Thursday, October 21, 2010
Wood Stove Tax Credit Expires December 31st
The Federal Tax Credits for Consumer Energy Efficiency is slated to expire on December 31, 2010. Fortunately, last minute tax credit shoppers will find a large selection of Morsø’s tradition to contemporary cast-iron stoves that meet or even exceed the thermal efficiency rating of at least 75%.
Not surprising, many homeowners who are eager to add an energy efficient wood stove are heeding the deadline warning and visiting authorized Morso dealers to purchase a qualified wood-burning Morsø stove to save $1500, before it is too late.
To qualify for this credit, the Internal Revenue Service (IRS) issued the following qualifications:
➢ To be considered, a stove must use the burning of biomass fuel to heat a dwelling unit or to heat water for use in such a dwelling unit, and have a thermal efficiency rating of at least 75% as measured using a lower heating value.
➢ Installation is covered, as long as it is a requirement for the stove’s proper and safe functioning.
➢ This consumer tax credit is 30% (up to $1500) for the purchase and installation of a 75% efficient stove, and is available until December 31, 2010.
➢ The tax credit is an aggregate, i.e., the total $1500 can include other energy efficient items. For instance, if a consumer claims $900 on a new stove, then he will have $600 to purchase additional energy saving products in the same tax year.
➢ If a taxpayer uses the entire $1500 tax credit on a competing product then they cannot use it for a biomass stove in that same tax year.
➢ This credit applies only to existing principle residences.
➢ Manufacturers must provide a certificate of qualification for each product.
➢ Taxpayers must retain the certification statement for tax record-keeping purposes, but the certification is not required to be attached to the tax return;
Whether you’re motivated by the green living benefits of naturally warm wood energy, flame-side ambience, or fall in love with a particular cast-iron wood stove style, this is the right time to buy a new high performance wood stove. Lowering energy costs, supporting local businesses, and taking advantage of a $1500 tax credit, are all great reasons to buy a Morso wood stove today.