Congress Avoids “Fiscal Cliff”, Extends Air Conditioning Tax Credits

January 17, 2013

If you were paying attention to the news at all recently, you undoubtedly heard about Congress and the President’s attempts to avoid what they were calling the “fiscal cliff.”

But we won’t bore you with all the political details (just the ones that save you money.) Here’s what you need to know:

If you purchased a new, high-efficiency air conditioner, furnace, or water heater in 2012, you could be eligible for up to a $300 tax credit.

Even though the tax credits previously expired December 31, 2011, the legislation passed extends the credits retroactively.

The new legislation extends the tax credits from January 1, 2012 through December 31, 2013, which means:

You could get tax credits of up to $300 if you purchase a high-efficiency water heater, furnace, or air conditioner in 2013, as well.

The extended tax credits include high-efficiency:

  • Split system air conditioners
  • Split system heat pumps
  • Packaged air conditioners
  • Packaged heat pumps
  • Main circulating fan
  • Gas, propane or oil boilers
  • Gas, propane or oil furnaces
  • Gas, propane, oil or electric water heaters

Have a question about what the qualifications are for these products to receive the HVAC and water heating tax credits? Check out our list of qualifying purchases here.

And, of course, feel free to give us a call at (800) 940-9297 or schedule an appointment online. We’ll be glad to help!

This blog is for informational purposes only, and should not be construed as legal or tax advice. Please consult with a tax professional for further clarification of the legislation.

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