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$300 tax credit reinstated ... made retroactive to Jan. 1, 2012

Post in 'The Hearth Room - Wood Stoves and Fireplaces' started by John Ackerly, Jan 3, 2013.

  1. John Ackerly

    John Ackerly Member

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    Not only did Congress and President Obama reinstate the 10% tax credit up to $300, but they made it retroactive to Jan. 1, 2012. So anyone who bought their stove last year, can pay $300 less in taxes this year (if you have already overpaid, your tax rebate will be $300 more). Sorry if you are Canadian, but you guys already get free health care.

    This will give manufacturers and retailers and opportunity to reconnect with customers and help they save more money from a purchase they already made. For more info:
    http://forgreenheat.blogspot.com/2013/01/federal-tax-credit-for-wood-stoves.html. Info like this, and lots more comes out in our monthly newsletter that I think most of you guys and gals would enjoy, if you haven't signed up for it already.

    Happy new year to all!

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  2. jreed

    jreed Member

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    I was just looking for information, thanks!

    My state is offering 1 $400 rebate...i assume I can claim both.
  3. BrotherBart

    BrotherBart Hearth.com LLC Mid-Atlantic Division Staff Member

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  4. brian89gp

    brian89gp Feeling the Heat

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    So, if I bought a brand/model that qualifies but got it used off of craigslist does it still qualify?
  5. dave_376

    dave_376 Burning Hunk

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    only if purchased new from a dealer
  6. DanCorcoran

    DanCorcoran Minister of Fire

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    Unless Canada has found a new source of funding, I think their health care is probably paid for from tax receipts. :)
    bag of hammers likes this.
  7. evilgriff

    evilgriff Burning Hunk

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    Thanks!!! That will work for me. I don't think NJ is giving any extra.
  8. MnDave

    MnDave Guest

    Happy days are here again! :)
  9. Highbeam

    Highbeam Minister of Fire

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    I seem to qualify for 300$ and that's a good thing.
  10. MnDave

    MnDave Guest

    Keep in mind it is 10% up to $300. So you have to spend at least $3000 to get the whole $300.

    MnDave
    PapaDave likes this.
  11. bag of hammers

    bag of hammers Minister of Fire

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    Amen brother. It's pretty cool to walk into emerg with a broken shoulder (don't ask...), see the bone doc right away, and walk out all fixed up without paying a dime. But then watching @ 25% vanish of every pay stub, and coughing up a cool 15% extra for the "harmonized" sales tax here in Ontario, makes "free" a relative term.

    This is a good deal for you folks south of the border. Nice to see...
  12. Machria

    Machria Minister of Fire

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    Nice, $300 off my woodstock works for me! ;)
  13. DianeB

    DianeB Feeling the Heat

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  14. TradEddie

    TradEddie Minister of Fire

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    Good news from the edge of the Fiscal Cliff, congress has re-instated the tax credit for woodstoves in 2013, AND made it retroactive for 2012! That's great news for me, and probably for many others here who were disappointed that the tax credit had not been originally extended.

    This may need to be confirmed, but it ties in with something I read elsewhere about tax credits for insulation etc, also being retrospective.

    http://forgreenheat.blogspot.com/2013/01/federal-tax-credit-for-wood-stoves.html

    TE

    Edited to correct link, sorry for originally disappointing anyone.
  15. John Ackerly

    John Ackerly Member

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    Residents in Maryland, Oregon, Idaho and Montana can add this federal tax credit to those state ones. The federal tax credit could also be used for any stove purchase during a change out program, minus what is paid for by the change out program.

    The federal tax credit pays for purchase price of stove and, according to the EPA,
    “professional installation costs are included as long as installation is required for the proper and safe operation of the stove.” This suggest that professional labor costs are included but not the cost of chimney pipe. I would imagine that things ordered with the stove that are directly attached to it, such as a fan or outside air kit, are included.
  16. freddypd

    freddypd Burning Hunk

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    You're killing me! I got excited when I saw the title of your thread. It looks just like a credit for residents of Massachusetts. I don't think this applies Federal.
  17. ailanthus

    ailanthus Feeling the Heat

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    Hope this is true. I missed out on it by less than a month last year.
  18. TradEddie

    TradEddie Minister of Fire

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  19. TradEddie

    TradEddie Minister of Fire

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    Confirmed.

    SEC. 401. EXTENSION OF CREDIT FOR ENERGY-EFFICIENT EXISTING HOMES.
    (a) IN GENERAL.—Paragraph (2) of section 25C(g) is amended by striking ‘‘December 31, 2011’’ and inserting ‘‘December 31, 2013’’.

    Basically those provisions which expired in December 2011 are now extended until the end of this year.

    Enjoy a late Christmas present.

    TE
  20. ailanthus

    ailanthus Feeling the Heat

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    Anyone know if it includes chimney materials?
  21. TradEddie

    TradEddie Minister of Fire

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  22. John Ackerly

    John Ackerly Member

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    Can you edit a previous post? My first post on this topic had come incorrect info: the $300 tax credit is dollar for dollar up to $300, not 10% of price up to $300. So basically every stove purchase gets the full $300 because every stove that is claimed to be over 75% cost more than $300. The link in first post connects to accurate, updated info: http://forgreenheat.blogspot.com/2013/01/federal-tax-credit-for-wood-stoves.html.
  23. drewmo

    drewmo Feeling the Heat

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    Doing my taxes now. How would one go about claiming the tax credit? We purchased both a PE super series insert and a Harman P43 pellet stove in 2012. Can I claim the tax credit for both ($600 total) or would I max out at $300?
  24. charly

    charly Guest

    Yup, got an email from Woodstock the other day,, telling me the good news!:cool:
  25. chris5150

    chris5150 New Member

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    How do you calculate the kilowatt capacity of your property? That is one of the questions on the tax form.

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