hot tub. Finally, the credit for fuel-cell property is available only for your principal residence.
Taken from:
http://www.smartmoney.com/taxmatters/index.cfm?story=20050818&nav=ibs
Mary L. Chabot - Realtor
Real Estate Agent
508-847-0654
Mary.Chabot@NEMoves.com
