CPFilms: tax credit for residential windows films

CPFilms(R) Inc., a wholly owned subsidiary of Solutia Inc., and the world“s leading producer of professional window films for automotive, residential, and commercial markets, has announced that its V…

CPFilms(R) Inc., a wholly owned subsidiary of Solutia Inc., and the world“s leading producer of professional window films for automotive, residential, and commercial markets, has announced that its Vista(R), LLumar(R) and Gila(R) energy-saving window films will qualify for a federal tax credit in 2009. Homeowners can now earn up to a USD 500 tax credit by installing the energy-saving window films during the 2009 calendar year. “Affordable energy-savings solutions for home improvement continue to be in high demand,” said Kent Davies, president of CPFilms and senior vice president of Solutia Inc. “Our job is to continually introduce consumers to window film as a low-cost, high-return energy savings solution. In addition to energy savings, window film helps to reduce glare, improves privacy, and protects families and furnishings from damaging UV rays. Energy savings and the tax credit work together to make this the right time to put window film at the top of the home improvement list”. Under section 25C of the Internal Revenue Code (I.R.C.), homeowners can receive a 10% credit on the costs of “qualified energy efficiency improvements,” including solar control window film on windows, doors, and skylights. The tax credit applies to improvements made to a primary residence from 1 January 2009 through 31 December 2009. Consumers who purchase most types of LLumar, Vista, and Gila solar control window film brands from professional distributors or dealers for residential use during 2009 are eligible for the tax credit. A maximum lifetime credit of USD 500 per taxpayer for eligible home improvements applies. Unlike a tax deduction, which reduces the amount of income subject to tax, a tax credit directly reduces the amount of income tax due to be paid. To receive the tax credit, consumers are required to submit IRS Form 5695 with their 2009 Income Tax Return. Copies of the dealer invoice and the manufacturer“s certification statement should be saved.