Building back after Hurricane Ian is costly, but certain upgrades can help you save money. How can Floridians keep some money in their pockets while putting their homes back together?
Consider energy-efficient home improvements when rebuilding; you can save thousands via federal income tax credits because of the Inflation Reduction Act. You will get a 30% tax break by updating your breaker box, appliances, doors and windows, and switching from a gas furnace to a heat pump. Those breaks are available until 2032.
Florida has a tax-free holiday for Energy Star appliances. Water heaters, washers and dryers that cost $1,500 or less are tax-free. The limit for refrigerators is $3,000. This sales tax holiday runs until the end of June.
Impact-resistant doors, garage doors and windows are also currently tax-free in Florida. The state says the Home Hardening Sales Tax Exemption will help you fortify your home against storms while lowering your insurance premiums through discounts. You have more than a year to take advantage of this tax holiday; it ends on June 2024.