Sunday, June 7, 2009

Build Your Savings - Tax Credits

On February 17, 2009, the American Recovery and Reinvestment Act of 2009 was signed into law. The act includes payroll tax cuts, the First Time Homebuyer credit, provisions for state rebate programs for the purchase of energy-efficient appliances and tax credits for energy-efficient improvements to existing homes. The information provided herein is provided for reference purposes only and should not be interpreted or relied upon as tax advice. Consult with a qualified tax advisor to discuss your ability to claim and qualify for benefits under the programs.

What Is the Energy-Efficient Tax Credit for Existing Homes?

Beginning January 1, 2009 through December 31, 2010, when you purchase qualifying energy-efficient items from categories such as doors, windows, skylights and insulation, you may be eligible to claim a tax credit of up to 30% off the purchase price on your 2009 or 2010 tax return (up to $1,500). A qualified tax advisor should be consulted to determine eligibility.

What Items Qualify?

Products from among the following categories may qualify* :

  • Exterior windows and skylights
  • Storm windows
  • Exterior doors
  • Storm doors
  • Metal roofs
  • Asphalt roofs
  • Insulation
  • Natural gas, oil, and propane water heaters
  • Pellet stoves

View All Eligible Products

*See for more information about qualified products. Not all ENERGY STAR® products qualify for a tax credit. Qualifying products may cost much more than standard products.

State-Specific Appliance Rebates

Check with your local utility company or click to visit the ENERGY STAR Rebate Finder website to find out if you qualify for a rebate on your ENERGY STAR appliances.

For more information on any of the topics above, consult with a qualified tax advisor. He or she can help you determine your eligibility for any of the credits or rebates, as well as how much you may receive. You may also visit the ENERGY STAR website for more information.

**Receive a year-end summary of items purchased on your Lowe's Consumer Credit Card that Lowe's identifies as "Tax Credit Eligible." The year-end summary is not intended as tax advice. The year-end summary may not include eligible Special Order purchases. You should retain and review all of your receipts. Visit for a list of eligible products and additional Energy Tax Credit Program information. GE Money Bank and its affiliates do not provide tax, accounting or legal advice to third parties. Accordingly, any discussion of U.S. tax matters contained herein is not intended or written to be used, and cannot be used, for the purpose of avoiding U.S. tax-related penalties. Accordingly, parties should seek advice based on their own particular circumstances from an independent tax advisor.


  • Keep your receipts and other documentation to provide to your tax advisor. Be sure to consult with a qualified tax advisor to discuss your ability to claim and qualify for benefits under the programs.
  • You may need to provide a Manufacturer’s Certification and/or product labels containing U-factor/Solar Heat Gain Coefficient if applicable.

No comments:

Post a Comment