President Bush signs tax credit for wood, pellet stoves for 2009

Post in 'The Pellet Mill - Pellet and Multifuel Stoves' started by HopeItBurns, Nov 19, 2008.

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  1. HopeItBurns

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    President Bush signs tax credit for wood, pellet stoves for 2009 HPBA and Pellet Fuels Institute succeeded in including the tax credit in Energy Tax Extenders bill
    Casual Living Staff -- Furniture Today, November 11, 2008
    ARLINGTON, Va. — President Bush recently signed an economic rescue legislation that includes a $300 tax credit to consumers who purchase a 75%-efficient wood- or pellet-burning stove in 2009.
    The Hearth, Patio & Barbecue Association, in conjunction with the Pellet Fuels Institute, succeeded in including the tax credit to help consumers fight rising home heating costs in the Energy Tax Extenders bill, attached to H.R.1424.

    http://www.furnituretoday.com/article/49196-President_Bush_signs_tax_credit_for_wood_pellet_stoves.php

    Darn, Just bought mine this year, wonder if we can get the grandfather clause! Did anybody else know about this?



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  2. richkorn

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    Doesn't help the 100's of us here now does it... Will wait till '09 then
     
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  3. hossthehermit

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    Go ahead, claim it, what's the worst that can happen?
     
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  4. sydney1963

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    Great, when I purchased my Prius I was told "Oh, I'm sorry that tax credit has been all used up". Now that I've purchased my pellet stove back in June 2008, I can loose the credit there too.
     
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  5. DiggerJim

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    IIRC, the 700B bailout bill that passed included a credit for people who bought pellet stoves this year (amongst other things like people who make wooden arrows, bicycle commuters, etc. etc.).
     
  6. MrKLeen

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    I did a quick search and could not find anything about this, is there any chance you can link to this info?
     
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  7. hoverfly

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    SEC. 302. CREDIT FOR NONBUSINESS ENERGY PROPERTY.
    (a) EXTENSION OF CREDIT.—Section 25C(g) is amended by
    striking ‘‘placed in service after December 31, 2007’’ and inserting
    ‘‘placed in service—
    ‘‘(1) after December 31, 2007, and before January 1, 2009,
    or
    ‘‘(2) after December 31, 2009.’’.
    (b) QUALIFIED BIOMASS FUEL PROPERTY.—
    (1) IN GENERAL.—Section 25C(d)(3) is amended—
    (A) by striking ‘‘and’’ at the end of subparagraph (D),
    (B) by striking the period at the end of subparagraph
    (E) and inserting ‘‘, and’’, and
    (C) by adding at the end the following new subparagraph:
    ‘‘(F) a stove which uses the burning of biomass fuel
    to heat a dwelling unit located in the United States and
    used as a residence by the taxpayer, or to heat water
    for use in such a dwelling unit, and which has a thermal
    efficiency rating of at least 75 percent.’’.
    (2) BIOMASS FUEL.—Section 25C(d) is amended by adding
    at the end the following new paragraph:
    ‘‘(6) BIOMASS FUEL.—The term ‘biomass fuel’ means 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.’’.


    If I read this correctly the amendments include this year. Am I right on this?
     
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  8. DiggerJim

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    Here's the thread on this forum. It includes a link to the actual bill. The problem that was addressed by today's legislation was that the credit applied to stoves bought this year or after next year. Today they extended it to include 2009. It was one of the things they had to add to get all of the congressmen to sell out in order to get the bill passed (it was an awful idea to one of them to spend 700 billion to bail out the financial institutions...but, it's a whole nother story if wooden arrow makers get a break as part of that 700 billion - then it deserves support). There was a crapload of stuff that applies to one-off industries or constituencies that allowed our wonderful reps to "bring home the bacon" while rescuing the economy without which there was no reason to entertain the financial bailout.

    <end cynical rant>

    http://www.hearth.com/econtent/index.php/forums/viewthread/24478/
     
  9. imacman

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    Sure looks that way to me.
     
  10. richkorn

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    So, then I assume there will a line on this years 1040 to declair for that credit??
     
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  11. j00fek

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    i would have who ever does you taxes look at it, i will
     
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  12. Maineiac

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    So those of us who figured out the benefits of heating with wood or wood pellets years ago, lowered our dependence on foreign oil and found a cleaner way to heat, get nothing. Why not at least give 75% for one bought last year 50% two years ago etc.? I bought mine three years ago but what the heck. If you think about it those who bought into the pellet industry in the early stages are the ones who have made it successful. Ahhhhh, just venting.
     
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  13. HopeItBurns

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    Well thanks for following up, looks like we get credit this year.
     
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  14. Turbozcs2003

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    If I read this correctly anyone who purchased in 2008( placed in service—
    ‘‘(1) after December 31, 2007, and before January 1, 2009)or after 2009(after December 31, 2009)will get a credit?

    Anyone who buys one during 2009 will NOT get a tax credit for 2009?? Credit only applys for 2008 and after 2009.
    I hope my stove shows up before the end of the year although I have a receipt for the deposit dating back to June when I ordered it.

    It looks like someone said they ammended to include 2009, sorry didnt see that before I posted.
     
  15. slls

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    No good to me, I don't pay federal taxes, oh, wait that's a good thing..
     
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  16. heatherco

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    So if we bought two this year can we take a $600 credit? Is that right? 300 on each stove?

    Thanks!
     
  17. bungalobob

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    $300 dollar credit is like a free ton of pellets. (Depending when you purchased of course)
     
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  18. natnyer

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    Better than nothin
     
  19. maison09

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  20. cristiansmom

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    Does that mean I can take it next year.. I bought in 2008 but had already filed my taxes before this amendment.. CAn I take the credit in my 2009 taxes?? Hmmm.,.. I will have to find out...
     
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  21. krooser

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    file an amended return to get the credit...
     
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  22. Wet1

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    Can someone who thinks there is/was a 2008 tax credit for wood pellet stoves please privide me with a link on the IRS website?

    I've looked and I can't find anything that would suggest pellet stoves were eligable for a 2008 tax credit...

    "What’s New for 2008
    Nonbusiness energy property credit expired. You
    cannot take the nonbusiness energy property credit for
    property placed in service in 2008..."


    Please prove me wrong!!! :)
     
  23. stoveguy13

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    the credit was passed but never got funding so you can claim it but you will get nothing back for it. the new credit is for 30% now and is only for stoves bought from jan1 2009 forward.
     
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  24. Stentor

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    Bummer. That explains why I couldn't find anything when I went back and updated and reran TurboTax.
     
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  25. shinichikudo

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