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Planning some home
improvement work this summer? Make energy efficiency changes and you
might be able to cut your 2009 tax bill at the same time.
The
2009 tax law signed in February expanded energy tax credits in order to
encourage homeowners to make improvements that will make their
homes more energy-efficient and save money over the long run.
Qualifing improvements - such as adding insulation, energy-efficient
exterior windows, and energy-efficient heating and air conditioning
systems - could cut your taxes. Previously the credit for energy
improvements was 10% of the cost with a $500 lifetime limit. The new
law increases the credit to 30% with a $1500 limit.
The
new law also eliminates the cap on the 30% tax credit for alternative
energy equipment, such as solar water heaters and geothermal
heat pumps installed in homes.
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