Take Advantage of 2011 Tax Credit
Friday, December 30, 2011 at 1:38PM Hi Everyone……Happy 2012!
Confused by the 2011 Energy Tax Credit? Me too, but here is what I found on line that might help.
It was part of an article posted on “ 20 Something Finance “ here is the link … http://20somethingfinance.com/2011-energy-tax-credits/
Energy Tax Credits Extended but Reduced in 2011
by G.E. Miller on January 10, 2011
Energy Tax Credit Changes in 2011
There is a home Energy Tax Credit this year, it’s just not half what it used to be. Literally. The 2009 and 2010 Energy Tax Credits were very generous as they were part of the American Recovery & Reinvestment Act, and were created to help spur the economy through people making home upgrades to get the credits. These tax credits were actually extended as part of the Obama tax cut deal.
- The 2011 Energy Tax Credit amount: drops to 10% of a project and $500 max. For comparison, last year’s credit capped out at 30% of a project up to a max of $1,500.
- Energy Star window tax credit: up to $200 maximum.
- Water heater tax credit (includes electric, natural gas, propane, or oil): up to $300 maximum.
- Air conditioner tax credit: up to $300 maximum.
- Insulation, doors, and roof credits: up to the $500 cap.
- Furnace tax credit (includes natural gas, propane, oil, or hot water): $150 maximum. Efficiency must be 95% (up from 90% before the extension).
The big kicker: If you’ve already taken advantage of the Energy Tax Credit, whatever you claimed in the past counts against the $500 in 2011.
Before you buy anything, make sure your product qualifies for the credit and verify how much credit you will receive.
Anyway….Hope this helps and I wish Happy 2012 to everyone, hope this year is a good year for all of us.
Rich Vincent
