Indiana Energy Star Heating and Cooling Equipment Tax Credit

In calendar year 2009 and 2010 there is an energy tax credit that can be claimed by some Indiana individual taxpayers and businesses.  The Indiana Department of Revenue Information Bulletin #100 provides information on this tax credit.

Some highlights include:

1. The credit can be applied for by individuals or by small business that are Indiana businesses with less than 100 employees and less than ten million in gross receipts per year.
2. The credit is applied for on your income tax return.
3. The equipment purchased must meet the energy star guidelines and is a furnace, water heater, central air conditioning, a room air conditioner, or a programmable thermostat.
4. The tax credit is the lessor of 20% of the purchase or $100.
5. The tax credit is not refundable (meaning you must have a tax liability to take the credit). 

 Mike Sylvester, CPA/ABV “accredited in business valuation”