Given the current unemployment numbers, there is an increasing possibility that Congress will enact another economic stimulus bill. The residential energy efficiency industry has been particularly hard hit, with job losses reported in excess of 400,000. I believe the federal policy best suited to reboot our industry is a dramatically scaled up Section 25C tax credit for homeowner energy efficiency improvements.
We are advocating for a strengthened 25C tax credit as follows:
- Increase the current credit from $500 to $2400 and include materials AND labor as eligible expenses.
- Expand the credit from 10 percent of eligible expenses to 30 percent.
- Lift the lifetime credit cap for taxpayers.
- Provide a multi-year extension for the credit.
The residential energy efficiency industry needs to make a strong case to Congress that we are a "Main Street" business with presence in every community in the country. In short, we need to demonstrate broad, grassroots support for a robust, targeted federal investment.
We are asking you to sign on to the attached letter. This is a big opportunity that our industry can't afford to pass up.
Please reply no later than Tuesday, May 26th.
Insulation Contractors Association of America