If I read all of the info below correctly, if someone has taken a $1,500 tax credit for a new qualifying heat pump, even if this was in 2009, then they cannot also take any tax credit for a qualifying wood stove, even if it is taken in 2010.
Sound right?
Bill
From 'EPA finally offers IRS guidelines for new biomass tax credits' (on this forum).
If a taxpayer uses the entire $1500 tax credit on a competing product then they cannot use it for a biomass stove in that same tax year;
From HPBA site:
The tax credit is a 30% tax credit of up to $1500 total over a two year period (2009-2010) for the purchase of a 75% efficient biomass-burning appliance.
From http://www.irs.gov/pub/irs-drop/n-09-53.pdf
(2) Limits the cumulative total of credits allowed for taxable years beginning in 2009 and 2010 to $1,500 per taxpayer (credits allowed in, and unused credit
limitations from, prior years are disregarded in applying this limitation);
Sound right?
Bill
From 'EPA finally offers IRS guidelines for new biomass tax credits' (on this forum).
If a taxpayer uses the entire $1500 tax credit on a competing product then they cannot use it for a biomass stove in that same tax year;
From HPBA site:
The tax credit is a 30% tax credit of up to $1500 total over a two year period (2009-2010) for the purchase of a 75% efficient biomass-burning appliance.
From http://www.irs.gov/pub/irs-drop/n-09-53.pdf
(2) Limits the cumulative total of credits allowed for taxable years beginning in 2009 and 2010 to $1,500 per taxpayer (credits allowed in, and unused credit
limitations from, prior years are disregarded in applying this limitation);
