Cincinnati Real Estate Blog

In 2007 we sadly saw the end of the home improvement tax credits being offered and I am happy to report that they are back! By now everyone is aware that the “Emergency Economic Stabilization Act of 2008” was signed into law back in October of 2008. This bill will always be known for bailing out the financial markets but it also extends tax credits for energy efficient home improvements (windows, doors, roofs, insulation, HVAC, and non-solar water heaters). Tax credits for these residential products, which had expired in 2007, will now be available again for improvements made during 2009. Items must be “placed in service” January 1, 2009 to December 31^st, 2009. However, improvements made during 2008 are not eligible for a tax credit.

The bill also extended tax credits for solar energy systems and fuel cells to 2016. New tax credits were established for small wind energy systems and plug-in hybrid electric vehicles. Tax credits for builders of new energy efficient homes and tax deductions for owners and designers of energy efficient commercial buildings were also extended.

For a detailed breakdown of the credits please visit http://www.energy.gov/taxbreaks.htm

In addition, for those of you that did not get my report on the Housing and Recovery Act passed in the summer of 2008 there was also a tax credit in that bill that took effect. If you know of anyone that has not bought a house or has not owned a primary residence in more than 3 years they could be eligible for a $7,500 tax credit but must buy prior to June 30, 2009. Now is definitely the time to buy!!!!