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Senator Fuschillo Announces New Home Heating System Tax Credit

 

Senator Charles J. Fuschillo, Jr. (8th Senate District) announced today that eligible homeowners can receive up to $500 to replace their existing home heating system with a new ENERGY STAR system. This new income tax credit was created by the State Legislature earlier this year to encourage the use of more energy efficient technology.

"Home heating systems with the ENERGY STAR label are more efficient and environmentally friendly. They will heat your home using less energy, which will lower your bills," said Senator Fuschillo. "This new income tax credit, when combined with the savings that energy star products yield, will create another incentive to use technology that is cleaner and more efficient."

According to the Federal Government, ENERGY STAR products are the same or better than standard products, only they use less energy. To earn the ENERGY STAR, they must meet strict energy efficiency criteria set by the U.S. Environmental Protection Agency or the U.S. Department of Energy. Since they use less energy, these products save consumers money and help protect the environment.

In order to qualify for the tax credit:

- The replacement system must be installed in the consumer’s primary residence.

- Home heating system must receive an energy star label after installation.

- Installation must be completed before December 31, 2007.

- The credit is allowed for the tax year (2006 or 2007) in which the installation is completed. The credit is based on costs incurred between July 1, 2006 and July 1, 2007.

Taxpayers can claim this credit by filing form IT-240, Claim for Home Heating System Credit, with their New York State personal income tax return.

For more information, please call Senator Fuschillo’s office at 516-546-4100.


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