Energize Missouri Appliance Program helps homeowners upgrade, lower utility bills

The new rebate incentive replaces inefficient appliances with those that use less energy and water.

With spring coming along nicely, all kinds of government programs to help both homebuyers and sellers, and the variety of green options available, here’s one more reason to increase your home’s market value and practice conservation. Beginning April 19, the Missouri Department of Natural Resources’ Division of Energy begins the Energize Missouri Appliance Program, offering consumers rebates on a selected variety of ENERGY STAR® new appliances.

To receive the rebate, consumers must buy ENERGY STAR® appliances at participating retail locations or through contractors and provide proof of recycling or haul away of the older, less energy efficient appliances. Appliances eligible for rebates include dishwashers, $75; clothes washers, $75; gas condensing water heaters, $150; Gas storage water heaters, $100; gas tankless water heaters, $100; electric pump water heaters, $150; solar water heaters, $500; gas furnaces, $125; central air conditioners, $100; and air source heat pumps, $250.

These rebates can be combined with federal energy tax credits and any manufacturers’ rebates.

Not only do the rebates help consumers reduce energy consumption and cost, but the program is designed to help create jobs for appliance manufacturers and retail stores.

The state of Missouri received $5.67 million from Recovery Act funds for program participation, which will continue as long as the state has money to support the program, or until the February 2012 expiration date.

Written by Myra Vandersall

MORTGAGE NEWS – Maximizing the Housing Tax Credit and mortgage rates

The real estate market has really started to rally and part of that success can be attributed to the new Housing Tax Credit for first-time homebuyers.

Under the American Recovery and Reinvestment Act of 2009, qualifying taxpayers who purchase a home before Dec. 1 receive up to $8,000 or $4,000 for married individuals filing separately. People can claim the credit either on their 2008 tax returns due April 15 or on their 2009 tax returns next year.

For people who recently purchased a home or are considering buying in the next few months, there are several different ways that they can get this tax credit even if they've already filed their tax return.

The filing options to consider are:

• File an extension - Taxpayers who haven't yet filed their 2008 returns but are buying a home soon can request a six-month extension to October 15. This step would be faster than waiting until next year to claim it on the 2009 tax return. Even with an extension, taxpayers could still file electronically, receiving their refund in as few as 10 days with direct deposit.
• File now, amend later - Taxpayers due a sizable refund for their 2008 tax return but who also are considering buying a house in the next few months can file their return now and claim the credit later. Taxpayers would file their 2008 tax forms as usual, then follow up with an amended return later this year to claim the homebuyer credit.
• Amend the 2008 tax return - Taxpayers buying a home in the near future who have already filed their 2008 tax return can consider filing an amended tax return. The amended tax return will allow them to claim the homebuyer credit on the 2008 return without waiting until next year to claim it on the 2009 return.
• Claim the credit in 2009 rather than 2008 - For some taxpayers, it may make more financial sense to wait and claim the homebuyer credit next year when they file the 2009 tax return rather than claiming it now on the 2008 tax return. This could benefit taxpayers who might qualify for a higher credit on the 2009 tax return. This could include people who have less income in 2009 than 2008 because of factors such as a job loss or drop in investment income.

The IRS reminds taxpayers the amount of the credit begins to phase out for taxpayers whose modified adjusted gross income is more than $75,000, or $150,000 for joint filers. Taxpayers can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.

IRS.gov provides more information, including guidance for people who bought their first homes in 2008. To learn more about the overall implementation of the Recovery Act, visit www.Recovery.gov.

As always, consult with your tax adviser if you have any questions about the Housing Tax Credit and which option would be best for your situation.

30 Year Fixed 5.00% with 0 points and only $399 in lender fees
MHDC (CAL) FHA 30 Year Fixed 6.31% with 0 points
FHA 30 Year Fixed 5.00% with 0 points and only $399 in lender fees