Tax Credit Extended for Biomass Stove Purchase
Update from HPBA (Hearth, Patio and Barbeque Association)
On December 17, 2010, President Obama signed a bill that extended many of the consumer tax credits into 2011 to help boost the slowly recovering economy. The tax credit for the purchase of a biomass-burning stove was extended, but with additional restrictions. The tax credit for 2011 is structured as follows: 1) a 10% tax credit, capped at $300, for a 75% efficient biomass stove; 2) the lower heating value (LHV) efficiency measure was removed; 3) the credit applies to purchase price only, not installation; and 4) tax credit is for 2011 only. HPBA encourages all members to check with their tax advisors for further clarity.
HPBA continues to work with the new Congress on this credit and other important issues.