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The HVAC tax credit is back {Expired}

The HVAC tax credit is back

HVAC tax credit If you purchased a high efficiency air conditioning and heating system, from January 1, 2012 to December 31, 2012, I have some good news for you. Part of the recent “Fiscal Cliff” bill, extended the previously expired 25C tax credit (residential energy efficiency tax credit). Included in this bill was legislation to make the tax credit retroactive to January 2012. What this means to you, is that you could be eligible to receive a tax credit on your 2012 taxes, IF the a/c system you purchased meets the following minimum requirements:
Split Heat Pump System: 15 SEER (12.5 EER, 8.5 HSPF)
Package Heat pump System: 14 SEER (12EER, 8 HSPF)
Receives a $300 Tax Credit.

Split A/C System: 16 SEER (13 EER)
Packaged A/C System: 14 SEER (12 EER)
Receives a $300 Tax Credit.

Additional credits are available for:
95% AFUE (efficient) Gas furnace: add $150.00 to the above Credit.
Efficient Indoor Fan (Gas or Oil): add $50.00 to the above Credit.

You could potentially qualify for up to $500.00 in tax credits, if all of the above qualifications are met. For instance, if you have a Split A/C system (16 SEER or higher) along with a 95% AFUE (efficient) Gas Furnace equipped with an Efficient (variable speed) indoor blower motor, you will qualify for the full $500.00 credit. Say you have a Split Heat pump system (15 SEER or higher) you would be eligible for a $300.00 tax credit. As this can be somewhat confusing, the best way to find out if your system qualifies is to call your heating and air conditioning provider and ask them the specific ratings of your particular system. In most cases your company should be aware of the Tax Credit requirements and be able to let you know if your system qualifies.

After you find out how much your credit is you will need to let your tax preparer know that you are eligible and they will be able to file the necessary forms. For those of you that do your own taxes, you will need to reference IRS form 5695 and the instructions to file. If you would like more information, please go to this link http://www.energystar.gov/taxcredits.

AFUE = Annual Fuel Utilization Efficiency
SEER = Seasonal Energy Efficiency Ratio
EER = Energy Efficiency Ratio
HSPF = Heating Seasonal Performance Factor

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