Management
ENERGY CREDITS FOR HOMEOWNERS
The Treasury Department and the IRS have released Notice 2006-26 providing guidance on tax credits for homeowners who make energy-efficient home improvements. The Energy Policy Act of 2005 added a new Nonbusiness Energy Property Credit (IRC §25C) available for tax years 2006 and 2007 (filing seasons 2007 and 2008) only. There are two categories of property that qualify for the credit.
Qualified energy efficiency improvements. These are eligible building envelope components that meet or exceed criteria established by the 2000 International Energy Conservation Code that are installed in the taxpayer's primary residence. Eligible items are:
Insulation material or systems.
Exterior windows, skylights, or doors.
Storm windows and storm doors installed over certain types of windows and doors.
Metal roofs.
Taxpayers may rely on the manufacturer's certification statement that an item is an eligible building envelope component, with this......
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