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Economic stimulus brightens energy tax incentives

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in Leaders & Managers,Management Training

The American Recovery and Reinvestment Act of 2009 contains several tax breaks for energy improvements. Here are three:

1. Among other modifications, the new law raises the nonbusiness energy credit for improvements to a residence from 10 to 30% and increases the maximum dollar cap to $1,500 (eliminating the $500 lifetime cap).

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This covers expenditures for insulation materials; exterior windows (including skylights); exterior doors; central air conditioners; natural gas, propane and oil water heaters or furnaces; hot water boilers; electric heat pump water heaters; certain metal roofs; stoves; and advanced main air circulating fans. The changes are effective for installations after 2008 and before 2011.

2. The dollar caps on improvements available for the 100% residential energy-efficient credit—such as solar hot water property, geothermal heat pumps and wind energy property—are removed. But a $500 cap is placed on fuel cell property.

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3. The new law extends the credit available to businesses for electricity produced by renewable sources through 2013 (2012 for wind facilities), modifies the energy investment credit to include qualified small wind energy property and makes other technical changes. See your tax pro for details.

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