Tax Credit
High Efficiency + Tax Credits New Tax Incentives for Homeowners
Part of the
economic stimulus plan passed by Congress made significant changes and improvements to the tax incentives for federal taxpayers
who install qualified higher efficiency heating, ventilation, and air conditioning (HVAC) equipment in their primary residences.
You may now qualify for tax credits equal to 30% of the costs (up to a $1,500 limit) for installing a high efficiency furnace,
boiler, air conditioner, or heat pump. Changes made to the previous tax credits allow you to apply the entire $1,500
limit to a single installation. The old tax credit program limited the amount a taxpayer could to $500 and capped certain
improvements. But you have to hurry because these tax credits are only available for improvements made in 2009 or 2010.
Not taking advantage of this incentive just leaves money on the table.
Bigger Savings
What
if you could make home improvements that increase your comfort, lower your energy costs, add value to your home, and do something
good for the environment?
And what if you could get some money back from Uncle Sam at the same time?
Why
You Should Consider an Upgrade
Advances in technology over the last ten years mean that today's higher efficiency
HVAC equipment uses less energy, runs more quietly, and provides improved indoor air quality and comfort. And by using less
energy and improved refrigerants, your new HVAC equipment is better for the environment. Most homeowners would like
to reduce their energy bills with higher efficiency HVAC equipment, and these tax credit help make the initial investment
more affordable. Talk to your ACCA contractor about finding the right qualified equipment that meets your budget. They
can show you how much energy (and money) you could save over the long term.
Frequently
Asked Questions
If I claimed $500 in tax credits in 2006 or 2007 under the previous tax credit program, am I
still eligible? Yes. The new law removes the lifetime caps so you are eligible.
When and how do I claim the
tax credit? Claiming the tax credit is easy- you only need to file a simple IRS 5695 form with your tax return. Speak
with your tax advisor. The manufacturer of the equipment will provide a certificate you should keep on file.
Can
I claim $1500 in tax credits for improvements made in 2009 and again for improvements made in 2010?
No. You can
only claim a total of $1500 in tax credits for improvements made in the combined two year period of 2009 and 2010.
Note: Every taxpayer's situation is different. We can't guarantee tax credits. But your
Blanton's representative can help you figure out what equipment qualifies and how it can work for your comfort, health, and
budget.
