Here it is, don’t put off buying a new pellet stove or wood stove any longer! As if high energy prices were not enough to motivate you, here is another call to action. Purchase a new wood or pellet stove and enjoy an additional $300 off due to the renewal of the federal tax credit. Come see what your choices are right here in our showroom at Blazing Hot Stoves, Oakville, CT. Check out the details below.
$300 Biomass Stove Tax Credit for 2012 – 2013
The tax credit was reinstated by the “fiscal cliff” legislation, the American Taxpayer Relief Act of 2012 (H.R. 8), signed by President Obama on January 2, 2013. The bill
included a “tax extender” for Internal Revenue Service Section 25C which
provides a tax credit for, among many other things, residential energy property
expenditures, including qualifying biomass burning stoves.The extender provides a dollar-for-dollar tax credit of up to $300 on a qualifying biomass heating appliance purchased between January 1, 2012 and December 31, 2013. The tax credit for the purchase or installation of qualifying biomass units is limited to a “lifetime limit” of $500 (which dates back to expenditures from the 2006 tax year and may be impacted by the purchase or installation of other products that qualify for a 25C credit). The credit for tax year 2012 can be claimed on IRS Form 5695. As always, all individuals should consult with their tax advisor for details on the applicability of the tax credit.