High Efficiency Gas Furnace Tax Credit 2016

A nonrefundable tax credit allows taxpayers to lower their tax liability to zero but not below zero.

High efficiency gas furnace tax credit 2016.

The extended tax credit is in effect for all qualifying systems and products installed during the 2012 through 2016 calendar years and expires on december 31 2016. The residential energy property credit is nonrefundable. 300 for any item of energy efficient building property. According to the u s.

31 2016 was the deadline for qualifying improvements to the taxpayer s main u. Gas furnaces that are energy star certified except those for u s. For gas furnaces with an efficiency rating of 95 or greater the credit is 150. This tax credit is 30 percent of the cost of alternative energy equipment installed on or in a home.

150 for any qualified natural gas propane or oil furnace or hot water boiler. Department of energy qualified models must be purchased before or during 2011. For qualified hvac improvements homeowners may be able to claim 25c tax credits equal to 10 percent of the installed costs up to 500 maximum. Certain air source heat pumps also qualify for a 300 federal tax credit.

If the furnace is also equipped with a high efficiency ecm fan then there is an additional 50 credit. South only meet the requirements for the furnace tax credit. Under current law dec. The federal tax credits for hvac products have returned for 2016.

Learn more and find products. Residential energy efficient property credit. Certain gas furnaces qualify for a tax credit. Gas and oil furnaces that have earned the energy star include fans that meet the requirements of the fan tax credit.