HOME OWNER ENERGY CREDITS
This credit is available for purchases of approved items
in both 2006 and 2007. The law provides a 10 percent credit
for buying the following qualified items:
- Insulation systems that reduce heat loss/gain
- Exterior windows ( including skylights ) ( $ 200 maximum)
- Exterior doors
- Metal roofs ( meeting Energy Star requirements)
Additional items
- $ 50 for each advanced main air circulating fan
- $ 150 for each qualified natural gas, propane, or oil
furnace or hot water boiler.
- $ 300 for each energy efficient item, (electric heat pump,
electric heat pump water heater, geothermal heat pump and
central air conditioners.)
All these items have particular “energy efficiency
requirements”
These credits are available for your principal residence only,
no vacation or rental homes and it must be for new items not
used.
The lifetime credit limit is $ 500 (for a joint or a single
return) and no more than $ 200 of the credit can be for windows.
This credit is a nonrefundable personal credit that when
combined with other such credits is allowed only to the extent
your regular tax exceeds AMT.
NOTE There is a separate credit covering SOLAR panels and
FUEL cell equipment
2/7/7
|
