On October 3, 2008, President Bush signed into law the Emergency Economic Stabilization Act of 2008.
This bill extended tax credits for energy efficient home improvements, including:
- non-solar 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 bill also extended tax credits for solar energy systems and fuel cells to 2016.
New tax credits were established for small wind energy systems and plug-in hybrid electric vehicles.
Tax credits for builders of new energy efficient homes and tax deductions for owners and designers of energy efficient commercial buildings were also extended.
For more, visit EnergyStar
or talk to your tax adviser.