The EXPIRE Act, basically a tax extenders bill, is meant to extend expired tax credits and deductions for a full range of industries and individuals and includes energy provisions.
Most notably, the EXPIRE Act extends for two years, through 2015, the 10% credit for purchases of energy efficient improvements to existing homes. Homeowners can claim up to $200 for energy efficient windows, up to $150 for an efficient furnace or boiler, and up to $300 for other improvements, including insulation. The bill allows energy efficient roofing to qualify for tax credits, products that previously didn’t qualify. The total credit is capped at $500 per taxpayer.
The EXPIRE Act includes two other energy initiatives—tax credits for building new energy efficient homes, and a tax deduction for energy improvements made to existing commercial buildings.
Click HERE for more information and details on the EXPIRE Act.
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