In Florida for 10 Days ONLY!

The federal government is preparing to roll out Cash For Appliances, a $300 million program offering rebates to buyers of more energy efficient appliances and other products with the Energy Star label.

The appliance-sale stimulus required individual states to submit plans to run their programs last month. Florida's Cash for Clunker Appliances program has been tentatively scheduled for 10 days in April.

Retailers would offer rebates for 20 percent off before taxes on most energy-efficient appliances from April 16-25 under the proposal submitted to the federal government by the Florida Energy & Climate Commission.

Consumers would receive an additional $75 for sending their old energy-sucking appliances to the landfill rather than reselling them.

Only federally designated Energy Star home appliances are eligible. Items covered under the state program include gas and tank-less water heaters, refrigerators, room air-conditioning units, washing machines and dishwashers.
This information was gathered from an article in the Orlando Sentinel.

Homeowner Tax Credit Extended and Expanded!

Senate Extends Homebuyer Tax Credit-

The Senate voted to extend the First-Time Homebuyer Tax Credit while also expanding the credit to existing homeowners who want to move to another residence.

The refundable credit was set to expire at the end of November. The new legislation extends the maximum $8,000 tax credit for first-time homeowners to April 30, 2010. It also includes a maximum $6,500 tax credit for existing homeowners who want to purchase a new home. However, they need to have lived in their current home for five consecutive years within the past eight years.

The level of qualifying income has also been expanded, allowing individual taxpayers who make up to $125,000 and joint filers earning up to $225,000 to qualify. The earlier credit had been limited to individuals earning up to $75,000 and couples earning up to $150,000.

A smaller credit would also be available to individuals who make up to $145,000 and couples who earn up to $245,000.

Tax credits could be claimed for homes that cost up to $800,000.

Repayment of the credit would be waived for members of the armed forces who are away from home on extended duty, and the credit would be extended for an additional year if they are away on duty.

Under the bill, first-time home buyers would receive the $8,000 tax credit if they sign a contract by April 30 and close on it by June 30. The plan would also make those who buy a new primary residence eligible for the $6,500 credit if they owned their current home for at least five consecutive years in the previous eight years.

7 facts you need to know about the consumer Enrergy Property Credits!

Seven Facts about the Nonbusiness Energy Property Credit

Taxpayers who take energy saving steps this year may get bigger tax savings next year. The Nonbusiness Energy Property Credit, a tax credit for making energy efficient improvements to homes has been increased as part of the American Recovery and Reinvestment Act of 2009.

Here are seven things the IRS wants you to know about the Nonbusiness Energy Property Credit:

1. The new law increases the credit rate to 30 percent of the cost of all qualifying improvements and raises the maximum credit limit to $1,500 claimed for 2009 and 2010 combined.
2. The credit applies to improvements such as adding insulation, energy-efficient exterior windows and energy-efficient heating and air conditioning systems.
3. To qualify as "energy efficient" for purposes of this tax credit, products generally must meet higher standards than the standards for the credit that was available in 2007.
4. Manufacturers must certify that their products meet new standards and they must provide a written statement to the taxpayer such as with the packaging of the product or in a printable format on the manufacturers' Website.
5. Qualifying improvements must be placed into service after December 31, 2008, and before January 1, 2011.
6. The improvements must be made to the taxpayer's principal residence located in the United States.
7. To claim the credit, attach Form 5695, Residential Energy Credits to either the 2009 or 2010 tax return. Taxpayers must claim the credit on the tax return for the year that the improvements are made.

Homeowners who have been considering some energy efficient home improvements may find these tax credits will get them bigger tax savings next year.