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Monday, December 30, 2019

Biomass Tax Credit - don't forget to claim it!

Happy Holidays from HearthMasters - and the Federal Government!

If you purchased a wood-burning stove or insert in 2017 - 2019 you may be eligible for a $300 tax credit.

Every year, many taxpayers fail to take advantage of the tax credits for which they're eligible. HPBA works to ensure that the $300 biomass stove tax credit is not forgotten. Rewarding investment in more energy-efficient technology can benefit not only individuals but also can positively impact the air quality of entire communities. The U.S. federal government offers a tax credit to tax-paying homeowners who purchase a wood or pellet stove that is at least 75 percent efficient.

The biomass stove tax credit has been extended for purchases made before December 31, 2020. You can claim this credit on your tax return if you made a qualifying purchase since December 31, 2017 and up to December 31, 2020.

What is it?
A $300 tax credit for purchasing a biomass stove that is at least 75 percent efficient. This includes wood-burning stoves and inserts, pellet stoves and inserts, and other types of stoves. 

How to Claim It:
Complete eligible purchase by December 31, 2020.
Retain the receipts from your purchase as well as the manufacturer certificate stating the stove qualifies.
Claim the credit on your federal income tax form.

For more information visit:

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