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Energy Efficient Tax Credit

The 2009-2010 Energy Tax Credit and You
With the passage of President Obama’s Economic Stimulus Bill, homeowners may be eligible for a tax credit if they purchase certain types of heating, ventilation and air conditioning (HVAC) systems, water heating equipment, or make other energy-related improvements to their homes between January 1, 2009 and December 31, 2010.

As dealers for three of the best heating and cooling manufacturers, CAP’s Heating and Cooling can find an energy efficient solution for almost any home. Depending on the type of system or product purchased, it is possible to qualify for a tax credit of up to $1,500 on your 2009 or 2010 income tax return.

How did the tax credit come about?
On February 17, 2009, President Obama signed the American Recovery and Reinvestment Act (also known as the Economic Stimulus Bill) into law. This legislation combines spending and tax incentives designed to get the American economy moving again by investing in our nation’s roads and energy infrastructure, and by providing incentives for increasing the efficiency and performance of America’s homes and commercial buildings.

How do I apply for a tax credit?
For qualified improvements, homeowners may be able to claim tax credits equal to 30 percent of the installed costs (up to $1,500). The new tax credits are retroactive to January 1, 2009 and expire on December 31, 2010. The $1,500 limit is for all improvements made during the two-year term, rather than $1,500 each year.

The tax credit applies as a direct reduction of taxes owed. In the past, IRS has directed taxpayers to use Form 5695 (the Residential Energy Efficient Property Credit). It is expected that the IRS will produce new rules related to the recently enacted stimulus legislation, giving taxpayers further guidance on claiming tax credits. To fully understand how the new tax credit may apply to you and what you can do to obtain one, you should consult with a tax professional.

Subject to IRS regulations. Customers should consult a tax professional for advice on tax preparation.

To download and print the government’s summary of Energy Star products that are are eligible for HVAC credits for homeowners, Click Here.

Many, but not all, of our units qualify for this Energy Efficient Tax Credit. For more information on what products might qualify please call CAP's Heating and Cooling Today!