Good news for preservationists: You don’t have to install replacement windows to qualify for the $1,500 stimulus tax credit through the American Recovery and Reinvestment Act of 2009. Many brands of storm windows and doors also qualify for the $1,500 credit. Now old-house owners can preserve their historic windows while improving energy efficiency AND enjoying tax savings.
The new law increases (from $500 in 2007) the energy tax credit for homeowners who make energy efficient improvements to their existing homes. It raises the amount to 30% or up to $1,500 towards qualifying improvements placed in service in 2009/2010. The 2009 and 2010 rules establish a higher threshold for products that qualify as “energy efficient” for purposes of this tax credit.
To qualify, all eligible storm windows/doors (purchased from June 1, 2009 to December 31, 2010) must have a U-value of 0.30 or lower and solar heat gain coefficient of 0.30 or lower. To claim the credit, you need a Manufacturer’s Certification Statement. This is a signed statement from the manufacturer certifying that the product or component qualifies for the tax credit. Taxpayers must keep a copy of the certification statement for their records, but do not have to submit a copy with their tax return. Some manufacturers provide these Certificates on their web sites, while others do not.
Information compiled by Adrian Scott Fine, Director, Center for State and Local Policy, National Trust for Historic Preservation. Used with permission of the National Trust.
Ohio Historic Tax Credit Program Accepting Applications
On July 1, 2009, the Ohio Department of Development will begin accepting applications for the third round of the Ohio Historic Preservation Tax Credit program.
The program provides a tax credit for rehabilitation expenses to owners of income-producing, historically significant buildings. It subsidizes 25 percent of qualified rehabilitation expenditures. To be eligible, a building must be listed in the National Register of Historic Places, individually or as part of a historic district, or listed as a historic landmark by a certified local government.
The yearlong application period will be divided into two six-month rounds to provide faster application determinations, help applicants secure financing more easily and allow projects to begin sooner. The following are application periods for fiscal year 2010:
ROUND 3 (July 1, 2009-December 31, 2009)
Application Submission Window: July 1-September 30, 2009
Review Period: October 1-November 30, 2009
Approved Applications Announced by: December 31, 2009
ROUND 4 (January 1, 20100-June 30, 2010)
Application Submission Window: January 4 – March 31, 2010
Review Period: April 1 – May 31, 2010
Approved Applications Announced by: June 30, 2010
The Ohio Historic Preservation Tax Credit program is part of the $1.57 billion Ohio Bipartisan Job Stimulus Plan, which set $120 million aside for preservation credits. It is administered by the Ohio Department of Development in partnership with the Ohio Department of Taxation and the Ohio Historical Society.
The Ohio Legislature has just approved two amendments to the state tax credit legislation. One authorized the creation of a loan guarantee fund for tax credit projects. Heritage Ohio, a statewide advocacy group, is working on getting federal money to help fund this program.
The other amendment allows more flexibility in the allocation of the existing credit (allowing disproportional distribution of the credit relative to ownership in the project). This is important for projects that use federal New Market Tax Credits.
