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.

“There 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.

“This 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.”

Source: NAOHSM