The Energy Tax Incentives Act of 2005
Update to Energy Tax Incentives Act of 2005
As of December 31,
2007, most of the residential tax credits (windows, doors, roofs, insulation
including radiant barrier and reflective insulation, HVAC, and non-solar water
heaters) expired. The tax credit for solar water heaters and solar panels
remains in effect through December 31, 2008.
On February 27, 2008, the House passed $18.1 billion in renewable energy tax
incentives (H.R. 5351), including an extension of the tax credit for
energy-efficient home improvements. The bill is similar to the one passed last
year, which was ultimately removed from the 2007 Energy Bill, signed into law in
December 2007. This bill must still pass in the Senate, and be signed by
the President to become law.
Install RadiantGUARD™ Foil Insulation Radiant Barrier Products and Receive Tax Credits*
On August 8, 2005, President Bush signed into the law the Energy Policy Act of 2005
offering consumers tax credits for various home improvements made to save
energy.
Tax credits
(Section 25C) are available for many types of home improvements including adding insulation, replacement windows, and certain high efficiency heating and cooling equipment
to non-business energy property that is:
-
installed on or in connection
with a dwelling unit located in the United States and used as the taxpayer's
principal residence;
-
originally placed-in-service by
the taxpayer after December 31, 2005, and before January 1, 2008; and
-
expected to remain in use for
at least 5 years.
Credit amount is equal to 10% of
the amount paid for qualified energy efficiency improvements installed during
the tax year. The maximum amount of homeowner credit for all improvements combined is $500 during the two year period of the tax credit.
These Section 25C credits are taken
on IRS Form 5695 and may not be carried forward to future tax years.
Definition: Tax
"credits" are subtracted directly from total tax liability resulting in a
dollar for dollar reduction of taxes due. If you have no tax liability
for the year, then you do not get credit for the tax benefit.
Our RadiantGUARD™ radiant barrier foil insulation products qualify for the Energy Policy Act of 2005 tax credits.
Download a copy of the
Manufacturer's Certification Statement and SAVE WITH YOUR TAX RECORDS if you
plan to obtain the tax credit. You do not need to submit this form to
the IRS with your tax form.
*Radiant GUARD strongly advises you to talk with your tax professional in determining actual
eligibility for tax credits.