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Sunday
Feb222009

new tax credits: the american recovery and reinvestment act of 2009

The American Recovery and Reinvestment Act of 2009

The American Recovery and Reinvestment Act of 2009 (ARRA) signed by President Barack Obama on February 17, 2009, extends, expands, and simplifies the federal income tax credits for homeowners who make energy efficiency home improvements and removes the caps on the investment tax credits for geothermal heat pumps. The law extends the consumer tax benefits through 2010; triples the total available tax credit from 10% to 30% of cost up to a maximum amount of $1,500, replacing the old cap of $500. The law also removes the cap on geothermal heat pumps and solar water heaters through 2016. In addition, ARRA modified existing standards that products must meet in order to be eligible for the homeowner tax credits. These modifications, however, will only affect products purchased after February 17, 2009. If you have purchased products between this date and January 1, 2009, rest assured that you will still be eligible for the tax credit, but under the old standards.

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