 The tax credit is a 30% tax credit of up to $1500 total over a two year period (2009-2010) for the purchase of a 75% efficient biomass-burning appliance. This credit was passed as part of the stimulus package - the American Recovery and Reinvestment Act. Basics of this credit: 1. This is for new appliances installed into the principal residence of the buyer. Second and vacation homes do not count. 2. Most modern wood and pellet stoves will meet the 75% efficient standard, however a certification from the manufacturers should be obtained so the consumer can make certain a unit is eligible. 3. Installation costs are covered, as long as they are required for the safe operation of the stove. 4. Prior purchases from Jan 1, 2009 onward are covered if the stove is an eligible model. 5. The unit can be foreign or domestic made as long as it is eligible. 6. This is a TAX CREDIT, not a tax deduction. A tax credit is a dollar for dollar savings out of your Federal Tax due. Customers looking for such credits should always double check with BOTH the retailer and manufacturer to make certain the unit in question meets the standard. More information can be found at this link, which is run by the Wood and Pellet stoves industry trade group. |