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Tax Incentives
Federal and State Tax Incentives are available to Home Buyers and Home Owners.FEDERAL TAX INCENTIVES
1st Time Home Buyers Economic Stimulus Package Credit
The recent economic stimulus package, also known as the American Recovery and Reinvestment Act of 2009, provides an opportunity for first time homebuyers to receive a tax credit of 10% of the purchase price of a home, with a maximum credit of $8,000. Individuals or married couples who are considered first time homebuyers and who purchase a principal residence between January 1, 2009 and December 1, 2009 are entitled to this credit. A "first time homebuyer" is defined as a person who did not have an ownership interest in a principle residence within the past three years. A "principal residence" includes single-family homes, newly constructed homes, townhouses, condominiums, manufactured homes, and houseboats.
Individuals with incomes of up to $75,000. and married couples with joint incomes of up to $150,000. qualify for the full credit, and partial credits are available to homebuyers who exceed these income limitations. The credit is refundable, meaning taxpayers whose credit exceeds their tax liability will receive a payment for the difference between the amount of their credit and the amount of taxes owed. Taxpayers will be required to return the credit if they do not own the principal residence for three years, subject to limited exceptions.
The credit can be claimed on either the taxpayer’s 2008 or 2009 tax return by using Form 5405 on the www.irs.gov web site. If the taxpayer has already filed his or her 2008 tax return, it can be amended to include the credit.
Energy Efficiency Tax Incentive
2009 Energy Efficiency tax incentive of $500. for existing homes only.
More info:www.energystar.gov
Tax Credit for Small Wind Energy Systems and Fuel Cells System must be placed in service by December 31, 2016. Applies to any home or business.
More info: www.energystar.gov
STATE TAX INCENTIVES
ENERGY STAR Loans
The PA Treasury Department offers new low-rate ENERGY STAR loans to help homeowners finance the purchase of ENERGY STAR heating and cooling systems or other energy efficient products.
More info: patreasury.org
Renewable Energy and Energy Efficiency Incentives DSIRE (Database of State Incentives for Renewable & Effiiciency) is a comprehensive source of information on state, local, utility, and federal incentives that promote renewable energy and energy efficiency.
More info: www.dsireusa.org
Please Note: the above information is provided for your convenience.
Please check the referenced web sites for detailed information.
Please check the referenced web sites for detailed information.
