Biomass Stove Tax Credit Extended Through December 31, 2020
- Biomass heating appliances must be at least 75% efficient.
- Covers qualifying WoodMaster products listed on the Manufacturer’s Certification Statement.
How to qualify for the tax credit:
- Purchase and place in service a qualifying WoodMaster outdoor wood furnace now until December 31, 2020.
- Save the purchase receipt and the manufacturer’s certification statement for the furnace purchased.
- Claim the tax credit associated with your qualifying purchase on your federal filing for the tax year.
Details of the tax credit:
- Tax credit is 10% of the amount paid for the qualifying product (installation costs cannot be included) up to a maximum of $300.
- The credit applies to the homeowner’s primary residence only.
- A tax credit is a dollar-for-dollar reduction subtracted from your tax liability. Therefore, $300 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. WoodMaster, Inc. is not a tax advisor. Taxpayers claiming a tax credit should consult a tax professional with any questions. WoodMaster is not responsible or liable for the taxpayer’s ability to receive tax credits.