Did you know? If you purchased a 75% efficient biomass-burning stove last year–or plan to buy one in 2010–you are eligible to receive a 30% US Federal Tax Credit (valued to a maximum of $1,500), as part of the 2009 Economic Stimulus legislation signed by President Obama in February of 2009.
According to Monesson Hearth Systems Company (MHSC), “it is the objective of this new Tax Credit to help homeowners cover some of the costs associated with heating their homes as well as to promote the use of renewable biomass fuels such as wood, pellets and corn.
“The Tax Credit took effect January 1, 2009, however the Internal Revenue Service (IRS) has not yet issued full efficiency guidelines for manufacturers to qualify their products for this Tax Credit. The Hearth, Patio & Barbecue Association (HPBA) and the Pellet Fuels Institute (PFI) worked to get this Tax Credit amount increased from the previous $300 credit approved in October of 2008, and the HPBA – in conjunction with the Environmental Protection Agency – has also provided to the IRS a series of qualifying recommendations for the stoves.”
For more information, visit www.HPBA.org or speak with a tax advisor regarding the Internal Revenue Code.
