There's a catch to the first-time-home-buyer tax credit already on the books: Those who receive the credit must pay it back over the years to come. But one provision in the stimulus bill approved by the House of Representatives this week would remove that repayment requirement.
The credit gives buyers who haven't owned a home in the past three years up to a $8,000 credit for buying a home before December. Critics of the current tax credit said the repayment feature made the incentive less appealing, and didn't serve its purpose of luring more buyers back into the market.
Tax Credits for Home Improvements
"Rebates available for improvements made during 2009."
On October 3, 2008, former President Bush signed into law the "Emergency Economic Stabilization Act of 2008." This bill extended tax credits for energy efficient home improvements (windows, doors, roofs, insulation, HVAC, and water heaters). Tax credits for these residential products, which had expired at the end of 2007, will now be available for improvements made during 2009. However, improvements made during 2008 are not eligible for a tax credit.
The products covered by the tax credit in 2009 include:
Insulation
Windows (including storm windows)
Skylights
Doors (including patio & sliding glass)
Metal Roofs
Asphalt Roofs
Central Air Conditioners
Air Source Heat Pumps
Geo-thermal Heat pumps
Gas, Oil, or Propane Furnace or Hot Water Boiler
Advanced Main Air Circulating Fans
Gas, Oil or Propane Water Heaters
Electric Heat Pump Water Heaters
Solar Water Heaters
Photovoltaic Systems (solar panels)
Fuel Cells
Products not covered by the tax credit included:
Refrigerators
Dishwashers
Clothes Washers
Room Air Conditioners
Ceiling Fans
Programmable Thermostats
For more information on products covered by the tax credit, visit: www.energystar.gov/taxcredits
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