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Grand Rapids, Michigan
 

Residential and Commercial Tax Credits

Residential and Commercial Tax Credits

 

Residential & Commercial Tax Credits Reinstated Through 2020

President Trump recently signed H.R.1865 and H.R.1158—funding bills for Fiscal Year (FY) 2020 which included two of ACCA’s legislative priorities – reinstating the residential energy efficiency tax credit and Section 179D deductions for commercial buildings. These provisions had expired in 2017 but will be extended through 2020 and retroactive for 2018 and 2019.

The first provision reinstates a portion of Section 25C of the Federal Tax Code that offers a tax credit to individuals who improve the energy efficiency of their homes. For qualified HVAC improvements, homeowners may be eligible to claim 25C tax credits equal to 10 percent of the installed costs, and a maximum credit of $500. The 25C tax credit will provide much needed relief consumers while also helping contractors deliver efficiency to their customers. This provision is retroactive back to 2018 and expires Dec. 31, 2020.

The second provision reinstates Section 179D of the Federal Tax Code which allows for tax deductions on energy efficient commercial buildings. In addition to implementing these deductions for FY2020, the legislation will retroactively instate the deductions for the past two years (Section 179D expired on December 31, 2017). Section 179D is especially useful for building owners, as investing in energy efficient enhancements allows them to save significantly on building operating costs.

The energy efficiency provisions in both Sections 25C and 179D will undoubtedly create and protect jobs for American workers, while also moving our country closer to energy independence. Both provisions are steps in the right direction regarding energy efficiency. However, there is more work to be done and ACCA is actively lobbying for long-term solutions for the 25C and 179D provisions.

While Congress is still fine tuning the details of eligible equipment, you can use the list of eligible equipment and upgrades from 2017 as a guide to help customers figure out whether or not their equipment may be eligible.

In fact, ACCA is leading the charge to support new legislation, the Home Energy Savings Act which would extend Section 25C through 2026. If passed, this legislation would also increase the percentage from 10 to 15 and raise the lifetime cap to $1,200. Most important, the Home Energy Savings Act would HVAC systems to be installed according to ACCA’s quality installation standards in order to qualify for the tax credits!

ACCA is urging Congress to take action in the coming year on the Home Energy Savings Act because it will deliver meaningful efficiency gains to consumers and ensure they realize the benefits of their investments in highly efficient HVAC systems!

 

Information take from ACCA website 

 
We service most Furnace brands and models near Grand Rapids MI.
Expert Service Since 1905
We service most Furnace brands and models near Rockford  MI.
Expert Service Since 1905
Contact Information
 
Schaafsma Heating and Cooling
    25 North Park St. Northwest
Grand Rapids, MI 49544
   (616) 458-7304
Hours of Operation
 
   Monday | 7:30am - 7:00pm
  Tuesday | 7:30am - 7:00pm
  Wednesday | 7:30am - 7:00pm
  Thursday | 7:30am - 7:00pm
  Friday | 7:30am - 7:00pm
  Saturday | 7:30am - 12:00pm
  Sunday | Closed
 
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Schaafsma Heating & Cooling Company, Heating and Air Conditioning, Grand Rapids, MI
Your Furnace replacement installation in Grand Rapids MI becomes affordable with our financing program.
 
Contact Information
 
Schaafsma Heating and Cooling
    25 North Park St. Northwest
Grand Rapids, MI 49544
   (616) 458-7304
 
Payment Options
 
 
 
 
For Furnace in Rockford  MI, we accept most major credit cards.
Sign up for our Furnace maintenace plan in Grand Rapids MI to ensure your home stays comfortable.
 
Save money on your next Furnace installation in Rockford  MI.
See if installing a new energy star rated Furnace in Grand Rapids MI would qualify you for a rebate!
We accept all major credit cards, cash, and checks
Schaafsma Heating & Cooling Company, Heating and Air Conditioning, Grand Rapids, MI
Your Furnace replacement installation in Grand Rapids MI becomes affordable with our financing program.
 
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