Curious about possible tax credits for metal roofing? We’ve got some info to share on one that could be worth up to $500.
Keep in mind as we go over this topic that tax laws are updated regularly. You’ll want to confirm your own eligibility and discuss this topic with your tax advisor before making any decisions.
Here’s the gist: An Interlocking Lifetime Roofing System (like those installed by Mountaintop Metal Roofing) is considered to be an “eligible building envelope component” that should qualify for a federal tax credit.
Metal Roofing Tax Credits
The Internal Revenue Service states that in “2018, 2019, 2020, and 2021, an individual may claim a credit for (1) 10% of the cost of qualified energy efficiency improvements and (2) the amount of the residential energy property expenditures paid or incurred by the taxpayer during the taxable year (subject to the overall credit limit of $500). Qualified energy efficiency improvements include … metal and asphalt” roofs.
What’s more, the tax credits have been retroactively extended from Dec. 31, 2017, through Dec. 31, 2021.
Some of the details:
- The credit may be up to 10% of the purchase price of roofing materials (maximum credit of $500). The tax credit does not include installation costs.
- Lifetime limitation of $500
- The federal tax credit is applicable for an Interlock Lifetime Roofing System that was “placed in service” between Jan. 1, 2021, and Dec. 31, 2021.
- An Interlock Lifetime Roofing System meets the following qualifications:
- appropriate pigmented coatings that are specifically and primarily designed to reduce the heat gain of a dwelling unit when installed on the dwelling unit
- ENERGY STAR program requirements for steep slope roofs
As we mentioned above, you’ll want to confirm that you qualify for the metal roofing tax credits. Best thing is to speak with your financial advisor or tax advisor.
In the meantime, Mountaintop Metal Roofing can talk to you about a new metal roofing project for your home. We’ve recently been named the best metal roofing contractor in Portland, so you can be sure that we have the experience and the tools to get the job done right.
Let us know if you have any questions. We look forward to speaking with you!