/PRNewswire/ -- The Tax Incentives Assistance Project (TIAP) urges U.S. homeowners to enjoy the "triple crown" of energy efficiency -- lower home energy bills, lower federal income taxes, and increased home comfort -- by making energy efficiency home improvements that qualify for up to $1,500 in federal income tax credits.
Savvy consumers who make such energy efficiency upgrades can also be proud of reducing their personal carbon footprint -- because using less energy in their homes means emitting less pollution, too.
The federal income tax credits for specific home improvements are available now through 2010, thanks to the American Recovery and Reinvestment Act of 2009 (ARRA), which extended energy efficiency tax credits available in 2006 and 2007 but not 2008.
"The ARRA tax credits are very similar to those that were in effect a few years ago and renewed for 2009 only in the Troubled Asset Relief Program (TRP) last fall," said Steve Nadel, executive director of the American Council for an Energy-Efficient Economy (ACEEE), a TIAP founder.
"But the ARRA tax provisions include some 'new wrinkles' that are important for consumers to be aware of, so they can be sure to install the specific products and equipment that qualify for the 2009-10 tax credits. TIAP is making it easy for taxpayers to purchase eligible products by providing all the needed information on the TIAP Web site (www.energytaxincentives.org), which also includes links to other helpful sites."
"The ARRA tax credits are potentially worth three times as much as the 2006-07 tax credits, at up to $1,500," noted Kateri Callahan, president of the Alliance to Save Energy, another TIAP founder. "This more generous dollar amount puts energy- and money-saving home improvements within reach for more American homeowners. And the longer time frame, through 2010, gives homeowners more than a year to plan and budget for the more costly energy efficiency upgrades, which will then provide a terrific return on investment in lower energy costs for years to come."
Some of the important details on the home improvement tax credits are as follows:
-- For each type of qualifying equipment, the credit is for 30 percent of
the cost up to $1,500.
-- It is a one-time tax credit that can be claimed in part or in whole
for tax year 2009 and/or tax year 2010.
-- Homeowners who claimed the $500 credit available in 2006-7 can claim
the remaining $1,000 credit for additional products bought and
installed in 2009 and/or 2010.
-- There are two basic categories of qualifying equipment -- "building
envelope" products and heating and cooling equipment.
-- Building envelope products are replacement windows (including storm
windows, storm doors, and skylights), certain ENERGY STAR asphalt and
metal roofs, insulation, and other sealing products.
-- Heating and cooling equipment includes furnaces, boilers, ground
source or geothermal heat pumps, gas or propane water heaters, central
air conditioning systems (but not window air conditioner units), and
biomass stoves.
-- Installation costs are not covered for building envelope products.
-- Installation costs are covered for heating and cooling equipment.
-- For some products, the qualifying criteria are more stringent than
they were in 2006 and 2007 and in early 2009 under TARP. For example,
all ENERGY STAR windows no longer qualify; now they must meet
additional energy efficiency criteria (spelled out on the TIAP Web
site at http://energytaxincentives.org/consumers/insulation_etc.php.)
-- Specific efficiency criteria also apply to heating and cooling
equipment;
(http://energytaxincentives.org/consumers/heating-cooling.php).
-- Under TARP, the 2006-7 criteria for qualifying products were in effect
from January 1, 2009 through February 17, 2009, when the ARRA was
signed.
-- The TARP criteria, however, apply to exterior windows and skylights
purchased and put into service before June 1, 2009.
-- Homeowners who purchased and put into service equipment under the TARP
criteria between January 1 and February 17, 2009, can claim the higher
($1,500) tax credit amount.
-----
www.georgiafrontpage.com
Georgia Front Page
www.fayettefrontpage.com
Fayette Front Page
Thursday, June 18, 2009
Homeowners Can Cut Federal Income Taxes Up to $1,500 and Reduce Home Energy Bills With Energy Efficiency Tax Credits
Friday, March 27, 2009
New Report: Obama Budget Proposes Direct College Aid for 8,722 More Students in Georgia
/PRNewswire / -- An additional 8,722 students in Georgia would receive Pell Grants if excessive lender subsidies are cut, according to a new report released today by the Campaign for America's Future. Today's report shows that this simple change would provide an average Pell Grant of $3,010 to about 181,580 students across the state.
With the average cost of tuition at a public college in Georgia increasing by 19 percent between 2000 and 2007 and up 6 percent in the last year alone, President Obama's budget calls for a cut in lender subsidies to make the financial aid system more efficient.
Campaign for America's Future co-director Robert Borosage said the president's budget proposals would make major changes to the federal financial aid system so more families can pay for college.
"Family incomes and college grants haven't kept pace with soaring tuition costs," said Borosage. "No student should be priced out of the college they need to succeed in the modern economy. With more and more high school graduates putting off higher education because they can't afford it, the president's budget would help provide the change students and families need."
The college affordability proposals in the president's budget would increase and expand Pell Grants and Perkins loans, make the American Opportunity Tax Credit permanent, broaden the U.S. Department of Education Direct Loan program, phase out bank loan subsidies and create state and federal partnerships to help students complete their college education.
**NOTE: An electronic copy of the Georgia college aid report is available at www.ourfuture.org/collegeaid2010.**
BACKGROUND ON COLLEGE AFFORDABILITY PROVISIONS IN PRESIDENT OBAMA'S BUDGET
President Obama's budget addresses both the immediate economic concerns as they relate to higher education as well as sets the stage for future higher education investment and success.
INCREASES THE MAXIMUM PELL GRANT TO $5,550, MAKES PELL GRANT FUNDING MANDATORY, AND KEEPS FUTURE INCREASES TIED TO INFLATION.
Nearly 5.6 million students from low and moderate income households are able to attend college this year due in part to Pell grants. Originally designed to cover 80% of the cost of college, Pell grants currently cover just 1/3 of the cost. Presently, Pell grant funding is discretionary and determined by the annual budget process. The budget will make Pell grant funding mandatory to help eliminate uncertainty and prevent funding shortfalls. The budget also increases the Pell grant maximum to $5,550 for the 2010-11 school year and indexes the maximum grant to grow with inflation in the future.
MAKES THE PARTIALLY REFUNDABLE $2,500 AMERICAN OPPORTUNITY TAX CREDIT PERMANENT
The American Recovery and Reinvestment Act created a new partially refundable $2,500 American Opportunity Tax Credit over the next two years to provide a tax break to millions of families, including low-income families who don't pay taxes and therefore currently get no tax relief for college. Up to $1,000 of the credit is refundable for low-income families, and the credit itself is phased-out for taxpayers whose adjusted gross income is in excess of $80,000 ($160,000 for married couples filing jointly.) The budget proposal makes the American Opportunity Tax Credit permanent.
BROADENS THE U.S. DEPARTMENT OF EDUCATION DIRECT LOAN PROGRAM AND PHASES OUT THE FFEL PROGRAM
There are two federal student loan programs -- the Federal Family Education Loan (FFEL) program and the Direct Loan program. FFEL loans are federally guaranteed loans issued by banks and other lenders, who are provided subsidies by the federal government for providing the loans. The tightening of credit markets essentially made the FFEL program untenable on its own last year prior to the passage of the Ensuring Continued Access to Student Loans Act. The proposed budget would end the FFEL program and subsidies to lenders on all federal student loans beginning in July 2010. The Direct Loan program, which has operated successfully since 1994, issues loans directly from the U.S. Department of Education. Transitioning entirely to the Direct Loan program is projected to save taxpayers $4 billion a year that can be used for increased student aid, rather than lender subsidies.
EXPANDS AND MODERNIZES THE PERKINS LOAN PROGRAM.
Perkins Loans are low-interest federal loans available to students enrolled in a participating college or university with a demonstrated exceptional financial need not met by Pell grants or other federal loans. Currently, only 1,800 out of 4,400 institutions participate in the Perkins loan program. The budget proposal would seek to make Perkins Loans available to more than double the number of institutions it currently serves. The budget would also increase funding for Perkins Loans by $5 billion -- up from the current $1 billion available in Perkins Loan aid. President Obama also proposes restructuring the program to provide an estimated 2.7 million additional students with the average Perkins Loan each year -- a five-fold increase over the current 500,000 students receiving Perkins Loans.
IMPROVES COLLEGE COMPLETION THROUGH STATE-FEDERAL PARTNERSHIP
The budget provides for a five-year, $2.5 billion fund available to states for innovative programs and research aimed at improving college success and completion rates, particularly among students from disadvantaged backgrounds.
-----
www.fayettefrontpage.com
Fayette Front Page
www.georgiafrontpage.com
Georgia Front Page
