What stoves qualify for the new 30% tax credit(up to $1500)?
The 2009 Economic Stimulus legislation signed into law by President Obama 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 tax credit provisions are extended improvements of the legislation that passed in October 2008. The major changes are an extension of the credit to 2010 and the increase on the credit from $300 to 30% of the total cost. While the new tax credit takes effect immediately, the Internal Revenue Service (IRS) has not issued the guidelines for determining what stoves meet the efficiency requirements to qualify for the credit or how a manufacturer will qualify their products. These guidelines are expected by very soon, however the credit applies to all qualifying stoves sold in 2009. Once the IRS guidelines are issued, wood and pellet stove manufacturers will test their stoves and will notify their retailers about their models that qualify. STATUS: As of May 19,
