The American Recovery and Reinvestment Act of 2009 signed on February 17, 2009, by President Obama has made significant changes to homeowner tax credits for specified energy-efficient home improvements including qualifying, residential water heaters and boilers. Some of the more significant changes include the extension of the tax credit through 2010 and the increase in the total available tax credit from 10% to 30%.
Homeowners who purchase and install a qualifying Rinnai tankless water heater or boiler between Jan. 1, 2009 and Dec. 31, 2010 will now be eligible for a tax credit equal to 30% of the full purchase and installation price up to a maximum of $1500.
Tax Credit Amount
30% of the full purchase and installation price up to a maximum of $1500
- The Rinnai tankless water heater or boiler must be “placed in service” between January 1, 2009 and December 31, 2010. The IRS defines "placed in service" as when the product is ready and available for use.
- The Rinnai tankless water heater or boiler must be installed in or on the taxpayer’s principal residence in the United States.
- The tax credit is ONLY available for existing homes.
- The maximum amount that a taxpayer may claim for all qualifying energy efficient home improvements including the purchase and installation of a Rinnai tankless water heater or boiler is $1,500 over the lifetime of the credit (2009 & 2010).
- Rinnai tankless water heaters or boilers installed in 2008 are not eligible for the tax credit.
How to Claim Your Tax Credit for 2009
- Purchase and install a qualifying Rinnai tankless water or boiler between Jan. 1, 2009 - Dec. 31, 2009.
- Save your proof of purchase along with a copy of the Manufacturer’s Certification Statement.
- When filing your 2009 taxes, use IRS Form 5695 (2009 version) - it will be available late 2009 or early 2010. Consult a tax professional for further details.
For more information on homeowner tax credits, please visit www.energystar.gov .