Energy Saving This Year Could Lead to Tax Savings Next Year

The recently enacted American Recovery and Reinvestment (ARRA) of 2009 contained a number of either new or expanded tax benefits on expenditures to reduce energy use or create new energy sources. The IRS encourages individuals and businesses to explore their eligibility for any of the new energy tax provisions. More information on the wide range of energy items is available on the special Recovery section of IRS.gov. For a larger listing of ARRA’s energy-related tax benefits, see Fact Sheet 2009-10.  Tax Credits for Home Energy Efficiency Improvements Increase Homeowners can get bigger tax credits for making energy efficiency improvements or installing alternative energy equipment.  The IRS also announced homeowners seeking these tax credits can temporarily rely on existing manufacturer certif... [Read Full Article]