The 2009-2010 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, 2010.
As a leader in enabling homeowners to take control of their own energy management, L&M Service Co., Inc. already offers systems that may help you save up to 60 percent on your energy bill. To add to that savings, L&M Service Co., Inc. offers many products that are eligible under this new energy tax credit 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. Read on to learn how the government’s new tax credit program works, which products qualify, 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.
Which products are eligible?
Some — but not all — products may qualify for the tax credit. To find out which products both qualify for the tax credit and meet your homes Air Conditioning and Heating requirements, you can contact L&M Service by email at service@lmshvac.com or by calling 770-972-5051.
How do I apply for a tax credit?
For qualified improvements, homeowners may be able to claim tax credits equal to 30 percent of the installed costs (up to $1,500). The new tax credits are retroactive to January 1, 2009 and expire on December 31, 2010. The $1,500 limit is for all improvements made during the two-year term, rather than $1,500 each year.
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 for advice on tax preparation, as this tax credit is subject to IRS regulations.
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L & M Service Co., Inc. Heating and Air Conditioning is a Georgia HVAC, heating and A/C service, repair, maintenance company offering fast certified service to Metro Atlanta including: Dacula GA, Grayson GA, Lilburn GA, Loganville GA, Monroe GA, Snellville GA, Social Circle GA, L & M Service Co., Inc. Heating and Air Conditioning offers certified a/c service, air conditioner maintenance and air conditioner sales. We service all makes and models of air conditioning and heating equipment, If you need fast heating or air conditioning maintenance, heating or air conditioning repair or service, we can help. We can provide free heating and air conditioning equipment estimates if you are in need of new equipment. Plus, we can provide heating service, heating repair and heating maintenance as well as heater service, heater maintenance, heater repair, and free heating equipment estimates. Call us for certified heat pump service, heat pump repair and maintenance. Since 1972 we have been providing certified HVAC service and repair on all furnaces, A/C, humidifiers, air filters, air purifiers, air conditioners, thermostats, electronic air cleaners, heat pump equipment brands including Carrier, Bryant, Payne, Armstrong, Trane, Lennox, Rheem, Ruud, Amana, Frigidaire, York, American Standard, Goodman, Janitrol, Heil, Aprilaire, Honeywell, GE, General Electric, Arcoaire, Coleman, Comfortmaker, Ducane, Fedders, Luxaire, Maytag, Tappan, Westinghouse, and Tempstar. L & M Service Co., Inc. Heating and Air Conditioning 453 James Powers Rd. Monroe, GA 30656 770-972-5051
