Block · one region of the page, as the scanner read it. It may hold a whole story, part of one, several, or an advertisement; stitching blocks into articles is the next step. Text is supplied OCR.
Page 8 · column 4 of 9 · from the scan, no model involved
By NANCY SECRIST
VP1 Extension Agent
ENERGY-SAVERS
RECEIVE TAX CREDIT
If you have been meaning to install weatherstripping, storm doors, or insulation, now is the time to do it.
The Energy Tax Act of 1978 provides for federal tax credits to those who install energy-saving equipment in their residences. The credits cover both “energy conservation expenditures,” for materials like those listed above, and “renewable energy source expenditures,” for solar, wind-powered, or geothermal equipment.
Wood-burning stoves, heat pumps, and hydrogen-fueled equipment are not included in the credit system.
Eligible expenditures must be made on the taxpayer’s principal residence: renters as well as homeowners may claim the credits if they meet all other requirements.
A credit of 15 per cent of total qualifying expenditures up to $2,000, for a maximum credit of $300, is available for energy conservation expenditures; for renewable emergency source expenditures, the credit is 30 per cent of qualifying expenditures up to $2,000 and 20 per cent of additional expenditures up to $10,000, or a maximum credit of $2,200. A credit must amount to $10 before it can be claimed.
The expenditure limits are not yearly, but cumulative. That is, credits claimed between this year and 1987, when the Act expires, may total no more than the maximum amount in each category. However, the totals apply to expenditures made on the same residence. A taxpaper who claims the credits and then moves is eligible for credits up to the maximum in each subsequent principal residence. The energy credits are nonrefundable. The credit claimed cannot exceed the amount of tax owned. Expenditures must be claimed in the year they occur. A taxpayer need nbt itemize deductions to claim
94.5%