Window Tint to Get New Tax Credit Benefits and an Extension Through 2032
This past August, the Biden Administration announced the Inflation Reduction Act which included a variety of different things from a focus on climate change and energy, to healthcare costs and prescription drugs. Hidden within the deal are residential efficiency tax credits (window tint tax credits) which have been extended through 2032, and that may apply to window films for taxpayers’ homes.
The New Credit
The IRS has stated that existing Non-Business Energy Property Tax Credits can be applied retroactively from 2022 through 2032. The annual tax credits are good for up to 30% of the cost of the improvement up to an annual maximum credit of $1,200.
Window films, which can easily be installed can save about 5 to 10 percent of a building or home’s total energy bill. Most films, permanently stick to the existing glass windows and are designed to block 40 to 60 percent of room heat being lost through the glass. They can also reduce air conditioning costs by 30 percent during the cooling season.
“Window films are often the unsung hero when it comes to reducing carbon emissions as they reduce energy use and can be readily installed to upgrade existing windows as part of a building’s envelope,” said Darrell Smith, executive director of the International Window Film Association (IWFA). “Window films offer a cost-effective way to improve a home’s energy efficiency by reducing solar heat gain coming into the interior in summer, as well as helping to retain heat in winter,” added Smith.
Related Article: Residential Window Tint Saves Money and Energy
Under the existing rules of the IRS and the International Energy Conservation Code (IECC), the window tint tax credit qualifies as an insulation material or a system that is specifically and primarily designed to reduce heat loss or gain in a home. This provision provides taxpayers with a 10 percent tax credit with a lifetime maximum of $500. So, with this new law in place under the Inflation Reduction Act, it significantly increases the amount of the credit as well as extends it through 2032, as well as extends the offer to non-primary residences.
Are You Eligible?
There are certain income limitations under the IRS that may affect a homeowner’s eligibility and tax credits that may be used. Additionally, certain stipulations may prevent you from taking the credit. Anyone who is looking to claim this credit is encouraged to speak with a trusted tax advisor.
SAVE MONEY WITH TINTMASTER
If you want to enjoy lower utility bills or qualify for a possible window tint tax credit, get residential window tinting for your home. At Tintmaster we have spent the last 25 years providing each of our clients with high-quality window tinting and would certainly love to do the same for you.
So remember, window tint saves money and when it comes time to invest in quality tinting for your home, there’s only one master; that’s Tintmaster!
AS A FAMILY OWNED AND OPERATED BUSINESS, TINTMASTER PRIDES THEMSELVES ON PROFESSIONAL INSTALLATION, HIGH-QUALITY MATERIALS, AND UNPARALLELED CUSTOMER SERVICE. THEY HAVE BEEN SERVING THE SACRAMENTO AREA SINCE 1989 AND HAVE BUILT A REPUTATION FOR EXCELLENCE. IF YOU NEED AUTOMOTIVE, RESIDENTIAL, OR COMMERCIAL WINDOW TINTING, GIVE THE SPECIALISTS AT TINTMASTER A CALL AT 916-852-8468.
This information was sourced from DSJ CPA | By Ryan Cvitkovich | Published September 7, 2022
Infographic sourced from GlobalTintUSA