How has the American Recovery and Reinvestment Act of 2009 affected the tax credits for energy efficient home improvements?
A. The new law increases the energy tax credit for homeowners who make energy efficient improvements to their existing homes. The new law increases the credit rate to 30 percent of the cost of all qualifying improvements and raises the maximum credit limit to $1,500 for improvements placed in service in 2009 and 2010. A similar credit was available for 2007, but was not available in 2008. Homeowners should be aware that the standards in the new law are higher than the standards for the credit that was available in 2007 for products that qualify as “energy efficient” for purposes of this tax credit. The IRS has issued guidance that will allow manufacturers to certify that their products meet these new standards. See Notice 2009-53. Q. What improvements qualify for the enhanced residential energy property credit for homeowners? A. In 2009 and 2010, an individual may claim a credit for 30 percent of the cost (subject to the overall credit limit of $1,500) for the installation of the follo
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