Tax Credits IRS
2011 Tax Credit Extension
 As
part of the recently passed tax bill, the 25C tax
extension for residential high efficiency property has
been extended for one year. The maximum tax credit that
can be claimed has been reduced from $1500 to $500 for
2011. In addition, the 2011 tax credits have placed
maximum amounts that can be claimed for the various
components of the HVAC system, such as a $150 maximum
tax credit for a 95%
gas
furnace and $300 for an air conditioner or
heat pump. These component maximum amounts are additive
to the $500 maximum lifetime tax credit.
Most of the HVAC
qualifying efficiency levels have remained the same.
The only exceptions are boilers and oil
furnaces,
where the qualifying efficiency has been increased from
90 AFUE to 95 AFUE. The following chart summarizes the
difference between the 2009-10 tax credits and the newly
passed 2011 tax credits. Changes in the tax credits for
2011 are highlighted in red
|
Product |
2009-2010 Tax
Credit |
2011 Tax Credit |
|
General Provision |
30% of installed
cost up to $1500 |
10% of installed
cost, up to $500 |
|
Central AC |
Split System:16
SEER & 13 EER
Packaged Unit: 14 SEER & 12 EER
30% of installed cost, $1500 max |
Split System:16
SEER & 13 EER
Packaged Unit: 14 SEER & 12 EER
10% of installed cost, $300 max |
|
Furnaces |
Gas Furnace: 95
AFUE
Oil Furnace: 90 AFUE
Boilers: 90 AFUE
30% of installed cost, $1500 max |
Gas
Furnace: 95 AFUE
Oil Furnace: 95 AFUE
Boilers: 95 AFUE
10% of installed cost, $150 max |
|
Efficient Indoor
Fan |
30% of cost of
fan, $1500 max |
$50 |
|
Heat Pump |
Split System: 15
SEER, 12.5 EER. 8.5 HSPF
Packaged Unit: 14 SEER, 12 EER, 8 HSPF
30% of installed cost, $1500 max |
Split
System: 15 SEER, 12.5 EER. 8.5 HSPF
Packaged Unit: 14 SEER, 12 EER, 8 HSPF
10% of installed
cost, $300 max |
|
*
Consumers should consult a
tax
professional to ensure they qualify for
the tax credit. Effective 2011 calendar year. |
|
