They're baaaack.
Those energy tax credits that republican's refused to extend a year ago are now extended! Congress and President Obama have agreed on and passed the "American Taxpayer Relief Act of 201" which retroactively extends many tax credits that we enjoyed through December 31st of 2011. This is part of the "fiscal cliff" budget deals being made in congress.
If any of your customers performed qualifying energy upgrades in 2012 or will in 2013, you should make them aware of this change so they can benefit from the credits.
What's back...
Section 25C has been reinstated which gives energy upgrade credits for existing homes. For instance...
$300.00 for qualifying water heaters
$150.00 for furnaces or boilers of 95% efficiency or greater
$300.00 for split AC units of 16SEER and 13EER or better or on package units of 14SEER and 12EER or better and for split heatpumps of 8.5HSPF, 15SEER and 12.5EER or better and package heatpumps of 8HSPF, 14SEER and 12EER or better.
ECM fans $50.00
Also reinstated are educational tax credits for students. The Alternative Minimum Tax (AMT) rate has been modified for those of us with few write-offs. For singles, it was increased from $33,750.00 to $50,600.00 and for couples from $45000.00 to $78,750.00.
There is a credit for new home construction where they achieve 30-50% less energy consumption than typical homes.
Credit for energy-efficient appliance purchases.
If you want to read either a summary or the full bill, go to our website at www.rseslongbeach.org and select the page for American Taxpayer Relief Act of 2012.
I did not publish the original 25C tax pages from (I think) 2009.
Those energy tax credits that republican's refused to extend a year ago are now extended! Congress and President Obama have agreed on and passed the "American Taxpayer Relief Act of 201" which retroactively extends many tax credits that we enjoyed through December 31st of 2011. This is part of the "fiscal cliff" budget deals being made in congress.
If any of your customers performed qualifying energy upgrades in 2012 or will in 2013, you should make them aware of this change so they can benefit from the credits.
What's back...
Section 25C has been reinstated which gives energy upgrade credits for existing homes. For instance...
$300.00 for qualifying water heaters
$150.00 for furnaces or boilers of 95% efficiency or greater
$300.00 for split AC units of 16SEER and 13EER or better or on package units of 14SEER and 12EER or better and for split heatpumps of 8.5HSPF, 15SEER and 12.5EER or better and package heatpumps of 8HSPF, 14SEER and 12EER or better.
ECM fans $50.00
Also reinstated are educational tax credits for students. The Alternative Minimum Tax (AMT) rate has been modified for those of us with few write-offs. For singles, it was increased from $33,750.00 to $50,600.00 and for couples from $45000.00 to $78,750.00.
There is a credit for new home construction where they achieve 30-50% less energy consumption than typical homes.
Credit for energy-efficient appliance purchases.
If you want to read either a summary or the full bill, go to our website at www.rseslongbeach.org and select the page for American Taxpayer Relief Act of 2012.
I did not publish the original 25C tax pages from (I think) 2009.
No comments:
Post a Comment