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The Energy Policy Act of 2005 (EPACT), signed by President Bush on August 8, 2005, offers consumers and businesses federal tax credits for purchasing fuel-efficient hybrid-electric vehicles and energy-efficient appliances and products.
Thanks to the Emergency Economic Stabilization Act of 2008, most of these tax credits which had expired at the end of 2007 will now be available for improvements made during 2009 and 2010. Of note, improvements made during 2008 are not eligible for the tax credit.
Consumers who purchased and installed specific products, such as energy-efficient windows, insulation, doors, roofs, and heating and cooling equipment in the home can receive a tax credit of up to $1500 for the 2009 and 2010 tax years.
The Internal Revenue Service (IRS) has provided guidance for consumers: IRS Notice 2006-26. ENERGY STAR® is studying IRS guidance.
For full details visit the ENERGY STAR website. You can also check out the Tax Incentive Assistance Project (TAIP).
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