Steel Roofing Tax Credits
- Author Mat Fay
- Published May 14, 2009
- Word count 449
One of the more favourable laws that President Bush signed during his tenure was the Emergency Stabilization Act of 2008. This act contained many economic incentives, one which provides a tax credit for improvements to make homes more energy efficient.
There are many incentives in the Emergency Stabilization Act that are intended to encourage homeowners to upgrade their homes. Doing so not only stimulates the economy, it also reduces our dependence on coal fired electricity.
In order to encourage homeowners to choose energy-efficient roofing materials the act gives tax credits to those who replace their roofs in 2009 with a material that helps the home consume less energy. Currently most homes are roofed with dark asphalt shingles that absorb the sun’s energy, making the home warmer in the summer, increasing the amount of energy used to cool the air inside.
Metal roofing reduces the amount of cooling energy used in the home by reflecting the heat of the sun instead of absorbing it. They also help to reduce smog and air pollution by lowering the air temperature around the home.
The tax credit for roof replacement is only available for 2009, so if homeowners needing to replace their roof in the next few years may want to take advantage of the savings. Choosing an ENERGY STAR qualified metal roof will qualify the homeowner to a tax credit of 10% of the cost of the roof, up to a maximum of $500. If it needs to be done, why not get it done for less?
In order to qualify for the tax credit the new metal roof needs to be installed during the 2009 calendar year. Also required is a manufacturer’s statement and IRS Form 5695. According to the Emergency Stabilization Act the roof needs to be: "…any steel roof…installed on a dwelling unit, but only if such roof has appropriate pigmented coatings or cooling granules which are specifically and primarily designed to reduce the heat gain of such dwelling unit". Essentially this means a coated steel roof that is part of the ENERGY STAR program.
While we are all feeling the crunch of a contracting economy, there are always expenditures that need to be made. If your home is already in need of a new roof then this is the best time to replace it to take advantage of up to $500 in tax credits. Not only that, your new steel roof can save you up to 40% in energy costs every year after replacement and may even qualify you for lower insurance premiums. The money you spend will help to encourage the economy back on its feet again, and after your steel roof is installed you can sit back and enjoy the continued savings.
For more information on Steel Buildings, visit http://www.absoluterv.com/
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- 10 essential tax-saving strategies for landlords: Maximise your rental income
- A Comprehensive Guide to Navigating the Process and the Role of Customs Brokers in the UK
- Outsourced Accounting Services for UK Businesses: A Cost-Effective Solution for Financial Management
- Top 8 Self Assessment tax return software
- How to Close a Limited Company in the UK
- Maximizing Your Finances: Unleashing the Power of CPA Services
- VAT penalties – New rules
- TAX-FREE STRATEGIES IN AN UNCERTAIN ECONOMY
- 2022 Energy crisis and failure to connect Reality.
- When Are Corporate and Personal Taxes Due in Canada in 2021?
- You Would Never Have Thought That Having Accounting Internship Could Be So Beneficial
- ACTIVATION OF UAN
- Focal motivations behind getting a Tax direct for Small Business Firms
- Avoiding the flood — tax issues with water rights in agribusiness
- Social security benefits for a family (COVID-19)
- How to use QuickBooks Component Repair Tool?
- Do you want to reduce your taxes for next year?
- Will you be responsible with your tax refund?
- Getting started with QuickBooks Enhanced Payroll in Brief
- Are DSTs Right For Your 1031 Exchange
- Tax Return Makeovers By Kenya Woodard
- Why have all crypto tax attempts failed?
- Are You a Corporation? Know Why Consulting a Tax Accountant Is Vital
- Share capital or share premium for your Dutch company?
- Everything investors should know about 1031 sponsors
- Why is the income tax so high in UK?
- Should I do my own tax return?
- Get More Money Back on Your Tax Return with help from the Tax Cuts and Jobs Act
- Don’t Fall Victim to these 3 Tax Scams in 2018
- Find Out If 72(T) Penalty Free Income Is a Solution for You