As we all know the government has answered the cries and pleas from big businesses and banks for bailout assistance. As a common-everyday working person, we often ask ‘Where’s my bailout?!?!?’. Well, through the American Recovery and Reinvestment Act of 2009, prospective and current homeowners may have their cries answered. This bill that was signed into law in February contains several provisions to provide tax breaks for first-time homebuyers or making improvements that reduce energy use could save you money.
The expansion of the tax credits for energy-saving home improvements is an added benefit under the new law for current homeowners. Under the new law the current tax-credit program has been increased 30 percent of the total cost of a project, raises the cap on total credits and extends the program from one year to two, until 2010 for qualified products.
Credits are available for installing qualifying windows, doors, insulation, metal and asphalt roofs, non-solar water heaters, biomass stoves, and heating, ventilating and air conditioning units. Consult a qualified remodeler for your home improvement needs.