Take Advantage of a $1,500 Federal Tax Credit
The American Recovery and Reinvestment Act of 2009 grants significant tax credits to homeowners that make energy efficient improvements to their homes in 2009 and 2010. Most insulated doors manufactured by Overhead Door Corporation are eligible for the tax credit of up to $1,500. This is an opportunity to improve the aesthetic and financial value of your home while saving energy and money. More details are listed below; please call to discuss your project.
- The new tax credits are available for qualifying garage door purchases "placed in service" from Jan. 1, 2009, through Dec. 31, 2010. Garage door purchases made in 2008 are not eligible for the tax credit.
- The maximum tax credit that a taxpayer may claim from all qualifying improvements combined is 30 percent of the cost of each product and $1500 over the lifetime of the tax credit periods (2009 and 2010).
- The door must be an insulated residential garage door.
- It must be installed on an insulated garage.
- The door must have a U-factor equal to or less than 0.30.
- The door perimeter must have a means to control air infiltration.
- The door must be expected to remain in service for at least five years.
- The garage must be part of the taxpayer's principal U.S. residence.
- Dealers should provide homeowners with a Manufacturer’s Certification statement and a breakdown of the material and labor costs.
- The homeowner's tax credit is based on the total material cost of the purchase (the cost of installation does not qualify). The tax credit is equal to the sum of 30 percent of all qualified energy-saving improvements installed in an existing home in the calendar years of 2009 and 2010. The maximum credit is $1500.
- For example, if a homeowner paid $2,500 in material costs for two qualified insulated garage doors, that individual would be eligible for a $750 tax credit. If the material costs were $1,000, the tax credit would be $300.
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