Take advantage of after-Christmas sales – but you may want to wait just a bit
Dec. 15, 2008
Are you shivering because your furnace has seen better years? Is your water heater producing lukewarm water at best? Did you conduct last rites on your air conditioning unit last summer?
Well, if you are contemplating upgrades to your heating or cooling situation, and are thinking of taking advantage of the after-Christmas sales, you might want to wait until after the end of the year to make those purchases. You see, Indiana is offering a tax credit for energy star heating and cooling equipment purchases made during 2009 and 2010.
Energy star heating and cooling equipment is rated for energy efficiency under the federal energy star program, and is manufactured in the United States. Energy star equipment available for this credit includes a furnace, water heater, central air conditioning, a room air conditioner, or a programmable thermostat. You’ll know you have the right product when you see an Energy Star logo on it.
Who gets the credit?
- Individuals, who can claim the credit on their 2009 or 2010 (depending when the equipment was purchased) Indiana state income tax return.
- An independently owned small business (fewer than 100 employees and less than $10 million in annual gross receipts) which is located in Indiana.
How much is the credit?
- The credit is the lesser of 20 percent of the cost of the equipment or $100.
For more information about this credit, get Information Bulletin #100.
Purchasing Energy Star heating/cooling equipment, which is manufactured in the United States, will save money on your utility bills, reduce your carbon footprint and bag a state tax credit. What a deal!
For more info about Energy Star equipment, visit: www.energystar.gov/index.cfm?c=heat_cool.pr_hvac
- Find Indiana tax forms.
- Know when I will receive my tax refund.
- File a nonresident Indiana tax return.
- File my taxes as an Indiana resident while I am in the military, but my spouse is not an Indiana resident.
- Take the renter's deduction.
- Pay my tax bill in installments.
- Claim a gambling loss on my Indiana return.
- Have more time to file my taxes and I think I will owe the Department.
