Federal Tax Credit

 On February 17, 2009, Congress passed into law the “American Recovery and Reinvestment Tax Act of 2009.” Part of this law extends tax credits to partially offset the cost of buying and installing energy efficient residential gas furnaces and advanced main air circulating fans. Tax credits for these residential products, which had expired at the end of 2007, will now be available again for improvements “placed into service” during 2009 and 2010.

Two items are required for homeowners to receive their tax credits.  First, homeowners need to complete IRS Form 5695 - which is a form you can obtain from your tax professional.  Second, homeowners should keep a copy of the Manufacturer’s Certification Statement applicable to their products.  This Statement can be found on manufacturers websites or from our office.

Homeowners should submit IRS Form 5695 with their 2009 and/or 2010 income tax returns and keep copies of their purchase receipt(s) and Manufacturer’s Certification Statement(s) for their records.

You are strongly encouraged to seek help from a  Tax Professional to determine the application of the tax credits in the American Recovery and Reinvestment Tax Act of 2009 to their particular situation.