Passed at the beginning of the new year to avoid tax increases for most Americans, as well as significant, across-the-board spending cuts, the American Taxpayer Relief Act of 2012 is bringing back energy efficient tax credits for windows, doors and skylights.
The bill reinstates the tax credits that expired at the end of 2011 and extends them through the end of 2013.
The homeowner tax credits have been reinstated at the 2011 levels of up to 10% of the cost of building envelope improvements with a maximum deduction of $500.
The credits, in place retroactively for 2012 and in effect through the end of 2013, also include a maximum credit of $200 for windows. This tax credit is available to homeowners to have not already taken this tax credit in previous years.
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