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• Make the Most of Energy Efficient Tax Credits for 2008

Make the Most of Energy-Efficient Tax Credits for 2008

Hurry to consider the tax benefit of using energy-efficient techniques in homes built this year. Eligible contractors can qualify for a credit of $2,000 for new energy-efficient homes built and sold before Jan. 1, 2009. Check with your tax advisor for qualifying information to confirm this year's benefits.

According to Blackman Kallick Tax Highlights, homes must be certified to have annual heating and cooling energy consumption at least 50% below that of comparable homes; and have building envelope component improvements that account for at least 1/5 of the 50% decrease.

Building envelope components include insulation materials or systems specifically and primarily designed to reduce heat loss or gain or exterior windows, skylights, doors, any duct sealing and infiltration reduction measures.

Any credit received will reduce the contractor's basis in the home.

For more information see www.bkadvice.com or pursue your own financial guidance.

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