What did the “Stimulus Bill” provide?  The 2009 American Recovery and Reinvestment Act provides a Tax Credit, not a Tax Deduction.  A tax credit is more valuable. It reduces your income taxes paid, or increases your tax refund. Deductions only reduce taxable income.

Why does the government want to encourage investment in renewable fuel products?

·         Fossil fuel supplies, while vast, are limited.  Renewable fuels (biomass, such as wood and pellets), are derived from organic materials like trees and plants, which can be grown and harvested in sustainable forests.

·         We want to lessen our dependence on foreign oil.  Combining renewable fuels with a high efficiency stove gives you a viable alternative to heating with oil, natural gas and propane, and you are helping to lessen our country’s dependence on foreign oil.

·         Biomass fuels are carbon neutral.  When biomass is burned, only the carbon the tree or plant absorbed while growing is released into the air – nothing more.

·         We all want clean air.   Burning biomass in a pellet or EPA-certified wood unit eliminates 75% of the emissions associated with fossil fuel heating, and produces minimal outside air emissions.

·         Efficiency and ease of use have caught up to the 21^st century.  These are not your parents and grandparents’ stoves! Today’s appliances are significantly more efficient than dated models, producing more heat for longer periods of time with less fuel. They are also much easier to operate and maintain and many are thermostatically controlled.

Only certain products qualify. 

The tax credit is available in 2009 and 2010 .

The maximum a homeowner can claim over the two year period is $1,500.

30% of the total cost can be claimed, up to $1,500.

Includes unit, installation and all property required for initial operation (hearth pad, venting).

The qualifying renewable fuel appliance must be installed in the taxpayer’s existing primary residence – no new construction.  Cabins and vacation homes do not qualify.

Manufacturer’s Certificate. 

You can download one from the manufacturer’s web site, and will need it for your tax records.

Use of this information is subject to the Terms of Use Policy of the Enchanted Fireside web site.

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