Are you eligible for the $300 Biomass Federal Tax Credit? It’s a $300 dollar-for-dollar tax credit for purchasing a qualifying biomass-burning stove between January 1, 2015 and December 31, 2016. To make sure yours meets the 75% efficiency rating requirement, just check with your retailer.
You’re able to claim this credit as long as the stove was installed in your principal residence. This is the home you live in most of the time. It must be in the United States, and it can include a house, houseboat, mobile home, cooperative apartment, condominium, and a manufactured home. New construction and rentals do not apply.
If you bought your eligible pellet stove in 2016, or are planning to by the end of this year, prepare for your 2016 tax filing by keeping your sales receipt and the manufacturer’s certification.
If your stove meets all the requirements, and you purchased it in 2015, did you include it on your tax return? If you missed out on the Biomass Federal Tax Credit, use Form 1040X – Amended U.S. Individual Income Tax Return. You have up to three years after the filing or due date, or two years after paying your taxes to amend. Full information on how to amend your return can be found here.
For More Information, See HPBA’s Tax Credit Fact Sheet, Here