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------------------------------------------------------------------------------------------------------- Tax Credit for Energy-Conscious Purchasers! What is the Biomass-Burning Stove Tax Credit? This federal tax credit encourages people to make energy-conscious purchases that
improve the energy efficiency of their home. It is an up to $1500 credit you can get for buying a qualifying bio-mass-burning
stove or fireplace insert between January 1, 2009 and December 21, 2010. Bio-mass simply means the stove uses wood or pellet
fuel.
Consumers claim the credit on their federal tax form at the end of the year. This new credit reduces the amount of tax you owe. The new credit is a reduction of total income tax at the bottom of your return, up to $1500. This tax credit is a non-refundable tax credit available for individuals who pay taxes and who make energy-conscious purchases to improve the energy efficiency of their home.
Note: With regard to tax credits vs. tax deductions, in general, a tax credit is more valuable than a similar tax deduction. A tax credit reduces the tax you pay, dollar-for-dollar. Tax deductions – such as those for home mortgages and charitable giving – lower your taxable income. Information supplied by HPBA. Posted on February 20, 2009
For additional and more specifc information, the Pellet Fuels Institute has a very helpful page HERE. |
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