VELUX Tax Credit Information

Background

- On October 3, 2008, President George W. Bush signed the Emergency Stabilization Act into law. Following that, President Barack Obama signed the American Recovery and Reinvestment Act of 2009 into law on February 17, 2009. And lastly on August 16, 2022, President Joe Biden signed into law the Inflation Reduction Act of 2022.

- The combined effect of these laws provides up to a 30% tax credit on both the purchase and installation of qualifying products in renewable technologies such as; solar electric property, electric vehicles, solar panels, heat pumps, and other energy-efficient home improvements.

When purchased and installed between January 1, 2022 through December 31, 2034, certain VELUX products qualify for the tax credit under “Solar Electric Property” expenditures. These products include VELUX Solar Powered “Fresh Air” Skylights and other eligible VELUX Skylights with solar-powered shades, as well as VELUX Residential Rigid Sun Tunnel* Skylights installed with the Solar Night Light.

• 2022-2032 save 30% Federal tax credit
• 2033 save 26% Federal tax credit
• 2034 save 22% Federal tax credit

What do I need to do?

When the product is installed: Keep your receipts for total price paid (product and installation) for all of the qualifying VELUX products and attach them to a completed 30% Federal Tax Credit - Manufacturer's Certification Statement¹ and keep for your records.

When it is tax time: Fill out IRS Tax form 5695² and submit it with your taxes. Enter this tax credit off of form 5695 on your 1040 form.

1] IRS Notice 2009-41 suggests the taxpayer is not required to attach this certification statement to their tax return. However, the taxpayer should retain this certification as part of their tax records.

2] As in all tax matters, the taxpayer is advised to consult their tax professional. VELUX America LLC assumes no liability regarding the homeowner’s ability to obtain tax credits.