To receive the tax credit, homeowners are required to submit IRS Form 5695 with their 2014 Income Tax Return. Retain your original film invoice illustrating the cost of the window film only and a copy of the product’s certification from Madico. They do not need to be submitted with your taxes, but should be kept for your records. You can download Madico’s Manufacturer’s Certification here.
Consumers should use the 2014 version IRS Form 5695 when submitting their taxes. The window film credits fall under “insulation” in the Federal Tax Credits for Energy Efficiency program. For more information visit the Energy Star web page for Federal Tax Credits for Energy Efficiency.
Below is the press release on this subject issued by the IWFA:
The International Window Film Association Educates Consumers On How To Take Advantage of the $500 Tax Credit
Washington, D.C. – January 6, 2015 – Window Film is eligible for tax credits recently extended by Congress and the tax incentive can cover up to 10 percent of the cost of window films to a maximum of $500, reports the International Window Film Association (IWFA). The one-year retroactive tax credit may allow taxpayers to claim the incentives on their 2014 returns filed in 2015.
“We are delighted that Congress recently passed HR 5771 that includes tax incentives for energy efficient home improvements, such as window film,” said Darrell Smith, executive director of the nonprofit IWFA. To make people more aware about the many benefits of window films the IWFA offers informational videos available at www.iwfa.com and free consumer booklets.
As a long-term and cost-effective solution for saving energy, window film qualifies in the legislation as part of a building’s ‘insulation envelope’. It can reduce energy consumption from solar heat gain in summer or reflect interior heat back inside in winter, while allowing in natural light without the negative impact of UV exposure.
Year-round, window film can help to control glass breakage and may prevent glass shards from hurting people. Consumers should check with their window film installer or manufacturer to determine if their product qualifies under the tax incentive program.
While reducing our energy use and an energy user’s overall carbon footprint, some energy-efficient changes require significant investment, but window film has been shown to be a cost-effective means of improving energy performance. Window Film is also part of the California building code, in part due to its recognition for offering a high-value, low-cost method for saving energy.