New Tax Credits Available for Window Film
KINGSPORT, Tenn. - Feb. 12, 2013 - Solutia Inc., a subsidiary of Eastman Chemical Company (NYSE:EMN) and a global leader in performance materials and specialty chemicals, is excited to announce that LLumar®, Vista(TM), V-KOOL® and Hüper Optik® products are eligible for a window film tax credit being offered for residential structures.
As part of the Fiscal Cliff Legislation, this window film tax credit is an incentive that covers 10 percent of window film material cost, with a maximum total credit of $500. The window film tax credit is retroactive to Jan. 1, 2012, and expires on Dec. 31, 2013; if homeowners installed window film in 2012, or plan to install it in 2013, they may qualify for this credit.
Because window film is a long-term, cost-effective solution for saving energy year-round, it qualifies in the legislation as insulation within the exterior envelope. Window film can reduce energy consumption from solar heat gain in the summer months, and reflect interior heat back inside in the winter months. To learn more about the updated window film tax credit, visit www.windowfilmtaxcredit.com.
When this 2012-2013 window film tax credit is claimed, homeowners' income tax is reduced dollar for dollar. The credit will either boost tax refunds or reduce the amount owed.
"We're extremely excited that our energy saving products qualify for this window film tax credit," says Jeremy Verstraete, global business manager for Eastman. "This legislation makes window film even more affordable, allows for a faster ROI, and will help homeowners around the country save money on monthly utility bills."
To claim this credit, consumers must submit IRS Form 5695 with their Income Tax Return, and save copies of dealer invoices and manufacturers' Certification Statements.
Eastman is a global specialty chemicals company that produces a broad range of products found in items people use every day. With a portfolio of specialty businesses, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. Its market-driven approaches take advantage of world-class technology platforms and leading positions in attractive end-markets such as transportation, building and construction, and consumables. Eastman focuses on creating consistent, superior value for all stakeholders. As a globally diverse company, Eastman serves customers in approximately 100 countries and had 2012 pro forma combined revenues, giving effect to the Solutia acquisition, of approximately $9.1 billion. The company is headquartered in Kingsport, Tennessee, USA and employs approximately 13,500 people around the world. For more information, visit www.eastman.com.
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