TAX CREDIT FOR QUALIFYING BIOMASS STOVES
If you are a residential consumer who has purchased a biomass heating system in 2014 you could quality for a tax credit! The credit applies to purchases made in 2014. Consumers who made residential biomass heating purchases need to have a proof of purchase for this to be effective. For example, a manufacturer’s certificate that demonstrates the unit qualifies for Sec. 25C and a receipt.
If your wood stove uses wood or pellets as fuel then you qualify for this tax credit. The HPBA states the following about consumers claiming this credit. “Consumers claim the credit on their federal income tax form at the end of the year. This credit reduces the amount of tax you owe. The credit is a reduction of total income tax at the bottom of your return, up to $300. This tax credit is a non-refundable tax credit available for individuals who pay taxes and who make energy-conscious purchases to improve the energy efficiency of their home.”
For more information and questions regarding this tax credit, find information here! Feel free to ask our professionals at the store