INSIGHTS & IDEAS

2006/7 Energy Credits

Nonbusiness Energy Property Credit (Form 5695)
 
Lifetime maximum credit of $500
Installation costs are not included.
The taxpayer must maintain original receipt, and either original energy star label or manufacturer's certification statement.
  
The following items could be eligible for the credit
  
Exterior windows, skylights, and storm windows10% of cost, up to $200
Exterior doors and storm doors10% of cost, up to $500
Metal roof10% of cost, up to $500
Insulation10% of cost, up to $500
Central A/C Unit$300
Air source heat pumps$300
Geo-thermal heat pump$300
Furnace or hot water boiler$150
Advanced main air circulating fan$50
Water heater$300
Electric heat pump water heater$300
  
Claim for Home Heating System Credit (NY Form IT-240)
  
Maximum credit of $500 
Installation costs are not included. 
The taxpayer must maintain original receipt, and either original energy star label or manufacturer's certification statement.
Credit is only for replacement, not new construction. 
Credit is equal to 50% of the purchase price, with a max. of $500.
Costs must be incurred between July 1, 2006 and July 1, 2007.
For the credit to be taken in 2007 the installation must be completed by December 31, 2007, and must have been paid for prior to July 1, 2007.


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