The stimulus bill has finally passed and with a trillions of dollars in the mix you're probably wondering what parts will help you. Here's a short review of how homeowners can benefit from the new bill.
We've been talking a lot about tax credits for homeowners wanting to make energy efficiency improvements to their home. It's a sweet deal to have the government pay you to update your home, but the deal has just gotten a little bit sweeter.
Before, most improvements, such as new Energy Star windows installed in your home, were eligible for a tax credit of 10% of the project up to $500. With the new bill, these projects are now eligible for 30% of the project up to $1500. That's triple what it was!
For most homeowners, $500 wouldn't cover much of an installation, but $1500 can make a much larger dent in buying a new water heater, windows or maybe even solar panels. If you hadn't considered any of these projects before, now might be the time to request free estimates on projects to see how much you could save with the larger tax credits.
For a full list of projects and their corresponding tax credits check the Energy Star website.
Are you considering buying your first home? Did you know there is a tax credit for first time homeowners? The new stimulus bill has increased the new homeowner tax credit from $7500 to $8000. I wouldn't mind getting that extra $500 back from the government, and it's especially nice for a young homeowner who might take that extra money and put it right back into their home for remodels and improvements.
For more on the final stimulus bill, check out this great breakdown from the Wall Street Journal.