Tax breaks for green home improvements

As part of the $700 billion federal bank bailout, the federal government is putting billions of dollars towards tax incentives for people who install green features in their homes, like solar panels. With the tax breaks, installing $60,000 worth of solar panels on a home will cut $18,000 from your tax bill, and if you don’t owe that much, the credit can be used for the following year. In addition, to help homeowners in distress, mortgage modifications and foreclosures are now tax-free. [NY1]