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Federal Stimulus Money Available to Local Homeowners

March 26, 2009

Federal Stimulus Money Available for Local Homeowners

The Milwaukee/NARI Home Improvement Council, Inc., the area’s leading home improvement and remodeling industry resource for more than 47 years, reminds homeowners that the American Recovery and Investment Act of 2009 provides incentives to undertake energy efficient repairs and remodeling. “The credit is up to 30 percent of the amount spent with a $1,500 cap,” said Tom Kammerait, CPA with von Briesen & Roper, s.c., a Milwaukee/NARI member.

This includes energy-efficient windows, doors, appliances, heating systems, or alternative energy products if they are installed within the next two years. The type of products eligible for these tax credits include, but are not limited to:

• Replacement Windows and Skylights

• Insulation (excluding Exterior Siding)

• Energy Star Appliances

• Solar Water Heating Systems

• Exterior Doors

• Metal and Asphalt Shingle Roofs

• Central Air Conditioning, Heat Pumps, Furnaces, and Boilers

• Water Heaters

• Wind Turbines

• Geothermal Heat Pumps

• Solar Photovoltaic Panels

To be eligible for the tax credit, the products must have the Manufacturer Certification Statement or Energy Star Labels and Kammerait advises homeowners to keep all documents and receipts.

First-time homebuyers also benefit with a tax credit of $8,000 through Nov. 30, 2009. “So long as a homeowners stays in his or her residence for at least 36 months, the credit does not need to be repaid,” Kammerait said. “This credit begins phasing out for individuals with an adjusted gross income of $75,000 or for married individuals filing jointly with an adjusted gross income of $150,000. “As always, you should check with your own tax advisors on how this information might apply to your situation,” Kammerait said.

For additional information, visit www.irs.gov/newsroom/article/0,,id=204335,00.html or www.energystar.gov.

The Milwaukee/NARI Home Improvement Council was chartered in July 1961, as a Chapter of the National Home Improvement Council. In May of 1982, the National Home Improvement Council merged with the National Remodelers Association to form NARI – the National Association of the Remodeling Industry. With over 900 members, the Milwaukee Chapter is the largest in the nation. The Council’s goals of encouraging ethical conduct, sound business practices, and professionalism in the remodeling industry have led to the growth of the remodeling industry nationwide and made NARI a recognized authority in that industry.

For more information on the Milwaukee/NARI Home Improvement Council or to receive a free copy of the annual membership roster listing all members alphabetically and by category, and the booklet “Milwaukee/NARI’s Remodeling Guide”, call (414) 771-4071 or visit the Council’s Web site at www.milwaukeenari.org.

 

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