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Stimulus Tax Credits FAQ Page
Did you know there are several tax credits included in the 2009 Stimulus bill that could help you do some of the plumbing, heating and air conditioning home improvement projects you have been delaying? If eligible*, You can get YOUR share of the $847,000,000,000 - 2009 Federal Stimulus money. They have made it so easy, and it WILL help the environment.
You will save 30% of the total cost of a Tankless or Energy Efficient Water Heater, up to $1500.
You will save 30% of the total cost of an air conditioner, heat pump or furnace, up to $1500.
Take a look:
Get High Efficiency Savings!
Stimulus Tax Credits of 30%, up to *$1500.00
Savings $1500.00, if you invest over $5000.00
There has never been a better time to Go Green
*Stimulus Tax Credits - An energy tax credit is available for improvements made to your home comfort systems in 2009 and 2010. The credit is available on the installation of high efficiency central air conditioners, water heaters, furnaces, boilers and air source heat pumps. The credit is equal to 30 percent of the installed cost of the improvements with a maximum credit of up to $1,500.
Tax Credit Info *Tax Credit Frequently Asked Questions* Here are a couple of important points to know. First, this credit goes with the taxpayer and not the residence. Once you've reached the maximum credit limit, you are done. You can't maximize the credit on your current principal residence, move and take another energy credit. Secondly, the tax credit for non-solar water heating and HVAC equipment are NOT available for new homes being built. They're only available for existing homes. There is a separate $2,000 tax credit available for building a new energy-efficient home. The tax credit may only be claimed by taxpayers on their personal income taxes for improvements to their primary residence. For your recordkeeping, save all receipts related to energy saving improvements made on your home.
If the tax credit you take exceeds your tax liability for the year, the excess amount will be carried forward to the next tax year. You will not receive a refund of the excess. Another important point to understand is that this is a tax CREDIT not a tax DEDUCTION. What's the difference? Well, a tax deduction means that you can use the amount claimed as a deduction to offset your taxable income. A tax credit means that you offset your tax liability. For example, if you were eligible to take the maximum $1,500 energy tax credit on a new comfort system installation, it would reduce your tax liability (the amount you owe in taxes) by $1,500. That's alot better than it being used as a deduction where you'd simply reduce your taxable income by $1,500 and then calculate the tax liability on the taxable income.
*Every taxpayer's income situation is unique. Please call your tax preparer to see how you can take advantage of the tax credit. RPHI makes no guarantees or claims as to your eligibilty or individual tax situation.
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