$200 Tax Credits for Energy Efficient Windows Reinstated
Good news for homeowners who replaced their windows in 2012 or are going to do so in 2013. The American Taxpayer Relief Act of 2012 is restoring energy efficient tax credits for windows, doors and skylights. The bill reinstates the 25c tax credits that expired at the end of 2011 and extends them through the end of 2013.
Several products from MI Windows and Doors qualify for the energy tax credits provided in the American Taxpayer Relief Act of 2012.
Windows must meet the 2010 ENERGY STAR ratings for both the U Factor and Solar Heat Gain Coefficient to qualify for this credit. These ratings vary based on the region of the country you are located in.
Please refer to What Makes It ENERGY STAR? to determine what region you are in and which windows qualify.
The 2012 Tax Credit offers 10% of the cost of the home improvement up to a maximum of $500. In order to qualify, the home improvement must be made on an existing home and principal residence. Windows can only account for $200 of the available $500. Additionally, the new bill extends business credits of up to $2,000 for builders and contractors of new and renovated energy efficient homes.
"We think it's a really great move to help consumers afford (improvements) and encourage them to think about making these energy-efficiency investment in their homes," said Ronnie Kweller, a spokesperson for the Alliance to Save Energy, a Washington energy-efficiency lobby. She noted that the law also contains incentives for appliance manufacturers to produce efficient clothes washers, dishwashers and refrigerators, and for home builders to construct energy-efficient homes. (Ohio.com, January 9, 2013)
All renovations, both homeowner and business, must be completed by December 31st, 2013. The bill retroactively affects projects completed in 2012.
Consult your tax professional for instructions on how to apply.
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About MI Windows and Doors:
MI Windows and Doors is one of the nation's largest suppliers of energy efficient vinyl, aluminum, and composite windows and doors. With plants across the country, MI offers a broad spectrum of windows and doors backed by exemplary customer service. For additional information about MI Windows and Doors, visit http://www.MIWD.com
About ENERGY STAR:
ENERGY STAR is a joint program of the U.S. Environmental Protection Agency and the U.S. Department of Energy whose aim is to provide the public with strategies to save money and protect the environment through energy efficient products and practices. Learn more at www.energystar.gov