Recent legislation introduced in the U.S. House of Representatives seeks to restore the Section 25C tax credits for energy efficient fenestration products.
The credit, which expired at the end of 2011, was reintroduced under The Home Energy Savings Act (H.R. 6398) by Representatives Jim Gerlach (R-Pa.) and Richard Neal (D-Mass.).
Many industry experts believe the Section 25C tax credit would help stimulate jobs while enabling homeowners to save money by reducing their energy consumption. Others support the tax credit as facilitating the sale of higher-performing fenestration products.
According to WDMA, the new bill would initially extend the credit at the 2011 levels of 10 percent (up to $200) for windows and skylights and 10 percent (up to $500) for doors through 2013. Beginning in 2014, the credit would expand to 10 percent (up to $1,000) for all qualifying products, including ENERGY STAR® windows, doors, and skylights. Beginning in 2014, installation costs would also be eligible for the credit.
WDMA further states that data from the Internal Revenue Service shows the Section 25C tax credit helped Americans invest over $25 billion in remodeling and efficiency upgrades during 2009.
Should the restoration of the tax credits take place, the National Fenestration Rating Council (NFRC) will assist the public in understanding how to use it to their advantage when purchasing fenestration products. NFRC will accomplish this by creating fact sheets and providing additional resources for the public to acquire all the details they need.
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Thursday, October 18, 2012
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