Get Money Back with a New Woodstove
Every year, many taxpayers fail to take advantage of the tax credits for which they're eligible. HPBA wants to ensure that the $300 biomass stove tax credit is not one of them. Rewarding investment in more energy efficient technology can benefit not only individuals, but also can positively impact the air quality of entire communities. The U.S. Federal Government offered a tax credit to tax-paying homeowners who purchase a wood or pellet stove that is at least 75 percent efficient; the credit also covers professional installation costs.
Don’t leave money on the table; ask your local retailer for information on qualifying products purchased before December 31, 2016.
What is it?
A $300 tax credit for cost and installation of a biomass stove that is at least 75 percent efficient.
How to Claim It:
- Complete eligible purchase and professional installation by December 31, 2016.
- Retain the receipts from your purchase and installation as well as the manufacturer certificate stating the stove qualifies.
- Claim the credit on your federal income tax form.
- File Via Tax Software: Located in the “credits” section of the Federal portion under home ownership and residential energy credit.
- File Via U.S. Mail: Located on line 22a of IRS form 5695 under residential energy property costs and energy-efficient building property. The IRS provides additional instructions for this form.