Air Quality Improvement Tax Credit
no fixed amount
Tax Credit
Description:
A a corporation can claim an air quality improvement tax credit related to the purchase or upgrade of mechanical heating, ventilating, and air conditioning (HVAC) systems. It also applies to the purchase of standalone devices designed to filter air using high efficiency particulate air filters (HEPA).
Comments on Funding:
A tax credit is equal to 25% of eligible expenses. Applicants can claim up to $10,000 per location and up to $50,000 in total between affiliated eligible entities.
Rolling deadline
Eligibility:
Applicants must:
1. be corporations;
2. have purchased or upgraded their mechanical heating, ventilating, and air conditioning (HVAC) systems;
3. have purchased of standalone devices designed to filter air using high efficiency particulate air filters (HEPA).
Application Steps:
To claim the credit, applicants must:
1. file a completed Schedule 65, Air Quality Improvement Tax Credit, with their return for the year;
2. enter the amount of the credit they are claiming on line 799 of the return.
Documentation Needed:
Applicants must provide a completed Schedule 65.
Other Things to Note:
About the author
Maurice
