At the beginning of 2013, President Obama signed the American Taxpayer Relief Act which extended tax credits for Energy Star rated metal roofing. The tax credits are reported to be retro-active, applying to roofing materials purchased in 2012 and 2013. An article from Houselogic.com provides more information on the matter:
If you added a heat-efficient metal or asphalt roof to your house, you’ll be better equipped to fight August’s heat. And since the government extended the energy tax credit for existing homes, you may be able to claim the $500 energy tax credit by filing IRS Form 5695 with your return.
Tax credit limits and deadlines:
- 10% of expenditures, up to a lifetime $500, for all energy improvements combined.
- A relevant roof must have been installed by Dec. 31, 2013.
- Save receipts and labels.
- For roofs, installation isn’t covered.
See Energy Star for guidelines on what exactly is covered. It’s your safest bet for information on how to get the credit.
Be warned that not all roofs, not even all roofs with the Energy Star seal, will qualify. Only specially manufactured roofs, as listed on the Energy Star site, are eligible.
The purpose of the tax credit
The metal roofing tax credit primarily serves two purposes. First is to decrease the country’s dependence on non-renewable energy sources by making homes cooler through better roofing technologies. The second is to encourage greater employment in the fast-growing metal roofing industry.
How to receive the tax credit
To be eligible for the tax credit, you need to first talk to an established Iowa roofing contractor like Waddle Exteriors to discuss about installing a new metal roof for your home. Next, confirm that the metal roof product you will choose is an Energy Star-approved metal roof specifically designed to minimize heat gain. Obtain certification for the roof product from the manufacturer or your contractor. After that, have the metal roof installed before December 31, 2013. Lastly, fill out IRS Form 5695 Residential Energy Credits the next time you file your taxes.
Metal roofing from Iowa contractors like Waddle Exteriors incorporate the best in heat-reflective technology. Consult with these roofing professionals to learn how to take full advantage of the aforementioned tax credit.
(Article Excerpt and Image from Tax Credits for Replacing Your Roof, HouseLogic, January 9, 2013)