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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. |
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