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Preparing Your Taxes? Don't Forget About 2011 Tax Credits for Energy Efficiency Improvements
Make sure you review any home heating and cooling upgrades (including tankless water heaters) you made in 2011 to see if you are eligible for Federal Tax Credits.
In December, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. This law extended the tax credits for energy efficiency to December 31, 2011, for 10% of the cost of the improvement, up to $500, with a $200 maximum for windows, and several other set maximums.
Renewable energy tax credits for geothermal heat pumps continue to qualify for up to 30% of cost with no upper limit. This tax credit is scheduled to expire on December 31, 2016.
Energy Efficiency Home Improvements:
To be eligible for tax credits, the home improvement must be on an existing home AND principal residence. New construction and rentals do not qualify. Example credits:
1. 10% up to $500 for insulation, roofs, and doors.
2. ENERGY STAR qualified windows capped at $200.
3. Furnace and boilers capped at $150, and all furnaces and boilers must meet 95 Annual Fuel Use Efficiency (AFUE).
4. $50 for advanced main air circulating fan that use no more than 2% of the furnace's total energy.
5. $300 for central air conditioners, water heaters, and biomass stoves.
6. $500 lifetime limit - If you got over $500 in these tax credits from 2006-2010, you are not eligible for anything more.
7. Tax Credit DOES NOT include installation costs.
Click here for more information about Federal Tax Credits and how to apply.
Renewable Energy Systems:
Eligible properties include existing homes and new constructions. Both principal residences and second homes qualify. Rentals do not qualify.
1. All ENERGY STAR geothermal heat pumps qualify for the tax credit.
2. $500 lifetime limit. If you got over $500 in these tax credits from 2006-2010, you are not eligible for anything more.
3. Tax Credit DOES include installation costs.
Next Steps:
Here is the form you need to send with your tax returns: IRS Form 5695 Residential Energy Credits
For more information on energy-efficient heating and cooling systems, please call your local dealer or contact us.
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