Tax Credit Information
Federal Tax Credit Changes for 2011
The “Tax Relief, Unemployment
Insurance Reauthorization, and Job Creation Act of 2010” includes a one year
extension – with revisions – to the federal tax credits on qualifying
high-efficiency HVAC equipment.
The efficiency requirements are the same
as for the 2009/2010 program (except boilers and oil furnaces, where the minimum
AFUE is now 95%).
The dollar benefit to the homeowner (the tax credit
dollars) reverts to the FIXED DOLLAR AMOUNTS that we had in the previous 2007
program. There is no longer a 30% calculation.
The maximum amount an eligible homeowner
may receive in tax credits for “residential energy property” purchased in
2011 will be reduced from $1,500 to $500. However, the total amount of credits a
homeowner claimed for purchases between 2006 and 2010 is to be deducted from the
$500 cap. If a homeowner has already claimed credits of $500 or more through
this allowance, they will be unable to claim new credits for improvements made
during 2011.
Click
on this bulletin summary for more details.
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