Back for 2013!
The Energy Star Window Tax Credit!
Yes, it is back! The Amercian Taxpayer Relief Bill of 2012 (aka, Fiscal Cliff bill) that was recently passed included some good news for homeowners who are considering replacing their windows in 2013. While there was no tax credit available in 2012 to help your purchase decision, there is up to a $200.00 credit available for installing Energy Star windows in 2013! And don’t worry if you installed your windows in 2012 because the same bill made the tax credit retroactive for 2012 as well!
There are a number of important notes regarding this tax credit:
- First, this is a true tax credit and not a deduction from income. What this means is that whatever your income taxes will be for 2013, this credit will reduce them by as much as $200! So the government is effectively paying up to $200 of your Energy Star window project.
- Second, not every window will qualify! To claim the credit you must install windows that are rated to meet or exceed Energy Star requirements. Be careful because even windows that meet Texas Energy Code may not qualify! But every vinyl window that Custom Windows manufactures is Energy Star rated, so you can buy a Custom Windows vinyl window with confidence that it meets the toughest Energy Star standards!
- Third, assuming Energy Star rated windows, the value of the credit is calculated as 10% of the product cost (before tax and installation labor), up to a maximum of $200. There are other rules and limitations (e.g. historically, if you have claimed part or all of a credit for windows in a prior year, the amount allowed under this program may be limited). Since each personal situation is different, check with your accountant or go to www.energystar.gov to see the latest information regarding the credit. (Note: as of the date this is written, the actual form for the 2012 credit and the specific information for the 2013 tax credit has not yet been posted. The IRS and Energy Star state that this information and any required forms will be posted soon, however.)
As with any tax-related question or issue, please check with your accountant! But having the government help with up to $200 of your window project is worth looking into!
Receiving the tax credit AND the energy savings – now that is a deal!
We agree! The main advantage of installing Energy Star rated windows is the added comfort and the energy savings that you will receive month after month, but having the government pay up to $200 of your purchase adds icing on the cake!
You can claim this year’s credit if the windows are installed before the end of the year, but why wait! Why live through the heat of another Gulf Coast summer when you can make your home quieter, more comfortable and reduce your heating and cooling costs today!
Give us a call today!
We would love the opportunity to work on a custom window solution for you!