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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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