Benchmark Air Conditioning & Heating - Sales, Service & Installation. North Dallas and Collin County. Preventative Maintenance and Repairs. Frisco, Texas. Plano, Allen & McKinney. Tax Credit Information Page.

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Tax Credit Information

Benchmark Air Conditioning & Heating is proud to provide air conditioning and heating services to our fellow citizens of the North Dallas and Collin County area, including the cities of Addison, Allen, Carrollton, Celina, Frisco, Highland Park, Lewisville, McKinney, Little Elm, Plano, Prosper and The Colony.

You may or you not know that you can actually receive tax credits for 2010 just for installing a high efficiency heating and cooling system. Below you will find information on how to apply for benefits and what is "qualifying equipment."

If you have any questions or would like to schedule a consultation with one of our comfort experts, please feel free to contact Benchmark Air Conditioning & Heating at 972-377-9724. For your convenience, you may also request services from this site.

1. What are the benefits of installing "High efficiency" air conditioning and heating equipment?

a. Lower home energy bills.
b. Increased indoor comfort.

2. What is the American Recovery and Reinvestment Act of 2009?

The ARRA is an act that was passed in 2009 that ensures homeowners who make certain energy efficient upgrades to their homes in tax years 2009 and 2010 and can also enjoy significant savings in the form of new federal income tax credits.

3. What is the amount of the HVAC Tax Credit?

For the installation of qualified heating and cooling equipment, homeowners can now claim a tax credit up to a total of $1,500.

4. How do I claim the credit?

The IRS has directed taxpayers to use Form 5695 to claim the credit.

5. What is the difference between a tax credit and a tax deduction?

A tax credit applies against the taxpayers’ liability. A tax deduction applies against a taxpayer's income, lowering the adjusted gross income and possibly moving the taxpayer to a lower tax bracket.

6. What is the time frame for the new tax credits?

The new tax credit in effect in 2009 and 2010. Must be installed in your "principal residence" between January 1, 2009 and December 31, 2010. The $1,500 limit is for all improvements made during the two year term, not $1,500 each year.

7. What is a qualifying system?

Split Systems: SEER >= 16 & EER >=13

Package systems: SEER >= 14 & EER >= 12

Important Note: It is likely that you will have to replace your furnace as well to get an air conditioner that qualifies.

The new air conditioner does not have to be replacing an old one to qualify.

8. What happens if the 30% of the costs is less than $1,500?

The homeowner can “bank” the remaining available tax credit for other qualified improvements. Any single installation that costs more than $5000 will instantly reach the $1,500 limit.

9. Does the tax credit apply to the cost of the equipment or equipment plus labor?

The credit applies to the installed costs of the qualified equipment, which includes labor.

10. What if I previously claimed tax credits in 2006 or 2007?

Homeowners that previously claimed tax credits in 2006 or 2007 are eligible to claim the full $1,500 limit.

If you have any questions or would like to schedule a consultation with one of our comfort experts, please feel free to contact Benchmark Air Conditioning & Heating at 972-377-9724 or you may also request services from this site.

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Thank you for your interest in Benchmark Air Conditioning & Heating, we look forward to serving you soon!

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