There are New Energy Tax Credits just waiting for you to claim! You may be able to claim a credit of up to $ 500 for making energy saving improvements to your home. The energy tax act that was passed in 2005 begins to take effect in the year 2006.
If you've made energy saving home improvements to your home, then you may qualify for the new energy tax credits. From new insulation to new windows, doors, water heaters, electric heat pumps, solar equipment, circulating fans, air conditioners and more, you may take a credit of up to $ 500 on your 2006 Federal tax return.
The new energy tax credits are available for energy efficient items that have been installed after December 31, 2005 and before January 1, 2008. So, if you've made energy saving home improvements that fall between the two dates above, then the federal energy tax credits are available for you.
Do not forget about the Alternative Motor Vehicle Credit
There is also an energy tax credit for new alternative motor vehicles. The types of vehicles that qualify are: fuel cell, lean burn technology, hybrid, and alternative fuel motor vehicles. You can take this credit wherever you purchase or lease, but the vehicle must be used primarily in the United States to qualify.
Smart Taxpayers make use of every legitimate tax deduction and credit available. If you have made improvements to your home, or purchased an energy efficient vehicle, then claiming the energy tax credit may put another $ 500 in your tax refund this year.