Save 26% on your stove Purchase
We Could all use a little good news (and a little extra money in our pockets), right? Well starting January 1st 2021 you can receive a 26% tax credit when you purchase a qualifying wood stove! Start the new year off right with big savings on a new, efficient stove and warm your home for less.
On December 28, 2020, President Trump signed into law new legislation that creates an Investmentment Tax Credit (ITC) for home heating equipment in 2021. The new tax credit was just passed into law under Sec. 25 (D) of the tax code.
How does it Work?
-To be eligible for the tax credit, the home heating system purchased must:
- Use biomass fuel, such as wood pellets, or cord wood.
- Run at 75% efficiency heating value or higher.
- Be purchased between January 1,2021 and December 31, 2023
-The tax credit is applied toward the total purchase and installation cost of your new or upgraded home heating system on your tax return.
How can I claim it?
- Purchase a Qualifying wood stove that meets the efficiency and biomass standards
- You will receive a document and receipt from your purchase. Retain the receipts from your purchase as well as the manufacturer certificate stating the stove qualifications.
- Claim the credit on your federal income tax form on your 2021 taxes and see the savings in your return!