Jabberwocky said:
bungalobob said:
No matter how long it takes for payback, and even if there never is a payback, there is no turning back now. Its bought and paid for, so now I am going to enjoy it and let the chips fall where they may. Suffered buyers remorse on many things in life, and have finally excepted to just roll with it. Did my research, liked everything about a stove; from the fire I have always wanted to the possible cheaper cost of heating my home every winter. And now Uncle Sam is congratulating me with a $300 tax credit. Life is good, enjoy the fire. Now if I could just figure out a way for the kids to roast marshmallows in this thing...
Are you saying that a pellet stove purchase qualifies for a $300 tax credit?
This has been posted in a few other threads. I guess we'll know for certain when tax time comes around, but it looks legit. Of course it depends when you purchased as well.
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.’’.