I heard some talk (there was a lot of talk) about the "stimulus" plan that would include tax credits for home repair and/or energy improvements.
Did any of this pass? Is there anything out there already?
For use in 2009 tax year.
thanks.
"Gil Faver"
See page 6 in the CCH Briefing file:
If you buy the materials and stick them in storage rather than installing them, does that qualify for the credit?
Steve
Nope. It has to be "placed in service", which means "in use".
As the end of 2008 neared, and it appeared Congress would not renew/extend some of the energy tax breaks for 2008, a client told the builder of her house to "slow down" so she has to take possession (get the CO) in 2009 and "place in service" the energy saving devices she had installed in the house.
People just don't run out and spend $10K on new windows for a $300 tax credit. So you're left with folks who are building, which takes time in some cases to come out of the ground and get completed.
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