Simonton Windows reported in a press release that the Feb. 17 signing of the $789 billion compromise stimulus bill that includes tax credit incentives for homeowners to make energy efficient home improvements will benefit window suppliers. The final bill includes provisions to promote “energy-efficient investments in homes by extending and expanding tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, or insulation.”
The approved bill includes the ability for homeowners to gain a tax credit of 30 percent of the cost of qualifying energy efficient upgrades to a maximum of $1,500 per household for 2009 and 2010. The new regulations provide five times more tax credit to homeowners than was previously available under a similar bill, which allowed up to only $200 tax credit on energy efficient window purchases. Additionally, the new law has some very specific restrictions, including:
Windows purchased must be equal to or below a U Factor of 0.30 and a Solar Heat Gain Coefficient (SHGC) of 0.30.
The purchase of the qualified windows must be made during the taxable year for which the credit is being claimed.
The credit is only allowed on the price of the qualified windows themselves, not on installation costs, onsite preparation, assembly or sales tax.
The tax credit is allowable only for qualified window units placed in service in 2009 and 2010.
“At Simonton, we believe that the tax credit incentive that is built into the economic stimulus package is an extremely positive step in helping consumers purchase products that will provide them with long-term energy savings and add value to their homes,” according to Mark Savan, president of Simonton. “To help homeowners, contractors and remodelers with their questions on the new tax credit program we’ll soon launch www.simonton.com/taxcredit. This is a specially-dedicated location within our company web site that will supply answers to questions on the new tax credit program, downloadable forms, case studies on energy efficient windows and links to sites with additional information.”
Simonton Says Stimulus Bill Will Benefit Window Manufacturers
February 23, 2009