On February 17, 2009, President Obama signed the American Recovery and Reinvestment Act of 2009 (ARRA) into law. The bill combines spending and tax incentives designed to get the American economy moving again by investing in our nation’s road and energy infrastructure, and increasing the energy efficiency and performance of America’s homes.

TAX CREDIT TIME FRAME
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, not $1500 each year.



FREQUENTLY ASKED QUESTIONS about NEW 2009 Tax Credits


Can the homeowner claim $1500 in tax credits for improvements made in 2009 and again for improvements made in 2010?

No. Taxpayers may only be eligible for a total of $1500 in tax credits for improvements made in the combined two year period of 2009 and 2010.


Does the tax credit apply to the cost of the equipment or equipment plus labor?

The tax credit applies to the installed costs of the qualified equipment, which includes labor.


How will a taxpayer claim the credit and receive their money?

In the past, the IRS has directed taxpayers to use Form 5695 Version 2009 (expected to be available towards the end of 2009), Residential Energy Efficient Property Credit. Taxpayers are not required to file anything more than the form, but are instructed to keep records of their installation.


What’s the difference between a tax credit and a tax deduction?

A tax credit applies against the taxpayers’ liability. A tax deduction applies against a taxpayer’s income, lowering the adjusted gross income and possibly moving the taxpayer to a lower tax bracket. Tax credits have a greater benefit to a taxpayer.

With a tax credit, if the taxpayer owes $2000, in taxes, their liability is reduced to $500. If they owe nothing, they can expect a $1500 refund.


Does Every homeowner definitely qualify for the tax credit?

No. Each taxpayer’s situation is different. The taxpayer may have already made other improvements that has qualified, or their tax situation may change by the end of the tax year. By installing qualified equipment, the taxpayer may qualify to claim up to 30% of the installed costs (up to a $1,500 limit) in tax credits.”

***NOTE>>> Details on qualifying improvements are available at the IRS Website, www.IRS.org. It is expected that homeowners will need to complete form 5695 (Residential Energy Credits) and submit it as part of their 2009 income tax returns to claim the credit.

BELOW ARE A LIST OF QUALIFYING EQUIPMENT:

BRYANT HEAT PUMPS
PREFERRED
2 TON 265ANA024-B W/ FV4BNF002
2.5 TON 265ANA030-B W/ FV4BNF002
3 TON 265ANH036-B W/ FV4BNF003
3.5 TON 265ANA042-B W/ FV4BNF005
4 TON 265ANA048-B W/ FX4CNF048 (No variable speed motor)
4 TON 265ANA048-B W/ FV4BNB006 (CALL JOE)

EVOLUTION
3 TON 288ANA036-B W/ FE4ANF003
4 TON 288ANA048-B W/ FE4ANB006

BRYANT Straight Cools
PREFERRED
2 TON 165ANA024-B W/ FV4BNF003
3 TON 165ANA036-B W/ FV4BNF005

EVOLUTION
2 TON 180ANA024-B W/ FE4ANF002
3 TON 180ANA036-B W/ FE4ANF003
4 TON 180ANA048-B W/ FE4ANF005

BRYANT HEAT PUMP PACKAGE UNITS
PREFERRED
2 TON 607CNX024000AA
2.5 TON 607CNX030000AA
3 TON 607CNX036000AA
3.5 TON 607CNX042000AA
4 TON 607CNX048000AA
5 TON 607CNX060000AA

BRYANT STRAIGHT COOL PACKAGE UNITS
PREFERRED
2 TON 707CNX024000AA
2.5 TON 707CNX030000AA
3 TON 707CNX036000AA
3.5 TON 707CNX042000AA
4 TON 707CNX048000AA
5 TON 707CNX060000AA