For the First time ever the US Federal government has Instituted an extraordinary Tax Credit on Biomass!
WHAT DOES THIS MEAN?
Starting January 1, 2021; US Consumers who purchase a High Efficiency WOOD or PELLET stove will be eligible to file for 26% back on their TOTAL purchase
WHAT’S INCLUDED IN THIS TAX CREDIT?
Total Cost of the Materials – Includes the stove, venting & optional accessories that are used in conjunction with the operation of the appliance!
Installation Cost- All charges associated with the installation of the new appliance are also eligible.
In previous years, only smaller wind, fuel cell, solar and geothermal systems were allowed a tax credit of this magnitude.
The credit will be available from (2021-2022) at a capped 26% rate!
The tax credit is referred to as Sec. 25(D) of the U.S. Internal Revenue Code
In order to qualify for the credit, a product must meet at least 75 percent efficient per the higher heating value (HHV) of the fuel
As the year progress the IRS will provide a further guidance on participating products; the EPA heater archives can be used for the time being
Products purchased in 2020 that are eligible for the Sec. 25(D) credit, can still be claimed on the follow years taxes (2021), if the unit was installed in 2021.
To take advantage of the Sec. 25(D) in 2021, please stop in to either of our DEAN’S STOVE & SPA store locations!
DEAN’S IS YOUR ONE-STOP-SHOP FOR ALL THE MOST UP TO DATE INFORMATION REGARDING THE BIOMASS TAX CREDIT.
(120 West Main Street Plantsville, CT 06479 or 376 Main Street New Hartford, CT 06057)