Arkansas HVACR NewsMagazine September 2024

HVACR NewsMagazine September 2024

Rebate Programs & Incentives

(1) https://www.irs.gov/credits-deductions/energy-efficient home-improvement-credit (2) https://www.irs.gov/instructions/i5695#en_US_2023_pub link1000122131

equipment is listed at the following link by CEE.

https://www.ahrinet.org/certification/ce e-directory

Federal Tax Credits for Plug-in Electric and Fuel Cell Electric Vehicles Purchased in 2023 or After

Remember that these maximum amounts are 30% of the qualifying cost. Much of this information was taken from “Instructions for Form 5695 (2023)” (2) . We assume that the basic information will be similar for 2024; however, it is important that you confirm with your accountant or tax attorney. Once proven, it could be a good way to help your homeowner made a decision for higher efficiency. After all, a $2,000 tax credit for a high efficiency heat pump or an extra $600 for a gas furnace could be the game changer. Another benefit is up to a $150 tax credit for an energy audit. Again, this is 30% of the cost to a maximum credit of $150. The audit must be performed by a Qualified Home Energy Auditor. So where does our industry stand with regard to the much acclaimed tax credits? The credits included in this article are listed by the IRS including the instructions for filling out the appropriate tax form. That seems pretty definite. Where are we with the over 100 million that was earmarked for Arkansas as part of the Inflation Reduction Act. Who Knows. It is complicated in paperwork and politics. We’ve been following this story from its beginning. Must say, patience is wearing a bit thin; however, you have customers that can benefit from the things we have talked out today. Let’s help them with what we know instead of cursing what we do not know.

Federal Tax Credit Up To $7,500!

All-electric, plug-in hybrid, and fuel cell electric vehicles purchased new in 2023 or after may be eligible for a federal income tax credit of up to $7,500. The availability of the credit will depend on several factors, including the vehicle's MSRP, its final assembly location, battery component and/or critical minerals sourcing, and your modified adjusted gross income (AGI). Qualified vehicles purchased before 2023 may be eligible for a similar tax credit of up to $7,500. Pre-owned vehicles purchased in 2023 or after are eligible for a tax credit of up to $4,000. State and/or local tax incentives may also apply The information on this page applies to the Clean Vehicle Credit available to individuals and businesses. For details about the credit available to businesses and non-profit organizations, see Commercial Clean Vehicle Credit (IRS). Learn more about requirements.