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Green Tax Credits Boost Incentives by ProQuest

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The Internal Revenue Code section 25 C tax credit for existing homes, which had expired at the end of 2007, was reinstated as part of the economic rescue package passed by the Bush Administration last fall.

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        Green Tax Credits                                                                                                            generated sales of almost $57 billion, according
                                                                                                                                     to a study released by the Freedonia Group,
                                                                                                                                     Inc., a Cleveland-based industry research firm.
                                                                                                                                     Although green building materials are expected



        Boost Incentives
                                                                                                                                     to account for an increasing share of materials
                                                                                                                                     used, growth will be driven primarily by the
                                                                                                                                     recovery of the residential market.




                    xpanded tax credits for energy-efficient                         Pro Energy provides technical, operational      Consumer Financing
          E         home improvements in the new economic
                    stimulus package are expected to provide
                                                                                and marketing support, as well as training. The
                                                                                total initial investment, including the franchisee   GE Money/NKBA to Offer Credit
        additional financial incentive for homeowners to                        fee, is $35,000.                                         GE Money and the National Kitchen and
        go green on their renovation projects in 2009 and                                                                            Bath Association (NKBA) announced a multi-
        2010, according to the NAHB Remodelers.                                                                                      year relationship to provide consumer financ-
             Congressional estimates indicate that the new                                                                           ing. The Home Design program, a revolving
        rules for the tax incentive will increase aggregate                     Lead Abatement                                       credit program backed by GE Money’s Sales
        remodeling activity by more than $6 billion.                                                                                 Finance unit, is now available nationwide
             The Internal Revenue Code section 25C tax                          First Part of EPA Rule Implemented                   through NKBA dealer, designer and builder/
        credit for existing homes, which had expired at the                         Contractors perform-                             remodeler members.
        end of 2007, was reinstated as part of the economic                     ing renovation, repair                                   Programs are available for both product
        rescue package passed by the Bush Administration                        and painting work                                    purchases and customers making purchases that
        last fall. However, remodelers found that the terms                     that disturb lead-based                              involve a larger kitchen or bath project. The
        of the 25C credit — equal to only 10 percent of                         paint are required (as of                            credit program does not require transaction fees
        the cost of each product and with a lifetime cap                        December 2008) by the                                on standard sales.
        of $500 — weren’t strong enough to push enough                          Environmental Protection
        homeowners off the fence and into action.                    
								
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