This is some really great succinct information I received from colleagues in South Florida today! I found it very informative and hope you do as well.
There are many tax credits that have returned for 2013 such as solar and high efficiency appliances including heat pumps. When the "Fiscal Cliff" bill was signed on January 2, on of the provisions included a retroactive reinstatement of the federal tax credits for various furnaces and heat pump systems.
- Retroactive to all purchases made from 01/01/12
- Effective for purchases made until 12/31/13
- Furnaces (95% AFUE or higher) qualify for $150
- Heat Pump Systems (8.5 HSPF / 12.5 EER / 15 SEER) qualify for $300
- Advanced fan (most variable speed fans) qualifies for $50
Tax Credit Defined - A tax credit is a direct reduction in the tax liabililty. This means it's similar to getting a rebate or cash back. Please remember you must have paid or will have to pay that tax amount before the credit is given. If someone does not pay taxes there is no credit available.