18 Jun 2013 Federal Tax Credit
If you purchased an HVAC system in 2012 or 2013, you may qualify for a federal tax credit. Unfortunately, the program that provided tax credits to those who purchased qualifying energy star products did not continue into 2014.
The federal tax credit program was designed to take 10% off the cost of your HVAC system up to $500 or a specific amount from $50-$300. Central air conditioning systems that were qualified would have a Manufacturer Certification Statement that stated that the product or component qualifies for the tax credit.
For HVAC systems placed in service in 2013, you needed to file the 2013 version of the IRS Form 5695. On the 1040 form, you enter your tax credit from Form 5695 on line 52. If you find that you qualify for the tax credit, you should speak with your accountant to see if you can file an amended return.
While congress failed to extend the program in 2014, Energy Star products are still worth the investment. Although they are typically priced higher than their competing products, the system is designed to save you money on your long term energy bills – even without the tax credit.
To learn more about HVAC systems, we encourage you to visit our website! You can also contact our heating, cooling and plumbing professionals by calling us today!