There are a couple new tax laws that benefit both residential and commercial customers when upgrading existing HVAC equipment.
Commercial-Section 179 is a new tax law that started on January 1st, 2018. Commercials customer have the ability to write off for tax purposes the cost of a new heating and air conditioning units in the first year, instead of depreciating the expense over 39 years. Check with your CPA or tax professional for every situation is unique in nature.
Residential-Geo Thermal Tax Credits have returned and they are retroactive to January 01,2017. 30% Tax credit available until December 31, 2019. In 2020, the tax credit will reduce to 26%. In 2021, the tax credit will reduce to 22% with the tax credit expiring in 2021. For Commercial applications, the 10% tax credit has been reinstated.
Great opportunity to take advantage of your equipment that will give you financial and environmental rewards. Check with your tax professional and let us know how we can help