Wednesday, March 9, 2011
Tax Credit Extension Gives an Extra Green $$ Incentive to Purchase a New Morso Wood Stove
With our US wood stove and fireplace insert models qualified for the IRS consumer tax credit, Morso Energy Efficient Wood Stoves, along with our large network of authorized dealers, certainly welcome the Federal Bio-Mass Tax Credit extension that provides a 10% tax credit up to $300 for the purchase of a new biomass heating appliance in 2011.
This tax credit extension was part of the $858 billion tax package that President Obama signed into law on Friday, December 17. By extending this tax credit, Congress signaled its support of the renewable fuel industry.
The 2011 Federal Bio-Mass Tax Credit now includes a 10% consumer tax credit (up to $300) for the purchase of 75%-efficient bio-mass burning stoves (i.e. energy efficient Morso wood stoves or fireplace inserts).
To qualify for the tax credit the following criteria needs to be met:
• The credit is for biomass heating appliances, including wood stoves, pellet stoves, pellet inserts, and wood-burning fireplace inserts.
• The appliance must be installed in an existing primary residence, not a new house or rental property.
• The stove or insert must have a minimum efficiency rating of 75% as certified by the manufacturer. All US Morso Energy Efficient Wood Stove models qualify.
• The appliance must be an EPA approved biomass stove. All Morso wood stoves are approved by the EPA.
While this Tax Credit can be applied to the purchase of a wood stove or fireplace insert, installation costs are no longer allowed. It is recommended that homeowners keep the manufacturer’s certificate and invoice from the installer to give to their accountant and keep for their records.