AP Plumbing of Rochester NY

Tax Credit Details for Your Primary Residence

• Larger Tax Credit for Traditional Heating and Cooling Improvements:
  Homeowners may be able to claim tax credits equal to 30% of the installed costs (up to $1,500) on qualifying equipment.



• Longer Term:
  The new tax credits are retroactive to January 1, 2009, and expire on December 31, 2010... excluding geothermal improvements. The $1,500 limit is for all improvements made during the two year term, not $1500 each year.



• Expanded Geothermal Tax Credits:
  Homeowners who install qualifying geothermal heat pump systems can claim a federal tax credit of 30% of the installed costs... NO LIMIT! This credit must be claimed during the year the system is placed into service. The $2,000 tax credit limit has been removed. The geothermal tax credit has a longer term, from January 1, 2009 and expires December 31, 2016.



• Per-Appliance Caps Removed:
  Homeowners may use the entire $1,500 tax credit limit on a single qualifying improvement. The previous per-appliance caps that limited the homeowner to just $150 for a high-efficiency furnace or $300 for a high-efficiency central air conditioner or heat pump have been removed. Homeowners have a total of $1,500 available as a tax credit. Let's say you install new qualifying windows in your home and receive a $500 tax credit. You then install a qualifying heating and cooling system. You have $1,000 available as a tax credit on this purchase.



• Lifetime Limit Removed:
  Homeowners that previously claimed tax credits in 2006 or 2007 ARE eligible for the full $1,500 limit.