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Article Date:
April 2009

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New 2009–2010 Homeowner’s Energy Property Tax Credit

You have to love the simplicity and straightforwardness of this new 2009–2010 homeowner’s energy property tax credit. Here’s the new deal: During 2009 and 2010, buy property that qualifies for the 30 percent tax credit and install it in your existing principal residence, and you qualify for a tax credit of up to $1,500.1


Tax credits are best. They reduce your taxes dollar for dollar. This credit is called a “nonrefundable credit,” which means that you need to have taxes due for the credit to pay off for you.


Example. Your taxes due before this credit are $1,000. You qualify for a credit of $1,500. You may offset the $1,000 of taxes due, but the government is not going to give you more than that. Thus you benefit by $1,000.


For purposes of this credit, consider making $5,000 in improvements to your main home because that yields a tax credit of $1,500. The new credit is expansive and can apply to qualifying



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