Homeowners who missed out on the big home-improvement tax breaks that were to expire next week are in for some good news.
The tax breaks have been extended in the tax package signed Friday by President Barack Obama.
The bad news: They will be a fraction of what they have been and will be unavailable to most of those who already received them.
Under the expiring plan, which was part of the 2009 stimulus package, homeowners are eligible to receive up to a $1,500 tax credit if they make energy-saving improvements to their home by Dec. 31. Among the improvements that qualify: windows, doors, insulation, furnaces, air conditioners, roofs and water heaters.
Under the new law for 2011, the total tax credit allowed per homeowner will drop from $1,500 to $500. In addition, those who have already claimed at least $500 in breaks will be ineligible.
Check out this great article regarding the tax breaks for energy efficient upgrades in your home, and how the deadline has been extended!
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