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The American Recovery and Reinvestment Act of 2009 (Recovery Act) signed into law on February 17, 2009, includes a 30% consumer tax credit (up to $1,500) for the purchase of 75%-efficient bio-mass burning stoves (i.e. wood and pellets) and can be used towards the stove, venting, hearthpads and installation costs for the 2009 taxable year and again in 2010.

 

The new tax credit begins immediately and applies to qualifying bio-mass burning stoves already purchased in 2009; the Internal Revenue Service (IRS) has issued a full list of efficiency guidelines regarding which products qualify.

 

The Recovery Act is an unprecedented effort to jumpstart our economy, create or save millions of jobs, and put a down payment on addressing long-neglected challenges so our country can thrive in the 21st century. The Recovery Act targets investments towards key areas that will save or create good jobs immediately, while also laying the groundwork for long-term economic growth – including $43 billion to "Revive the renewable energy industry and provide the capital over the next three years to eventually double domestic renewable energy capacity" – which offers a 30% consumer tax credit (up to $1,500) for the purchase of 75%-efficient bio-mass burning stoves (i.e. wood and pellets) and can be used towards the stove, venting, hearthpads and installation costs.

 

Consumers claim the credit on their federal income tax form at the end of the year. The credit then increases the tax refund or decreases the amount the taxpayer has to pay, dollar-for-dollar; whereas, tax deductions simply lower your taxable income. Please consult your tax advisor for more information.