This federal tax credit is a 10 percent credit, up to $300, for purchasing a qualifying biomass-burning stove between January 1, 2015 and December 31, 2016. Biomass simply means the stove uses wood or pellet fuel.

Taxpayers may claim the credit on their federal income tax form. The credit is a reduction of total income tax at the bottom of your return, up to $300.


How to Qualify for the Tax Credit
  1. Purchase and place in service a qualifying Central Boiler outdoor furnace between January 1, 2015 and December 31, 2016.
  2. Save the purchase receipt and the manufacturer's certification statement for the furnace purchased.
  3. Claim the tax credit associated with your qualifying purchase on your federal filing for the 2015 or 2016 tax year.
Details of the Tax Credit
  1. Tax credit is 10% of the amount paid for the qualifying product (installation costs cannot be included) up to a maximum of $300.
  2. The credit applies to the homeowner's primary residence only.
  3. A tax credit is a dollar-for-dollar reduction subtracted from your tax liability. Therefore, $300 can be subtracted directly from the amount of tax that is owed, or added to a tax refund.
Summary

This summary information is provided as a convenience and may not be relied upon as a substitute for professional tax advice. Central Boiler, Inc. is not a tax advisor. Taxpayers claiming a tax credit should consult a tax professional with any questions. Central Boiler is not responsible or liable for the taxpayer's ability to receive tax credits. More information is available at HPBA's website.