2011 Tax Credit ExtensionAs part of the recently passed tax bill, the 25C tax extension for residential high-efficiency property has been extended for one year. This legislation included several significant changes in the 2011 tax credits compared to the 2009-2010 tax credits. The maximum tax credit that can be claimed for 2011 has been reduced from $1500 to $500. In addition, the 2011 tax credits have placed maximum amounts that can be claimed for the various components of the HVAC system, such as $150 maximum tax credit for a 95% gas furnace and $300 for an air conditioner or heat pump. These component maximum amounts are additive to a $500 maximum lifetime tax credit. Most of the HVAC qualifying efficiency levels have remained the same. The on ly exceptions are boilers and oil furnaces, where qualifying efficiency has been incresed from 90 AFUE. Call our office for more detailed information. Call 217-355-9700 |