I have searched, but has anyone heard of a possible biomass tax credit extension? I came across a few bills that were proposed, but no info on whether or not they;re likely to pass....... I won't be able to purchase by jan 1st.
Tax cradit for 2011?
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midwestcoast
Minister of Fire
Far as i know the Homestar bill is the most lilkely source. It's long since passed in the House, but so far getting no love in the Senate.
See threads: https://www.hearth.com/econtent/index.php/forums/viewthread/61462/
https://www.hearth.com/econtent/index.php/forums/viewthread/55694/
https://www.hearth.com/econtent/index.php/forums/viewthread/53780/
See threads: https://www.hearth.com/econtent/index.php/forums/viewthread/61462/
https://www.hearth.com/econtent/index.php/forums/viewthread/55694/
https://www.hearth.com/econtent/index.php/forums/viewthread/53780/
guy01
Member
The alliance for green heat newsletter said the tax credit is likely to be extended but reduced to 10%. Everyone write your congressman I already have
Guy
Guy
CALJREICH
New Member
I found this in a news article.
Unfortunately, while the tax package does include an extension of the 25c nonbusiness energy tax credits, (the official IRS name for the homeowner’s energy efficiency tax credit), last minute modifications were made resetting the credit value to pre-Stimulus bill levels of 10% of the installed costs with maximum credit for all qualified retrofits of $500.
The tax package also reinstates the caps on equipment that were in place in 2006 and 2007. That means the maximum tax credits available to an eligible taxpayer for installing a qualified central air condition and heat pump are $300, and the maximum tax credit available for a qualified furnace or boiler is $150.
The tax extender package also reinstates the lifetime credit caps which disqualify any homeowner who has claimed more than $500 in 25c tax credits since January 1, 2005, from any further credits.
Finally, the qualifying guidelines for natural gas and propane hot water boilers, and oil furnaces and hot water boilers are increased to 95% AFUE.
I’m still wading through all the language to see what other changes may be buried in the legislative text.
Still no word on whether or not substantive changes will allowed during Senate or House debate, more details about that will be forthcoming, including how you can support any efforts through grassroots action.
Unfortunately, while the tax package does include an extension of the 25c nonbusiness energy tax credits, (the official IRS name for the homeowner’s energy efficiency tax credit), last minute modifications were made resetting the credit value to pre-Stimulus bill levels of 10% of the installed costs with maximum credit for all qualified retrofits of $500.
The tax package also reinstates the caps on equipment that were in place in 2006 and 2007. That means the maximum tax credits available to an eligible taxpayer for installing a qualified central air condition and heat pump are $300, and the maximum tax credit available for a qualified furnace or boiler is $150.
The tax extender package also reinstates the lifetime credit caps which disqualify any homeowner who has claimed more than $500 in 25c tax credits since January 1, 2005, from any further credits.
Finally, the qualifying guidelines for natural gas and propane hot water boilers, and oil furnaces and hot water boilers are increased to 95% AFUE.
I’m still wading through all the language to see what other changes may be buried in the legislative text.
Still no word on whether or not substantive changes will allowed during Senate or House debate, more details about that will be forthcoming, including how you can support any efforts through grassroots action.
Dune
Minister of Fire
Looks like this is still being tweaked even as we type. We will not know until they vote on the tax cuts extension bill if I understand correctly.
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