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CPA Client Bulletin

| January 01, 2009 | COPYRIGHT 2009 American Institute of CPA's. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

The new law also contains several extensions, as well as new tax code provisions, designed to encourage energy conservation and use of alternative energy sources. These provisions take effect in 2009.

Home improvements. A tax credit of up to $500 is available for certain home energy improvements such as insulation. A similar credit had expired at the end of 2007 and was not extended for 2008.

A $200 tax credit is available for replacing storm windows, and there are other dollar limits for other specified home energy improvements. All of these energy credits apply only to qualified improvements to a principal residence--not to a vacation home.

Alternative energy. The Residential Energy-Efficient Property credit, which applies through 2008, has been extended through 2016. This credit equals up to 30% of ...

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Source: HighBeam Research, Save energy, save taxes.

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