Fed Tax Credit for 2011....

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gfreek

Minister of Fire
Nov 5, 2010
1,702
WNYS
Found this while shopping......

FEDERAL TAX CREDIT IS BACK FOR 2011!

EFFICIENCY REQUIREMENTS SAME AS 2009/2010 (EXCEPT FOR BOILERS AND OIL FURNACES)

BUT THE DOLLAR FIGURES ARE DIFFERENT

THE "TAX RELIEF", UNEMPLOYMENT INSURANCE REAUTHORIZATION, AND JOB CREATION ACT OF 2010" INCLUDES A ONE YEAR EXTENSION - WITH REVISIONS - TO THE FEDERAL TAX CREDITS ON QUALIFYING HIGH EFFICIENCY HVAC EQUIPMENT.

*

THE EFFICIENCY REQUIREMENTS ARE THE SAME AS FOR THE 2009/2010 PROGRAM (EXCEPT BOILERS AND OIL FURNACES,
WHERE THE MINIMUM AFUE IS NOW 95%)
*

THE DOLLAR BENEFIT TO THE HOMEOWNER (THE TAX CREDIT) REVERTS TO THE FIXED DOLLAR AMOUNTS
THAT WE HAD IN THE PREVIOUS 2007 PROGRAM. THERE IS NO LONGER A 30% CALCULATION.
*

THE MAXIMUM AMOUNT AN ELIGIBLE HOMEOWNER MAY RECEIVE IN TAX CREDITS FOR "RESIDENTIAL ENERGY PROPERTY" PURCHASED IN 2011 WILL BE REDUCED FROM $1500.00 TO $500.00. HOWEVER, THE TOTAL AMOUNT OF CREDITS A HOMEOWNER CLAIMED FOR PURCHASES BETWEEN 2006 AND 2010 IS TO BE DEDUCTED FROM THE $500.00 CAP. IF A HOMEOWNER HAS ALREADY CLAIMED CREDITS OF $500.00 OR MORE THROUGH THIS ALLOWANCE, THEY WILL BE UNABLE TO CLAIM NEW CREDITS FOR IMPROVEMENTS MADE DURING 2011

EQUIPMENT MINIMUM EFFICIENCY REQUIREMENTS:

PRODUCT


MINIMUM EFFICIENCY REQUIREMENT


MAXIMUM TAX CREDIT AVAILABLE

SPLIT SYSTEM AIR CONDITIONER


16 SEER AND 13 EER


$300.00

PACKAGED AIR CONDITIONER


14 SEER AND 12 EER


$300.00

HEAT PUMP (SPLIT OR SPP)


15 SEER AND 12.5 AND 8.5 HSPF


$300.00
PACKAGED HEAT PUMP 14 SEER AND 12 SEER AND 8 HSPF $300.00
NATURAL GAS OR PROPANE FURNACE

95% AFUE
$150.00
ADVANCED MAIN
AIR CIRCULATING FAN ELECTRICITY USE OF NO MORE THAN 2%
OF THE TOTAL USE OF THE FURNACE $50.00

2011 ENERGY TAX CREDIT DETAILS:

* THE OLD GENEROUS CREDIT TITLED THE 2009/2010 AMERICAN RECOVERY AND REINVESTMENT ACT (ARRA) WAS ALLOWED
TO EXPIRE AND WAS NOT RENEWED
* THE NEW ENERGY EFFICIENT TAX CREDIT IS ONLY A 10% CREDIT, UP TO A MAXIMUM OF $500.00. THE PRIOR CAP HAD BEEN UP TO $1500.00
WHICH EXPIRED ON DEC 31, 2010.
* FURNACES ARE ONLY ALLOWED TO GET UP TO A $200.00 CREDIT AND THEY MUST BE 95% EFFICIENT
* TO REITERATE, OF THE VARIOUS PROGRAMS YOU MAY TAKE ADVANTAGE OF, THE CAP IS $500.00 TOTAL IF YOU HAVEN'T
TAKEN ADVANTAGE OF THE CREDIT PREVIOUSLY.
* ANYONE THAT TOOK ADVANTAGE OF THE PRIOR TAX CREDITS CANNOT UTILIZE THE CREDIT IN 2011 (NO DOUBLE-DIPPING)
* MUST BE INSTALLED BETWEEN JANUARY 1ST, 2011 AND DECEMBER 31, 2011
 
Glad I purchased and had my furnace installed in late December before the 2010 30%/$1500 tax credit expired on 1/1/11! Had I waited, I would have been $1000 poorer.
 
ChrisWNY said:
Glad I purchased and had my furnace installed in late December before the 2010 30%/$1500 tax credit expired on 1/1/11! Had I waited, I would have been $1000 poorer.

Don't worry... the government will find some other way to get that $1000.00!
 
ChrisWNY said:
Glad I purchased and had my furnace installed in late December before the 2010 30%/$1500 tax credit expired on 1/1/11! Had I waited, I would have been $1000 poorer.

Don't worry... the government will find some other way to get that $1000.00!
 
Correct me if i'm wrong. If you claimed the credit in 2010 then you can't participant in the 2011 program?
 
Yep, if you participated in any of the tax credit programs since 2006, and received $500 or more worth of tax credit, you cannot participate in the current 2011 program. The gov't is only willing to pay a maximum of $500 (vs. $1500) in the new program.


krooser said:
Don't worry... the government will find some other way to get that $1000.00!

I have no doubt about that, they always do. For now I'll take the extra $1000 and move to Canada before the gov't can take it back! Hmmm...now that I think about it, I'd be out a lot more than $1000 with Canada's sky high taxes!!!
 
krooser said:
ChrisWNY said:
Glad I purchased and had my furnace installed in late December before the 2010 30%/$1500 tax credit expired on 1/1/11! Had I waited, I would have been $1000 poorer.

Don't worry... the government will find some other way to get that $1000.00!

Amen brother. There's no end to the "legal" extortion we let them get away with.
 
I guess i won't get any credit for the insulation i'm going to buy this year for my attic, oh well.
 
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