IRS energy tax credit

 

Up to $1500 IRS Energy Tax Credit!

IRS Homeowner Energy Tax Credit

of 30% (up to $1500) for the Purchase and Installation of a High Efficiency Biomass Stove

On February 17, 2009 President Obama signed into law, H.R. 1, the American Recovery and Reinvestment Act (ARRA).  This economic stimulus legislation includes a 30% tax credit (up to $1,500) for the purchase in 2009 and 2010 of a 75%-efficient biomass-burning stove as measured using a lower heating value.

The Internal Revenue Service (IRS) issued the guidelines for determining what stoves meet the efficiency requirements to qualify for the credit on June 1, 2009. In summary, to qualify a homeowner must:

  1. Purchase and install a SHAVER Pro Series 165, 250, 290 or 340 in either 2009 or 2010.
  2. Save the purchase receipt
  3. Print and Save a copy of the Weld Rite Inc. certification for the SHAVER 165, 250, 290 and 340 model. 
  4. Claim the tax credit associated with your qualifying purchase on your
        federal filing for the 2009 and/or 2010 tax year.

    Details of the Tax Credit

    1. Tax credit is 30% of the amount paid for the qualifying product up to
        a maximum of $1500 combined for 2009 and 2010.
    2. The credit applies to the homeowner's primary residence only.
    3. A tax credit is a dollar-for-dollar reduction subtracted from your
        tax liability. Therefore, $1,500 can be subtracted directly from the
        amount of tax that is owed, or added to a tax refund.

    This summary information is provided as a convenience and may not be relied upon as a substitute for professional tax advice. Weld Rite, Inc. is not a tax advisor. Taxpayers claiming a tax credit should consult a tax professional with any questions.

Frequently Asked Questions

Rather than attempt to keep our site updated with the latest information on the ARRA tax credit, we encourage you to visit the Hearth, Patio and Barbeque Association (HPBA) website. They have compiled an extensive list of frequently asked questions regarding the tax credit.

 

* WELD RITE Inc does NOT provide tax advice. Please consult with your tax advisor for eligibility and answers to your specific questions.