Arkansas HVACR NewsMagazine January 2023

News Magazine January 2023

FEATURE STORY

refund but only reduce the amount owed. Some can qualify for a carry over while some excess credits may not carry over to the next year if the credits are greater than the tax liability. Some/most include equipment and labor. Some do not include labor; i.e., insulation. Some are in the form of tax rebates while others are direct rebates which implies that a contractor or homeowner will receive upfront payment. These will come through the state energy office — we think. As I read this article, I am certain that it may add more confusion to an already confusing situation; however, it’s not just this article that lacks clarity. I have visited with four different institutions from the west coast to the deep south that should know what is going on. They all say they are in the dark. The Feds say the details should be worked out by this spring with money being available soon thereafter — perhaps as early as spring or maybe not until fall. Regardless of when the money is available, Arkansans will receive tax rebates and direct rebates of over $100 million dollars. That is a lot of money in anyone’s lexicon of “My Gosh”! Want to know more? Start with this excellent source of information at the IRS website, https://www.irs.gov/pub/taxpros/fs 2022-40.pdf

Tax Credit Table Next Page

The following page has a table overview of tax credits available beginning this year. Be sure to consult your account or tax attorney before making personal or business decisions.