If you’re interested in making improvements to the home that you didn’t get around to in the spring or summer, fall is the perfect time to complete them. In particular, any upgrades that make the home more energy efficient are worth looking into because there may be government incentives available.
The energy tax credit was extended for 2014 and may be extended again for 2015. Under this tax credit, homeowners may receive a tax credit of up to $500 for making home improvements that save energy. This could include installing new windows, getting a new roof, purchasing a new HVAC system or installing window film.
Will the Window Film Tax Credit be Extended for 2015?
When it comes to which tax credits will be extended for the previous year, it’s anybody’s guess.
At the end of each year, there are many tax credits that are intended to expire unless they are extended by Congress. In 2014, more than 50 tax credits were set to expire but did not thanks to last minute decisions by Congress and the president. These extensions benefit teachers, college students, those who suffered a foreclosure or short sale and those with private mortgage insurance.
The energy tax credit was also extended, which meant that homeowners who installed energy-efficient upgrades such as window film could have been eligible for a $500 tax credit. The credit covers up to 10 percent of the cost of window film, up to $500.
Will this same credit be extended for those who purchased window film in 2015? Possibly.
What Should You Do to Prepare?
If you do have window film installed, talk to the installer about which window film products qualify for tax credits. Not all window film products are eligible, so it’s important to know in advance which types of film are on the short list.
Also be sure to save the invoice from the installer. Only the product is eligible for the credit – not the installation. You will also need a copy of the manufacturer’s certification statement. By keeping these documents, you will be able to take advantage of the tax rebate if it happens to be extended into 2015.
The International Window Film Association keeps up to date on tax credits for window film, so be sure to check out their site for updated information, or read more about the tax credit on this press release.