You can now improve your indoor comfort, reduce your energy bills, and save on your taxes by installing a new central air conditioning or heating system. Thanks to the American Recovery and Reinvestment Act of 2009 (ARRA), homeowners can receive up to a total of $1500 in tax credits when you install a qualifying central air conditioning or heating system. The total tax credits are equal to 30% of the installed cost of the qualifying products or system up to $1500. The qualifying products or systems must be installed in a homeowner’s principal residence from January 1, 2009 through December 31, 2010.
Give Needham Oil & Air a call today to find out how to SAVE $1500 on your new air conditioning or heating system, 781- 444- 3600.
FEDERAL TAX CREDIT FAQ’S
Do all residential heating and cooling systems receive tax credits?
No. There are certain criteria for qualifying heating and cooling systems. A Needham Oil & Air comfort specialist will be able to assist you in finding the right qualified product for your home.
How do homeowners claim the tax credits?
Before filing for tax credits on any qualified heating and/or cooling system, it is always recommended that homeowners consult with a tax professional to review the provisions of the ARRA. Taxpayers should keep copies of invoices and receipts to document their actual expenditures and copings of the heating and cooling equipment manufacturer’s certification statement certifying that the equipment qualifies for the tax credit.
What is a non-refundable tax credit?
A non-refundable credit is a tax credit that can reduce your tax liability to zero (0), but not below. You must have a tax liability to claim a non-refundable tax credit.
Can a homeowner claim a total of $1500 in tax credits for improvements made in 2009, and then claim tax credits of up to $1500 for more improvements in 2010?
No, homeowners are eligible for a total of up to $1500 in tax credits for improvements made over the combined two year period.
Additional information can be found at www.energystar.gov.