Don't sweat it now.  We can't take it in the 2008 tax year anyway so we might as well relax and wait to see what the IRS comes up with for the 2009 tax year.

I'm in your boat, large install in December 2008.

Are there any income restrictions on the rebate?

No income restrictions we're aware of. Though credit can't exceed your total tax liability, it can be divided up over multiple years.

Whats the record for the longest thread ?
this thing is quickly turning into a novel

"acadia's..." trying to keep up.
I would prefer someone start a new thread when the IRS writes the tax code which will be the real poop.
Everything else is an educated guess (which does not necessarily go hand in hand with government).
Please anyone with that information, let us know. Otherwise, any advice on this topic is conjecture.
J

From the website link on geodeans post it states that to qualify for the tax credit:
the geo system must be installed between 1/1/2008 and 12/31/2016.
Under this same tax credit, if you installed in 2008 the 30% incentive has a cap of $2000.
Every year after people can use the full 30%.

Again, not talking about the stimulus package, the IRS tax code has not been written to my knowledge. EVERYTHING PRIOR TO THAT IS CONJECTURE.
Let's wait for the IRS verbage. Right now you get at least 30% up to $2,000 and that's a fact. People that insist on greater promises before the final wording in the tax code are the same folks that will sue a contractor for the difference if all our current opinions don't bear fruit.
J

http://www.irs.gov/newsroom/article/0,,id=204335,00.html
That's all the IRS has to say about it so far.

My conjecture is that all that changes for TY2009 is removal of $2k limit.

Whatever rules, guidance, instructions, case law, etc applicable to Form 5695 in prior years will likely continue to apply.

I double dare you to sell a job and promise 30% uncapped tax credit. Spend a few years contracting. After facing the prospect of writing a check to make up the difference between the customer's expectation and reality once or twice, you will add a few extra disclaimers to your predictions.
In an age where people dial 911 over chicken nuggets, conjecture is best left out of a contractor's tool box.
Maybe I'm flogging a dead horse again, but on this website, we may have the same readers desirous of 1 less pump in the flow center but hundreds of extra feet of pipe in the loop field supporting a system with the aux. shut off who want to know why their system can't keep up. Taking things out of context seems to be the sport of choice around here.
Anyone who wants to take it for granted that the government will behave in a rational manner would be better off bettin' on ponies. Anyone who's contractor is telling them not to spend their extra rebate yet is likely working with a pro.
(just sayin')
J

I think you are right.  I haven't found anything to support anything other than removal of the $2,000 cap. 

However, Joe's double dare is good counsel.  It is difficult to overstate the value of a good disclaimer in matters of taxation.  From the IRS standpoint, whoever signs the tax return will have to settle with the IRS if something is wrong and whoever provided the "tax advice" might get a call from the tax payer's lawyer if the tax payer relied on that advice.
In Texas we say one should walk around the IRS and attorney's like bad water.

I deliberately chose "conjecture" to copy Joe. I certainly wouldn't enter into any contract on that basis.

It is just that - none of us is (I presume) legal purveyor of tax advice.

The entire system is not part of the tax credit and there are some additional requirements.

http://www.energystar.gov/index.cfm?c=geo_heat.pr_crit_geo_heat_pumps

excerpt
Geothermal Heat Pump
A geothermal heat pump model uses the thermal energy of the ground or groundwater as the heat source and heat sink for residential space heating and/or cooling. It may provide both space heating and cooling, cooling only or heating only functions. A geothermal heat pump model consists of one or more factory-made assemblies that normally include an indoor conditioning coil with air moving means, compressor(s) and refrigerant to fluid heat exchanger(s). In addition, some or all of the domestic water heating shall be provided through the use of a desuperheater, integrated demand water heater or a separately installed compressor that provides demand water heating. The geothermal heat pump includes all the equipment and connections from the point at which the ground heat exchanger enters the house, except for indoor equipment that was installed by someone not representing the manufacturer or manufacturer's representative, such as the ground heat exchanger installer.

New promotion buy my heat pump for $xxxx.xx and get a free loop field.
That's why we need to wait.
J

Oh I agree, the way the credit is written is likely to invite a lot of game playing. I can see it now, free house with purchase of a 10 ton system.