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Federal Tax Credit Program Requirements

Thursday, December 31st, 2009


BREAKING NEWS
Congress Approves Large Tax Credit for Installed Insulation. Congress has just approved the 2009 economic stimulus bill ("The American Recovery and Reinvestment Act") which includes an extension and expansion of the existing federal tax credit for installed insulation. The federal tax credit for installing insulation in 2009 and in 2010 will be 30% (previously 10%) of the purchase price up to a $1500 tax credit. So a consumer can save up to 30% or as much as $1500 from the purchase price when adding insulation to their existing home. Only the cost of the insulation material counts towards the credit according to the IRS.

How does a taxpaying homeowner qualify for the tax credit?
Qualified energy efficiency improvements are eligible for the 2009/2010 tax credit. A qualified energy efficiency improvement is an energy efficiency building envelope component such as insulation materials or systems which are specifically and primarily designed to reduce the heat loss or gain for a dwelling:

that follow the prescriptive criteria of the 2009 International Energy Conservation Code; that is installed in or on a dwelling located in the United States and owned and used by the taxpayer as the taxpayer's principal residence; the original use of which commences with the taxpayer; and that reasonably can be expected to remain in use for at least five years.

Amount and Duration of Tax Credit Provision
The Act enables the tax credit to apply to energy efficient improvements placed in service between January 1, 2009, and December 31, 2010. The $500 lifetime cap of the previous law is eliminated and replaced with an aggregate cap of $1,500 for property placed in service between January 1, 2009, and December 31, 2010.

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