1. What is the amount of the tax credit I am entitled to after purchasing a residential or commercial heat pump system or a heat pump water heater?
The income tax credit amount is equal to 10% of the purchase price of the heat pump system or heat pump water heater.
2. What is the amount of the tax credit I am entitled to after purchasing a residential energy storage system?
The income tax credit amount is equal to 10% of the purchase price of the energy storage system.
3. When does the income tax credit go into effect?
The credit went into effect beginning January 1, 2023 and will run through January 1, 2024.
4. The credit went into effect January 1, 2023. What if I missed the 30 day window to report an assignment?
The Department promulgated an emergency rule that says if an assignment is accepted between January 1 and June 30, 2023, then the deadline to submit the DR 1307 or DR 1322 is August 30, 2023.
5. How do I submit the forms DR 1322 or DR 1307?
Submit a completed copy of Form DR 1322 or 1377 through the Department’s official web-submitter portal.
6. How do I receive Taxation Rulemaking notices for SB22-051?
Interested persons can sign up to receive rulemaking notices here (click on the gray “Sign Up For Rulemaking Notifications” link on the bottom right side of the page).