NAOHSM weighed in on the Feb. 17 signing of the $789 billion economic stimulus package noting that the Act includes a $1,500 tax credit that applies to both equipment and installation costs.
The National Association of
Oil Heating Service Managers weighed in on the Feb. 17 signing of the $789
billion economic stimulus package noting that the Act includes a
$1,500 tax credit that applies to both equipment and installation costs,
subject to the 30 percent qualifer.
are several provisions that oilheat dealers need to be aware of,” the
organization stated. “Unfortunaly, funding for LIHEAP is not included
in the stimulus plan.” The final stimulus package does include $5
billion for the federal Weatherization Assistance Program and extends home
energy efficiency tax credits through 2010. It also increases those
tax credits to 30 percent up to $1,500 for equipment rated at 90 percent
efficiency or above.
is good news for oilheat dealers because earlier drafts of the package
limited tax breaks to equipment rated at 95 percent or higher, a rate not yet
achieved by oilheat equipment,” said NAOHSM. Qualifying equipment listed
on the GAMA website meets the stipulations for the tax credit. “The other key
feature of this is that this $1,500 tax credit is for both 2009 an 2010, and it
is for several building features.”