Friday, August 28, 2009

The Government does it again!

Bring on da money!! The IRS is given it to ya, again! Winter is coming and that means the cold is coming. When it's cold, we want to hibernate and eat lots of home cooked meals, do we not? In order to do that you need a little diddy you may know as, a stove. Well, that clunky one that blows black smoke all through the house and just looks like it's on it's last leg, it just won't do. You probably should buy and instal a new one. In that case, this money is all for you! As of June 1, 2009, the IRS is giving a 30% consumer tax credit (up to $1500) for the purchase and installation of a 75-percent efficient biomass-burning stove. As we learned before, there are of course rules and regulations. So, here's what we got:

      § 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 in both 2009 and 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 as required in the guidance which can be obtained for the customer to use;

      § Taxpayers must retain the certification statement for tax recordkeeping purposes, but the certification is not required to be attached to the tax return;

      § Prior purchases made between January 1, 2009, and June 1, 2009 are covered if the manufacturer offers a certificate of qualification for the product;

      § If a manufacturer has documentation that a stove has already achieved the required efficiency rating, no further testing is required;

      § The IRS has not stated that inserts are covered, or are not covered, but based on EPA's practice of treating inserts and freestanding biomass stoves in a similar fashion, manufacturers may choose to include inserts.

So, there it is folks. Now go out and find a nice fine oven to roast up some tattor totts and boil up some hot (veggie?) dogs.

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