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Need Help For Plumbing Improvements?

Tax Credit - FranklinDoes your home’s plumbing system need updating? Have you thought about using your income tax return to help pay for it? If so, then federal legislation authorized in December may offer even more financial incentive to spend the money to address your home’s plumbing issues.

The Residential Energy Efficiency Tax Credit, in effect retroactively from January 1, 2015 through December 31, 2016, offers tax credits for eligible efficiency improvements and equipment installed in 2015 or 2016. This news comes just in time for tax return season, when many homeowners use their refunds to finance improvements in their home’s heating, cooling and plumbing systems.

According to information at http://www.energystar.gov/taxcredits, some qualification requirements and other details of the tax credit include:

  • Efficiency improvements or equipment must serve a dwelling in the United States that is owned and used by the taxpayer as a primary residence.
  • The credit applies to the purchase of high-efficiency heating, cooling and water-heating equipment.
  • Tax credit is 10% of cost up to $500 or a specific amount from $50-$300. The maximum tax credit for all improvements is $500.
  • If tax credits of $500 were made in previous years, any purchases made in 2011-16 will be ineligible.
  • High-efficiency water-heating equipment eligible for tax credits, and their credit caps include:
    • Electric heat pump water heater with an energy factor of at least 2.0: $300
    • Natural gas, propane, or oil water heater that has either an energy factor of at least 0.82 or a thermal efficiency of at least 90%: $300

This tax credit can help you take the pre-emptive approach and make repairs to your home’s plumbing system when your want to instead of when you need to. This will pay off in a couple of ways: it helps avoid costly repairs which may just be a band-aid fix; and two, a new system is more efficient and saves money on utility bills.

So, if you are thinking about making plumbing improvements, cash in on this worthy tax credit. Call Franklin today for more details. To find out how to apply for the tax credit, click here.

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Need Help For Plumbing Improvements?
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If you are in need of a new energy efficient heating and cooling system, then you may qualify for an extra tax credit. Find out if you qualify today.
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