Consumer Tax Credit Extended for Biomass Appliances for 2012/2013

Post in 'The Pellet Mill - Pellet and Multifuel Stoves' started by boo boo, Jan 20, 2013.

  1. boo boo

    boo boo
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    Minister of Fire

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    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
     
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    pourlepayssauvage likes this.

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  2. CladMaster

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  3. Speed3

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    Awesome! I just found $300!
     
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  4. DOLLARBILL

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    Thanks for the info !
     
  5. john193

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    Thanks! I had heard about this but never looked into it to verify its legitimacy until now.
     
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  6. 343amc

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    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?
     
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  7. boo boo

    boo boo
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    You are correct only new stoves
    More Q and A here http://www.chimneysweeponline.com/taxcredit.htm
     
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  8. deercamp

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    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.
     
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  9. john193

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    It's 77%, so yea you made the cut. Check out the "brochure" on the harman website.
     
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  10. deercamp

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    Thanks i found it. Just squeaked in there.
     
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  11. MikeNH

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    Nice find, thank-you
     
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  12. boo boo

    boo boo
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    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.
     
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  13. imacman

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    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

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    Beer???
     
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  15. imacman

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

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    What if you purchased a used stove but purchased all new items to install, piping etc
     
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  17. boo boo

    boo boo
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    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
     
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  18. The Ds

    The Ds
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    Feeling the Heat

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    Just to clarify, this 'credit' is only applicable if you itemize, correct?

    Thanks!
     
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  19. john193

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    Since it is a tax credit and not a deduction you can just claim it by filling out the tax credit form.
     
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  20. boo boo

    boo boo
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    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
     
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  21. Lousyweather

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  22. Lousyweather

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    not fuel
     
  23. The Ds

    The Ds
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    Feeling the Heat

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    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!
     
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  24. glenc0322

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    they quallify I purchased my stove new in 2011 and received he tax credit
     
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  25. boo boo

    boo boo
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    No No No take the credit and you get more back
     
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