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How to Claim the $300 Stove Tax Credit for 2019 Purchases

7 January 2020

Every year, many taxpayers fail to take advantage of the tax credits for which they're eligible. HPBA works to ensure that the $300 biomass stove tax credit is not forgotten. Rewarding investment in more energy efficient technology can benefit not only individuals, but also can positively impact the air quality of entire communities. The U.S. federal government offers a tax credit to tax-paying homeowners who purchase a wood or pellet stove that is at least 75 percent efficient.

Congress just included the $300 tax credit in a spending bill covering eligible stoves and boiler purchases retroactively for 2018 and 2019 and for 2020. To be eligible, make sure the stove you bought or will buy is 75% efficient or higher. The biomass stove tax credit has been extended for purchases made before December 31, 2020. You can claim this credit on your tax return if you made a qualifying purchase since December 31, 2017 and up to December 31, 2020.

How to Claim It:

  • Complete eligible purchase by December 31, 2020.
  • Retain the receipts from your purchase as well as the manufacturer certificate stating the stove qualifies.
  • Claim the credit on your federal income tax form.Biomass Stove Tax Credit Extended to December 31, 2020
  • Complete IRS Form 5695 when you file your taxes. Online service such as Turbotax and Intuit should have Form 5695 integrated into their software sometime in January. 

Still have Questions? Contact NEHPBA, or for all updates and the latest news, see HPBA’s website here.

Source: HPBA.org

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