GREEN Tax Credit Deadline Extended!

By
Mortgage and Lending with Cornerstone Home Lending Inc NMLS: 381933

The deadline to make certain tax credit eligible green home improvements has been extended to December 31, 2011. Projects include biomass stoves, HVAC (heating, ventilating & air conditioning), insulation, roofs, water heaters, and windows & doors.

The amount of the credit is 10% of cost up to $500 or a specific amount from $50 - $300, and the renovations must be done in an existing home and your principal residence. New construction and rentals do not qualify. There are other green home renovations that are tax credit eligible if you make them by December 31, 2016:

  • Geothermal heat pumps, small wind turbines (residential) & solar energy systems are eligible for a tax credit of 30% of cost with no upper limit. Existing homes, new construction, principal residences & second homes qualify. Rentals do not.
  • Fuel cells are eligible for a tax credit of 30% of the cost, up to $500 per .5 kW of power capacity. Existing homes & new construction qualify, and the home must be your principal residence. Rentals & second homes are ineligible.

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gateway_stacked_lowres

Steve Combs, NMLS 381933
Area Manager
Gateway Bank Mortgage, Inc
23076 Three Notch Rd #101
California, MD 20619
Office: (301) 476-4100 ext 2
Cell: (301) 672-8771
stevecombs@gwfh.com

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