Great News! The Home Window Film Federal Tax Credit Continues
It was announced that a federal tax credit of $500.00 is still available for residential energy efficiency upgrades that include window film. A press release on APNews.com explained it this way.
“The tax credit is available for up to 10 percent of the documented amount paid for qualified nonbusiness residential energy efficiency improvements installed during 2019 and this year through December 31, 2020. The credit may also be available for window fim installed in 2018 with the filing of an amended tax return. The tax credit for qualifying energy saving products is cumulative for a total, combined, credit limit of $500 for all tax years after 2005.”
The tax form reads as follows regarding the program.
You may be able to take a credit equal to the sum of:
- 10% of the amount paid or incurred for qualified energy efficiency improvements installed during 2019, and
- Any residential energy property costs paid or incurred in 2019.
However, this credit is limited as follows;
- A total combined credit limit of $500 for all tax years after 2005.
The part that spells out window films inclusion reads as follows;
Qualified energy efficiency improvements. Qualified energy efficiency improvements are the following building envelope components installed on or in your main home that you owned during 2019 located in the United States if the original use of the component begins with you, the component can be expected to remain in use at least 5 years, and the component meets certain energy standards.
• Any insulation material or system that is specifically and primarily designed to reduce heat loss or gain of a home when installed in or on such a home.
*Please Note: We are not accountants or tax experts. Please confer with the person that does your taxes about this federal tax credit and your ability to qualify.*
I hope that this information helps you to be able to take advantage of this program and improve the energy efficiency of your home. If you determine that you qualify and would like to move forward with getting a quote on home window film, contact a local Window Film Pro at the link below: