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And this credit is good only for four years, 2002 through 2005.
But for most taxpayers, this credit is limited to $480 for one dependent or $960 for two or more.
This credit is good through 2016, in case you need to work up the nerve to tackle a full geothermal, solar conversion.
This credit is refundable, according to a summary of the stimulus bill that the Senate Finance and House Ways and Means committees released Thursday.
A part of this credit is to be refunded to parents who earn at least $10,000 a year but have too little income to owe taxes.
Unlike a jobs tax credit of a specific dollar amount, this credit is "front-loaded" in that it provides an incentive for businesses to hire workers earlier in the year — because the tax benefit will be greater.
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Will this credit be lost because of the GM bankruptcy?
All this credit was great for big banks — whose return on equity rose in tandem with their leverage.
Under the original law, this credit was limited to 10 percent of home improvement costs, up to $500 ,generally speaking.
(The Lifetime Learning Credit offers a credit of up to $2,000; students don't have to be enrolled in a degree program. This credit wasn't at risk from the "fiscal cliff," according to SavingforCollege.com).com
This credit was in effect in 2006 and 2007 but isn't available for work performed in 2008.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com