Tax Credits and Stimulus Information

In early 2009, Congress expanded the First Time Homebuyer and Energy Tax Credits as a part of the stimulus package. These credits present an excellent opportunity for 1st time homebuyers and homeowners undergoing renovations.

First Time Home Buyers Tax Credit Extended and Expanded!

Click Here for PDF of Qualifying Products!

• The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence through April 30, 2010.  In cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.  It also authorized a tax credit of up to $6,500 for qualified repeat home buyers.
  
• For sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.
• The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.

Tax Credits for Energy-Related Home Improvements

• Purchase and install your energy efficient qualified products.  Must be "placed in service" from January 1, 2009 through December 31, 2010. 
  Must be for taxpayer's principal residence.
  
  
• Maximum amount is $1,500 in 2009 & 2010 for most home improvements (geothermal heat pumps, solar water heaters, solar panels, fuel cells, and windmills are not subject to this cap, and are in effect through 2016).
  
  
• For record keeping, save your receipts and the Manufacturer Certification Statement, or for windows, you can save the ENERGY STAR label from your new windows.
  

• Improvements made in 2009 will be claimed on your 2009 taxes (filed by April 15, 2010) —use IRS Tax Form 5695 (2009 version) — it will be available late 2009 or early 2010.
  
  

• If you are building a new home, you can qualify for the tax credit for geothermal heat pumps, photovoltaics, solar water heaters, small wind systems and fuel cells, but not the tax credits for windows, doors, insulation, roofs, HVAC, or non-solar water heaters.
  

   

Energy Efficiency Tax Credits Benefits of the newly enacted Recovery and Reinvestment Act: The tax credits that were previously effective for 2009, have been extended to 2010 as well. The tax credit has been raised from 10% to 30%. The tax credits that were for a specific dollar amount (ex $300 for a CAC), have been converted to 30% of the cost. The maximum credit has been raised from $500 to $1500 for the two years (2009–2010). However, some improvements such as geothermal heat pumps, solar water heaters, and solar panels are not subject to the $1,500 maximum. The $200 cap on windows has been removed. Tax credits are available at 30% of the cost of the energy efficient products (does not include installation costs), up to $1,500, in 2009 & 2010. These credits apply to the following products, in existing homes only:

Windows and Doors ♦ HVAC Insulation ♦ Water Heaters (non-solar)
Roofs (Metal and Asphalt) ♦ Biomass Stoves

Eco-Excel by Andersen

Andersen's Eco-Excel energy performance package makes understanding the revised federal stimulus package tax credits simple.  With the new energy tax credit, there's more incentive than ever to choose windows and doors with energy-saving features. But if you want to be eligible for the tax credit, you have to choose wisely — and Andersen's EcoExcel™ Energy Performance Package makes that easy.

All Andersen® windows and patio doors with the EcoExcel™ package will qualify for the energy tax credit. Guaranteed.* The EcoExcel™ package gives you the top Andersen energy-saving features, as well as one of the industry’s widest selections of qualifying windows and doors. And with the EcoExcel™ package, there is no need for expensive upgrades, such as triple-pane glass