Don’t miss out on
big stimulus savings.
“Thanks to the American Recovery and Reinvestment Act, New York’s middle-income families
could potentially see tax savings of $3,000 to $5,000. However, these incentives are only available
for a limited time. If you think you may qualify for any of these tax credits or benefits, it’s important
that you act soon and secure your savings before time runs out.”
– Assemblyman Rivera
The following are available tax credits and
cut-off dates for federal government
stimulus benefits.
End-of-the-year deadlines are fast approaching,
so be sure to secure available credits
and incentives while they last!
Tax credits for college
The American Opportunity credit has modified the existing Hope
Credit for tax years 2009 and 2010. The credit is now available to
a broader range of taxpayers, including those with higher incomes
and those who owe no taxes. Many of those eligible will qualify for
a maximum annual credit of $2,500 to cover tuition, books and other
related school fees.
Computer purchase credits
The American Recovery and Reinvestment Act has expanded the list of expenses covered
by the 529 plan. Those enrolled in the college tuition savings program may be eligible to have
the cost of laptops and related computer programs covered for college during 2009 and 2010.
New car purchase
Those who purchase a new car, truck, motor home or motorcycle between Feb. 16, 2009, and
Jan. 1, 2010, may be eligible to deduct the state and local sales tax. There is no limit on the
number of vehicles purchased, but the deduction per vehicle is limited to the first $49,500 of the
purchase price.
Homebuyer tax credits
First-time homebuyers qualify for a tax credit of up to $8,000 if they buy or enter into a
binding contract to buy a principal residence on or before April 30, 2010, and close on the
home by June 30, 2010. Military personnel have an extra year to purchase. Others may qualify
for a reduced credit if they’ve lived in a house for five consecutive years over an
eight-year span. Rental property and vacation homes don’t qualify.
Energy-efficient home improvements
Credits and incentives up to $1,500 are available to homeowners who invest in energy-efficient
improvements such as adding insulation, energy-efficient windows and energy-efficient heating
and air conditioning systems. In addition, homeowners who install residential alternative energy
equipment – like solar heating systems – may qualify for a credit equal to 30 percent of the cost.
To qualify for these credits, improvements must be placed into service in 2009 or 2010.
For more information on eligibility for these and other government benefits and incentives, visit:
