The 2009-2010 Energy Tax Credit
Basic Information and FAQs:
As a leader in enabling homeowners to take control of their own energy management, McKinney Heating & Air Conditioning already offers systems in different brands that may help you save significantly on your energy bill, and many of our products are eligible under the new energy tax credit law. Depending on the type of system or product purchased, it is possible to qualify for a tax credit of up to $1,500 on your 2009 or 2010 income tax return.
How did the tax credit come about?
On February 17, 2009, President Obama signed the American Recovery and Reinvestment Act (also known as the Economic Stimulus Bill) into law. Part of this legislation provides incentives for increasing the energy efficiency and performance of America’s homes and commercial buildings.
Which products are eligible?
Not all products qualify for the tax credit. Be sure to contact McKinney Heating & Air Conditioning, and we will be happy to help you determine which products are eligible and will match your home or business needs. We can also assist you with choosing the correct Energy Star products that are eligible for HVAC credits.
How do I apply for a tax credit?
The tax credit applies as a direct reduction of taxes owed. In the past, IRS has directed taxpayers to use Form 5695 (the Residential Energy Efficient Property Credit). It is expected that the IRS will produce new rules related to the recently enacted stimulus legislation, giving taxpayers further guidance on claiming tax credits. To fully understand how the new tax credit may apply to you and what you can do to obtain one, you should consult with a tax professional for advice on tax preparation, as this tax credit is subject to IRS regulations.
How do I learn more about energy efficient products?
McKinney Heating & Air Conditioning is committed to providing a system that is tailored to your specific needs. For more information about systems that are designed to give you the best performance for your heating and cooling dollars, please call us. We are dedicated to serving all of your comfort needs!
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(276) 627-0046