Reduce Home Energy Costs and Taxes
New Federal Energy Efficiency Credits Available in 2009
Washington, D.C. - infoZine - New energy efficiency tax credits will allow homeowners to lower both their monthly home energy bills and their federal income taxes in 2009 as they contend with escalating winter energy prices, the Alliance to Save Energy said. Using the tax credits of up to $500 to make specific energy efficiency home improvements also can make homes more comfortable and reduce air pollution and greenhouse gas emissions, the Alliance noted.
The tax credits were enacted as part of the Emergency Economic Stabilization Act of 2008 (H.R. 1424), which the president signed on October 3, 2008. They are largely the same as those that were in effect in 2006 and 2007, with some new criteria for qualifying products and equipment.
The Alliance consulted the Internal Revenue Service to confirm that taxpayers who claimed less than the total $500 credit in 2006 and/or 2007 can claim the unused portion in 2009. However, the Alliance strongly urges taxpayers who want to file for part or all of the new energy tax credits to consult their own tax advisors for specific advice.
