The U.S. government is offering tax credits to homeowners
to buy qualifying insulated garage door
. Under stimulus legislation
signed by President Obama on Feb, 17, 2009, tax credits for energy-efficient home improvements
, including garage door parts, have been extended and increased significantly.
That means by adding a new garage door in 2009 or 2010 can save you money! Installing insulated garage door parts can help lower your home energy consumption and costs, and will help pay for itself this year through the tax credit incentive. Tax credits
are more valuable than an equivalent tax deduction because a tax credit reduces tax dollar-for-dollar, while a deduction only decreases the amount of income that is taxed.
Garage door tax credit details include:
- Alt=Garage Door Tax CreditsTax credits are available for qualifying purchases of garage doors and garage door parts that were “placed in service” from Jan. 1, 2009, through Dec. 31, 2010. Garage door and garage door parts purchased in 2008 are not eligible for the tax credit.
- The maximum tax credit that a taxpayer may claim from all qualifying garage doors and garage door parts combined is 30 percent the cost of each product and $1500 over the lifetime of the tax credit periods (2009 and 2010).
Garage Door Tax Credit Eligibility
To be eligible for the garage door tax credit
, the purchased garage doors and garage door parts must meet all of the following criteria:
- The garage doors and garage door parts must be installed on a residential insulated garage door.
- The garage doors must have a U-factor equal to or less than 0.30, even if the door contains glazing.
- The garage doors perimeter must have a means to control air infiltration.
- The garage doors and garage door parts must be expected to remain in service for at least five years.
- The garage must be part of the taxpayer’s principal U.S. residence.
- Dealers should provide homeowners with a Manufacturer’s Certification statement and a breakdown of the material and labor costs.
Garage Door Tax Credits Calculation
Alt=Garage Door Tax Credits for Parts and Insulated Doors
The homeowner’s tax credit is based on the total material cost of the purchase, including the garage door and the garage door parts. However, the cost of installation does not qualify. The tax credit is equal to the sum of 30 percent of all qualified energy-saving improvements installed in an existing home in the calendar years of 2009 and 2010. The maximum credit is $1500.
For example, if a homeowner paid $2,500 in garage door parts for two qualified insulated garage doors, that individual would be eligible for a $750 tax credit. If the garage door parts were $1,000, the tax credit would be $300.
Good Time to Buy
The tax credit essentially gives the homeowner a 30 percent savings off the cost of the garage doors and garage door parts. If additional incentives are offered by your dealer, the savings could be even more attractive.
For more online information on garage door tax credits go to GarageWowNow.com
. GarageWowNow.com is sponsored by the Door & Access Systems Manufacturers’ Association (DASMA), and by the International Door Association (IDA). All dealers in the GarageWowNow search database are IDA dealer members who practice the IDA Code of Business Conduct, which signifies their commitment to quality, excellence and customer service.