Nov 26 , 2013

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THE FEDERAL ENERGY TAX CREDIT AND YOU

With the passage of President Obama’s Economic Stimulus Bill, homeowners may be eligible for a tax credit if they purchase certain types of heating, ventilation and air conditioning (HVAC) systems, water heating equipment, or make other energy-related improvements to their homes between January 1, 2009 and December 31, 2011. As a leader in producing energy-efficient home comfort solutions, American Standard Heating and Air Conditioning offers many products that are eligible under this 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 or up to $500 on your 2011 income tax return. Read on to learn how the government’s tax credit program works, which American Standard products or systems are eligible and how to apply for a tax credit.

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. This legislation combines spending and tax incentives designed to get the American economy moving again by investing in our nation’s roads and energy infrastructure, and by providing incentives for increasing the efficiency and performance of America’s homes and commercial buildings.

HOW DO I APPLY FOR A 2011 TAX CREDIT?

For qualified improvements, homeowners may be able to claim tax credits equal to 10 percent of the installed costs (up to $500 maximum*). The extended tax credit is in effect for all qualifying systems and products installed during the 2011 calendar year and expires on December 31, 2011. 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. Subject to IRS regulations. Customers should consult a tax professional for advice on tax preparation.

Qualified products or systems installed during 2009 and 2010 may also qualify for a tax credit equal to 30 percent of the installed costs (up to $1,500).

HOW DO I LEARN MORE ABOUT AMERICAN STANDARD’S ENERGY EFFICIENT SOLUTIONS?

American Standard is committed to meeting the needs of homeowners in a very dynamic environment. Your local American Standard Heating & Air Conditioning dealer can familiarize you with our broad range of energy-efficient solutions. To find a dealer near you, click here.

WHICH PRODUCTS ARE ELIGIBLE?

Some, but not all, of American Standard Heating & Air Conditioning’s products may qualify for the tax credit. Click on one of the following links to see if your American Standard product or system qualifies:

Your local dealer can help you determine product model numbers if necessary.

To download and print the government’s summary of Energy Star products that are are eligible for HVAC credits for homeowners, click here.

*$300 maximum for a qualifying air conditioning system, heat pump or packaged system, $150 maximum for a qualifying furnace, and $50 maximum for a qualifying product with an advanced circulating fan.

Call us today at Family Air (520) 399-5850 and we can help you pick the system that’s right for you!

See more of this at http://www.americanstandardair.com/financingavailable/pages/energytaxcredit.aspx