2012-2013 Biomass Tax Credit
2012-2013 USA Biomass Tax Credit
The US government has re-instated a renewable energy incentive designed to reduce our reliance on foreign oil and increase clean, efficient home heating with wood and pellet fuels. The US Biomass Tax credit allows for a 10% consumer tax credit up to $300 for eligible stoves bought in 2013 and it is retroactive, so that qualifying stoves purchased in 2012 can also get the credit. In addition to the purchase price, consumers can include the cost of professional installation. The Biomass Credit expired at the end of 2011 and H.R. 8 has now extended it through December 31, 2013.
How Do I Apply For The Tax Credit?
To claim the energy efficient products tax credit, you’ll need to claim the credit on your 2013 taxes in 2014. There will be a form from the IRS to send in with your return. This form has to be placed in service in 2013.
In short all wood and pellet stoves that are EPA approved (75% or more efficient) qualify for the tax credit 10% up to $300, a tax credit unlike a tax rebate is dollar for dollar meaning money back in your pocket.