Wood heat tax credit eviscerated in new tax bill

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gyrfalcon

Minister of Fire
Dec 25, 2007
1,836
Champlain Valley, Vermont
Read it and weep

http://tinyurl.com/23z3cps

According to a news release from the Green Heat Alliance this morning, the tax bill Congress passed last night and the president is about to sign extends the biomass appliance (ie wood and pellet burners) but reduces it from 30 to 10 percent and reduces the limit from a maximum of $1,500 to $300. Incredibly, it also sets $500 as a *lifetime* limit. According to the Green Heat people, "if a homeowner has used this credit anytime since 2005, it cannot be used again."

They say, "This setback for incentives for wood and pellet heating systems is a result of biomass appliances being considered an energy efficiency device instead of a renewable energy system. Solar, wind and geothermal systems still enjoy the full 30% tax credit with no maximum and are not set to expire until 2016."

Further, "Of the eleven energy related provisions being extended in this Tax Cuts Compromise Package, only three provided direct benefits to homeowners. The others were corporate tax credits and incentives."
 
Oops. Sorry about that. I was so angry when I read the email this AM, I didn't stop to check if somebody else had posted the info.
 
When I get angry I turn green and start bursting out of my purple pants that I am wearing that day. :) ;)
 
firefighterjake said:
When I get angry I turn green and start bursting out of my purple pants that I am wearing that day. :) ;)

Hmmm. Could you post some video of that?
 
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