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The 2009 Economic Stimulus legislation signed into law on Feb. 17, 2009, by President Obama includes a 30% tax credit (up to $1,500) for homeowners who purchase a 75%-efficient biomass-burning stove in 2009 and 2010. This tax credit will help homeowners save on energy costs while utilizing renewable, biomass fuels such as wood, pellets and corn. Some important points of the tax credit are:
- To be considered, a stove must use the burning of biomass fuel to heat a dwelling unit or to heat water for use in such a dwelling unit, and have a thermal efficiency rating of at least 75% as measured using a lower heating value.
- Installation costs are covered, as long as it is a requirement for the stove’s proper and safe functioning.
- This consumer tax credit is 30% ( up to $1500 ) for the purchase and installation of a 75% efficient stove and is available in both 2009 and 2010.0
- The tax credit is an aggregate, i.e., the total $1500 can include other energy efficient items. For instance, if a consumer claims $900 on a new stove, then he will have $600 to purchase additional energy saving products in the same tax year.
- 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.
- This credit applies only to existing principle residences.
- Manufacturers must provide a certificate of qualification for each product as required in the guidance which can be obtained for the customer to use.
- Taxpayers must retain the certification statement for tax recordkeeping purposes, but the certification is not required to be attached to the tax return.
- Prior purchases made between January 1, 2009 and June 1, 2009 are covered if the manufacturer offers a certificate of qualification for the product.
- If a manufacturer has documentation that a stove has already achieved the required efficiency rating, no further testing is required.
If you would like to read the entire guidance, IRS Notice 2009-53, Non-business Energy Property it can be found on the IRS website. Please consult your tax advisor if you have any questions about how this measure applies to your particular circumstances. More information on this tax credit will be made available as it is learned.
Which Stoves Qualify?
The following is a list of stoves, available at Comforts of Home, which are eligible for the Tax Credit – as of 6/12/2009
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Lopi Wood Stoves:
Leyden
Answer
Republic 1250
Republic 1750
Endeavor
Liberty
Lopi Wood Stove Inserts:
Answer
Declaration
Revere
Freedom
Freedom Bay
Walden
Lopi Pellet Stoves:
Leyden
Pioneer
Yankee
Lopi Pellet Stove Inserts:
Pioneer Bay
Yankee Bay
Avalon Wood Stoves:
Arbor
Spokane 1250
Spokane 1750
Pendleton
Rainier
Olympic
Avalon Wood Stove Inserts:
Perfect-Fit
Rainier
Pendleton
Olympic
Avalon Pellet Stoves:
Arbor
Newport
Astoria
Avalon Pellet Stove Inserts:
Newport Bay
Astoria Bay
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Fireplace Xtrordinair Wood Stoves:
36 Elite
44 Elite
Fireplace Xtrordinair Wood Stove Insert:
33 Elite
Regency Wood Stoves
F1100
F2400
F3100
S2400
Regency Wood Inserts
I1200
I2400
I3100
Regency Wood Fireplace
FP90 (R90-EX90
Regency Pellet Stove / Insert
GF55-GF155
Hampton Wood Stoves & Inserts
H300
H200
HI200
HI300
Quadra-Fire Pellet Stoves, Inserts & Fireplaces
Santa Fe Series
Classic Bay 1200 Series
Castile Series
Mt. Vernon AE Series
EDGE 60
Quadra-Fire Wood Stoves, Inserts & Fireplaces
2100 Millennium Wood Stove
3100 Millennium Wood Stove
4300 Millennium Wood Stove
3100 Step Top Wood Stove
4300 Step Top Wood Stove
5700 Step Top Wood Stove
Yosemite Wood Stove
Cumberland Gap Wood Stove
Isle Royale Wood Stove
2700i Wood Insert
3100i Wood Insert
4100i Wood Insert
5100i Wood Insert
7100 Wood Fireplace |
