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New Tax Credits and Rebates that Americans Can Enjoy, Here’s What You Should Know!

New tax credit
New tax credit in Rhode Island. (Photo: Investopedia)

Americans living in Rhode Island can enjoy new tax credits and rebates that took effect on January 1 as part of the Democrats’ Inflation Reduction Act.

New tax credit

New tax credit in Rhode Island. (Photo: Investopedia)

New Tax Credits and Rebates

Different states across the country are implementing various ways to help their residents combat the impact of the soaring inflation rate. There are states that gave direct payments through tax returns and rebates while there are other states that gave automatic payments.

U.S. Senator Sheldon Whitehouse joined Rhode Island Energy and labor officials to encourage the residents to take advantage of the new tax credits and rebates that took effect on January 1. It is a new home tax energy credit that is a part of the Democrats’ Inflation Reduction Act.

According to a published article in Whats Up Newp, this will provide significant savings on energy-efficient home improvements, helping families save money on their utility bills and reduce their carbon footprint.

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Statement from the White House

Whitehouse, who helped shape the home energy tax credits in the Inflation Reduction Act as a member of the Senate Finance Committee, said “Our Inflation Reduction Act includes tons of savings for working families. For starters, Rhode Islanders who want to make their home more energy efficient can get a lot of their investment back in the form of tax credits and rebates.  Families will save money on their utility bills while doing their part to fight climate change.”

The new program provides the following:

  • Tax credits of up to 30% are available for energy-efficient house upgrades such as insulation, windows, and doors, with an annual ceiling of $1,200. However, if heat pumps, heat pump water heaters, or biomass stoves are part of the renovation, the credit amount might reach $3,200.
  • Rebates for home efficiency renovations, electrification initiatives such as heat pumps, cooktops, and other appliances, as well as related electrical improvements.
  • Tax credits of up to 30%, including some installation expenses, are available for rooftop solar, batteries, and geothermal heat pumps.

Meanwhile, Dave Bonenberger, President of Rhode Island Energy, said, “Thanks to the leadership of Senator Whitehouse and Rhode Island’s Congressional Delegation, the federal resources provided through the IRA will be a critical asset in helping our state meet it’s clean energy goals.”

READ ALSO: Up To $1,691 SNAP Benefits Will Be Loaded To EBT Cards In Virginia

 

 

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