Consumer Tax Credit Extended for Biomass Appliances for 2012/2013

boo boo Posted By boo boo, Jan 20, 2013 at 11:46 PM

  1. boo boo

    boo boo
    Minister of Fire

    Dec 22, 2012
    505
    137
    Loc:
    So. NH
    FYI

    I thought this ended in 2011 if you bought a stove in 2012/13 you still get the credit

    Consumer Tax Credit Extended for Biomass Appliances
    As part of the "fiscal cliff" package that passed Congress on January 1, 2013, the expired tax credit on energy-efficient biomass-burning appliances was reinstated for 2013. The credit, lobbied aggressively by the Pellet Fuels Institute (PFI), provides a 10 percent tax credit, up to $300 in value, on the purchase of a qualifying wood or pellet-burning product. The tax credit is also limited to a $500 "lifetime limit" and applies to 2013 and retroactively to appliances purchased between January 1, 2012 and December 31, 2012. For more information on the current tax credit, please visit http://www.hpba.org/government-affairs/major-projects/25c-tax-credit.
    By New Energy
    Tags: Wood Stove Tax Credit Bio Fuel Products
     
    pourlepayssauvage likes this.
  2. CladMaster

    CladMaster
    Minister of Fire

    Nov 20, 2012
    677
    119
    Loc:
    Maine
  3. Speed3

    Speed3
    Member

    Mar 16, 2012
    46
    13
    Loc:
    Southern Maine
    Awesome! I just found $300!
     
  4. DOLLARBILL

    DOLLARBILL
    Feeling the Heat

    Dec 1, 2012
    280
    43
    Loc:
    Between Augusta and Lewiston Maine
  5. john193

    john193
    Minister of Fire

    Jan 11, 2010
    1,053
    184
    Loc:
    Southeast PA
    Thanks! I had heard about this but never looked into it to verify its legitimacy until now.
     
  6. 343amc

    343amc
    Feeling the Heat

    Nov 23, 2005
    375
    181
    Loc:
    West Michigan
    I couldn't find it in that page, but am I correct to assume this only applies to a new appliance and not a used one, even if the used one qualifies?
     
  7. boo boo

    boo boo
    Minister of Fire

    Dec 22, 2012
    505
    137
    Loc:
    So. NH
    You are correct only new stoves
    More Q and A here http://www.chimneysweeponline.com/taxcredit.htm
     
  8. deercamp

    deercamp
    Member

    Jan 3, 2013
    111
    11
    Loc:
    se mass
    Does anybody know the effeciency of the harman accentra insert. I could not find it on harmans website. My guess is that it must qualify.
     
  9. john193

    john193
    Minister of Fire

    Jan 11, 2010
    1,053
    184
    Loc:
    Southeast PA
    It's 77%, so yea you made the cut. Check out the "brochure" on the harman website.
     
  10. deercamp

    deercamp
    Member

    Jan 3, 2013
    111
    11
    Loc:
    se mass
    Thanks i found it. Just squeaked in there.
     
  11. MikeNH

    MikeNH
    Burning Hunk

    Nov 27, 2012
    233
    82
    Loc:
    Temple, NH
    Nice find, thank-you
     
  12. boo boo

    boo boo
    Minister of Fire

    Dec 22, 2012
    505
    137
    Loc:
    So. NH
    This is the IRS form to use 5695
    Line 21a for the stove
    Line 24a if you had it professionally installed using labor cost

    http://www.irs.gov/pub/irs-pdf/f5695.pdf

    • A stove that uses the burning of biomass fuel to heat your home or heat water for your home that has a thermal efficiency rating of at least 75%. Biomass fuel is any plant-derived fuel available on a renewable or recurring basis, including agricultural crops and trees, wood and wood waste and residues (including wood pellets), plants (including aquatic plants), grasses, residues, and fibers.
     
  13. imacman

    imacman
    Guest

    Don't forget that anything associated with the install can also be used toward the credit.....installer fee, pipe, silicone, hearth, spray paint, etc, etc.
     
  14. mralias

    mralias
    Minister of Fire

    Apr 29, 2008
    962
    203
    Loc:
    MA
    Beer???
     
  15. imacman

    imacman
    Guest

    Well, I suppose we could stretch the needed install items a wee bit. :)
     
  16. boosted3g

    boosted3g
    Feeling the Heat

    Aug 3, 2012
    269
    73
    Loc:
    Central PA
    What if you purchased a used stove but purchased all new items to install, piping etc
     
  17. boo boo

    boo boo
    Minister of Fire

    Dec 22, 2012
    505
    137
    Loc:
    So. NH
    I read a thread that i goggled that said The law specifies that the credit can only be applied to the purchase and installation of new stoves. you should look into that. Piping alone is over $200
     
  18. The Ds

    The Ds
    Feeling the Heat

    Jan 29, 2012
    344
    118
    Loc:
    Western PA, USA
    Just to clarify, this 'credit' is only applicable if you itemize, correct?

    Thanks!
     
  19. john193

    john193
    Minister of Fire

    Jan 11, 2010
    1,053
    184
    Loc:
    Southeast PA
    Since it is a tax credit and not a deduction you can just claim it by filling out the tax credit form.
     
  20. boo boo

    boo boo
    Minister of Fire

    Dec 22, 2012
    505
    137
    Loc:
    So. NH
    HI
    No thats not correct. This is a credit not a deduction. This credit will be deducted from the bottom line of what you would owe in taxes. Here is a good article to explain from a few weeks back or you can google the credit and allot will come up for this. You will need form 5695 from the IRS web page.
    http://www.chronicleonline.com/content/tax-credit-gives-break-energy-improvements-homes
     
  21. Lousyweather

    Lousyweather
    Guest

  22. Lousyweather

    Lousyweather
    Guest

    not fuel
     
  23. The Ds

    The Ds
    Feeling the Heat

    Jan 29, 2012
    344
    118
    Loc:
    Western PA, USA
    Thanks Boo Boo! We're fortunate to never owe, so I guess it won't do us any good. But for those who owe, it's a great deal!
     
  24. glenc0322

    glenc0322
    Minister of Fire

    Dec 30, 2011
    605
    86
    Loc:
    long Island NY
    they quallify I purchased my stove new in 2011 and received he tax credit
     
  25. boo boo

    boo boo
    Minister of Fire

    Dec 22, 2012
    505
    137
    Loc:
    So. NH
    No No No take the credit and you get more back
     

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