Ended December 31, 2010 🙁
THIS TAX CREDIT EXPIRED END OF 2010, SO IF YOU DID PURCHASE A QUALIFYING GARAGE DOOR:
Information on 2010 Garage Door Tax Credits
Insulated garage doors offer energy savings, tax credit and style
REGARDING SAVINGS PACKAGES 1&2 AND CUSTOM-DOORS TOO!!
THE U.S. government is offering financial incentives to homeowners to buy qualifying insulated garage doors.
Under the stimulus legislation signed by President Obama on Feb, 17, 2009, tax credits for energy-efficient home improvements have been extended and increased significantly. That means that adding a new garage door in 2009 or 2010 can save you money by helping to lower home energy consumption and costs, AND it will help pay for itself this year through the tax credit incentive.
Important details regarding the tax credit:
* The new tax credits are available for qualifying garage door purchases “placed in service” from Jan. 1, 2009, through Dec. 31, 2010. Garage door purchases made in 2008 are not eligible for the tax credit.
* The maximum tax credit that a taxpayer may claim from all qualifying improvements combined is 30 percent the cost of each product and $1500 over the lifetime of the tax credit periods (2009 and 2010).
HOW TO IDENTIFY AN ELIGIBLE GARAGE DOOR
To be eligible for the tax credit, the purchased garage door must meet all of the following criteria:
* The door must be an insulated residential garage door.
* It must be installed on an insulated garage.
* The door must have a U-factor equal to or less than 0.30, even if the door contains glazing.
* If the door contains windows (glazing), the door must offer a Solar Heat Gain Coefficient (SHGC) equal to or less than 0.30.
* The door perimeter must have a means to control air infiltration.
* The door must be expected to remain in service for at least five years.
* The garage must be part of the taxpayer’s principal U.S. residence.
* Dealers should provide homeowners with a Manufacturer’s Certification statement and a breakdown of the material and labor costs.
CALCULATING THE CREDIT
The homeowner’s tax credit is based on the total material cost of the purchase (the cost of installation does not qualify). The tax credit is equal to the sum of 30 percent of all qualified energy-saving improvements installed in an existing home in the calendar years of 2009 and 2010. The maximum credit is $1500.
For example, if a homeowner paid $2,500 in material costs for two qualified insulated garage doors, that individual would be eligible for a $750 tax credit. If the material costs were $1,000, the tax credit would be $300.