Tax

There is a disappearing tax credit that those who purchased a qualifying metal roofing purchase made before December 31, 2013. Actually, there is a whole block of energy-related tax credits disappearing from the FY2014.Also disappearing FY2014 are tax credits for Biomass Stoves, HVAC-related credits, Insulation, Water Heaters (non-solar), and tax credits for Windows and Doors. The Energy Policy Act of 2005 established the tax credit for energy improvements to existing homes. The credit was originally limited to purchases made in 2006 and 2007, with an aggregate cap of $500 for all qualifying purchases made in these two years combined.

The American Recovery and Reinvestment Act of 2009 further extended the credit to include improvements made in 2010 and replaced the $500 aggregate cap with a $1,500 aggregate cap for improvements made in 2009 and 2010. This credit was again renewed in 2010 for improvements made in 2011, but the credit was reduced to its original form and original cap of $500.This credit was unavailable for purchases made in 2012. The American Taxpayer Relief Act of 2012 retroactively renewed this tax credit effective January 1, 2012, expiring again on December 31, 2013.With the turbulent political climate in Washington D.C., it is certainly possible another tax relief act will address tax credits moving forward in 2014; even if retroactive in nature.For now, those customers who purchased a metal roofing system from Tri County Metals in 2013 and who are preparing taxes FY2013 will be pleased to know that you are able to apply for the tax credit which is equal to 10% of the material cost, up to $500 for “metal roofs with appropriate pigmented coatings.” See EnergyStar.gov for full details on this tax credit.

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