The “fiscal cliff” law, officially known as the American Taxpayer Relief Act of 2012, contains some good news for homeowners who are planning to make energy-efficient home improvements this year. Certain residential energy tax credits have been extended for tax years 2012 and 2013, resulting in potential savings on your tax bill.
Products eligible for an energy tax credit include ENERGY STAR-qualified windows, doors and skylights placed in service in an existing home or an addition to an existing home (new construction is not eligible). You do not have to replace all the windows, doors and/or skylights in your home to qualify.
Qualifying products must be installed by December 31, 2013 to be claimed. In addition, products installed during the period Jan. 1, 2012 through December 31, 2012 are retroactively qualified. Tax credit details include:
- 10% of product cost; up to $200 for windows and skylights, up to $500 for doors
- Total tax credit is capped at $500
- If total amount of credits was claimed in a previous tax year, the homeowner is ineligible
For more information on this topic, visit www.energystar.gov. To schedule a FREE in-home estimate on any window, door or skylight product, call Up and Above Contractors today at (973) 531-4225!