Tax Credit Information

The American Recovery and Reinvestment Act of 2009 (ARRA) can be applied to home improvements that increase energy efficiency, including the installation of spray foam insulation in your home or business. The tax credits have been extended through 2010 and the amounts of the tax credits have also been increased.

You will claim the tax credit on your federal income tax return at the end of the year. Tax credits, unlike tax deductions, will decrease the amount you owe in federal income taxes, dollar-for-dollar.

Contact Five Star Foam Today to Increase Your Home's Energy Efficiency.

**Please note: Five Star Foam does not provide tax advice. Please consult a tax professional for exact tax credit information.

From the FULL SUMMARY OF PROVISIONS FROM SENATE FINANCE, HOUSE WAYS & MEANS COMMITTEES, p.12:

Tax Credits for Energy-Efficient Improvements to Existing Homes. The bill would extend the tax credits for improvements to energy-efficient existing homes through 2010. Under current law, individuals are allowed a tax credit equal to ten percent (10%) of the amount paid or incurred by the taxpayer for qualified energy efficiency improvements installed during the taxable year. This tax credit is capped at $50 for any advanced main air circulating fan, $150 for any qualified natural gas, propane, oil furnace or hot water boiler, and $300 for any item of energy-efficient building property. For 2009 and 2010, the bill would increase the amount of the tax credit to thirty percent (30%) of the amount paid or incurred by the taxpayer for qualified energy efficiency improvements during the taxable year. The bill would also eliminate the property-by-property dollar caps on this tax credit and provide an aggregate $1,500 cap on all property qualifying for the credit. The bill would update the energy-efficiency standards of the property qualifying for the credit.