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Stimulus Bill Affects Tax Credits for Energy Efficient Improvements

by Christie Cannon

How has the new Stimulus bill affected the tax credits for energy efficient home improvements?

On February 17, 2009, President Obama signed a stimulus bill (The American Recovery and Reinvestment Act of 2009) that made some significant changes to the energy efficiency tax credits. The highlights are:

  • The tax credits that were previously effective for 2009, have been extended to 2010 as well.
  • The tax credit has been raised from 10% to 30%.
  • The tax credits that were for a specific dollar amount (ex $300 for a CAC), have been converted to 30% of the cost.
  • The maximum credit has been raised from $500 to $1500 for the two years (2009–2010). However, some improvements such as geothermal heat pumps, solar water heaters, and solar panels are not subject to the $1,500 maximum.
  • The $200 cap on windows has been removed

Additional Information & Specifcs can be found here.

First-Time Home Buyer Tax Credits UPDATED - February 2009

by Christie Cannon
First-Time Home Buyer Tax Credits

The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.

  • The tax credit is for first-time home buyers only.
  • The tax credit does not have to be repaid.
  • The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
  • The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
  • Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit

First Time Home Buyer Tax Credit Frequently Asked Questions can be found here.


$7500 First Time Home Buyer Credit

by Christie Cannon

Some of the details include:

Homebuyer Tax Credit

Buy a home and you get a tax break! As part of the Housing and Economic Recovery Act of 2008, a First time Homebuyer Tax Credit is now available. But this special tax break ends in mid

-2009. A homebuyer tax credit has been available for first-time homebuyers in Washington, D.C. for many years, and now first-time homebuyers nationwide can take advantage of a similar benefit. In this brochure we’ll discuss some of the provisions of the credit and explain how to use it.

Am I Eligible?


How does it work?

-time homebuyers who purchase a principle residence on April 9, 2008 and before July 1, 2009 are eligible. If you (and your spouse, if married) have not owned your principle residence for a 3-year period before your purchase, and you have never taken advantage of the DC first-time homebuyer credit, you qualify as a first-time homebuyer.

Like all tax credits, it will directly reduce the total amount of taxes you owe. When you file your taxes,for the year you purchased your home (2008 or 2009), you will be able to subtract the amount of thecredit from your Federal income tax liability, increasing the size of your refund or reducing the amount you owe. For example, you file your ‘normal’ tax return and find that you owe $2,000 in taxes. With this credit, your tax liability could be lowered by $7,500—which means, you instead get a $5,500 tax REFUND check from IRS.

Detailed information from

Addtional Information from the National Association of Home Builders

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Contact Information

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Christie Cannon
Keller Williams Realty
4783 Preston Road #300
Frisco TX 75034
Fax: 214-853-4774
Keller Williams Frisco - The Christie Cannon Team -