Goodman Tax Credit Summary
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provides for federal tax credits on qualifying, high-efficiency residential heating and cooling products and systems (HVAC) through December 31, 2011. This program is similar to, but different from, the federal tax credits that were in effect during 2009 and 2010.
- The maximum amount an eligible homeowner may receive in federal tax credits for purchasing and installing qualifying products, whether those purchases are in the form of upgraded insulation, windows, HVAC equipment or other eligible improvements, is now 10% of the cost of the improvement, including installation costs, up to $500 (with maximum per-category amounts listed below).
- The $500 tax credit amount is reduced by the total amount of residential energy property credits a homeowner has claimed for purchases between 2006 and 2010. If a residential homeowner has already claimed single-family home tax credits of $500 or more from improvements made prior to 2011, he or she cannot claim any new tax credits during 2011.
- All furnaces and boilers, whether fueled by natural gas, propane or fuel oil, must have an AFUE rating of 95% or higher to be eligible for the 2011 federal tax credit program. Products or units must be installed between January 1, 2011, and December 31, 2011, to be eligible for tax credits.
Max Available Credit Product Type Efficiency Requirements $50 Any advanced main air circulating fan Electricity consumption of no more than 2% of the total energy use of the furnace (tax certificate) $150 Natural gas, propane, oil furnaces or broilers 95% AFUE rating (tax certificate) $300 Split-System Air Conditioners 16 SEER/ 13 EER $300 Split-System Heat Pumps 15 SEER/12.5 EER/8.5 HSPF $300 Packaged Air Conditioners 14 SEER/12 EER $300 Packaged Heat Pumps 14 SEER/12 EER/8 HSPF $300 Packaged Gas/Electric units 14 SEER/ 12 EER This information is provided for discussion purposes only and is provided as a generic guideline. No consideration should be taken that this information represents tax advice. Contact your local tax professional to determine how these credits may apply to your circumstances and visit www.energystar.gov for more information.
2010 Homeowners' Tax Credits*
The Goodman brand offers a complete line of energy-saving, refreshingly affordable heating and cooling products. Listed below for quick reference, are the qualifying Goodman Products. Qualifying products and systems must meet specific energy efficiency standards and be identified as matched systems by the AHRI (Air Conditioning, Heating and Refrigeration Institute). The products listed below are Qualified Energy Property and, if installed in the homeowner’s primary residence and placed in service between January 1, 2009 and December 31, 2010, they may qualify for a non-refundable tax credit under Section 25C of the Internal Revenue Code for 30% of the cost, up to $1,500. To learn the full details regarding the tax credits, talk to your tax professional or visit www.energy.gov/taxbreaks for more information.
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