There are two new energy credits available to eligible taxpayers on their 2009, 2010 & 2011 Michigan tax returns. I am frankly shocked that these two credits where maintained during the budget cuts that came out of Lansing in October. In fact the state would have been far better off taking the tax monies from these credits and transferring them to its national award wining “Pure Michigan” advertising campaign.
Home Improvement/Appliance Credit
The credit is equal to 10% of EPA energy star certified appliances; the maximum credit is $75 for single taxpayers and $150 for married tax payers. This credit can be claimed on Michigan form 4764.
Energy Cost Recovery Surcharge Credit:
This non-refundable credit is available to both homeowners and renters who pay electric bills and is capped at $9 per meter in 2009. This credit can be claimed on Michigan Schedule 2.
For more information on these credits, including eligibility and income limitations please visit click here to visit the Michigan.gov taxes page.
This article was written by Jay Kossen, CPA at Numerico, PC. Click here to view Numerico’s website.
