This new tax credit is a great way for consumers to save up to 30 percent on a wood stove or pellet stove purchase
Seattle, WA (PRWEB) July 9, 2009
Rich's Home customers who purchase an energy-efficient wood or pellet stove, fireplace, or fireplace insert can claim a tax credit of up to $1500 on their 2009 or 2010 federal income taxes.
The tax credit, part of the US government's Recovery Act, applies to 75 percent-efficient biomass burning stoves and can be used for the purchase and installation of the stove, venting, and hearthpads.
"This new tax credit is a great way for consumers to save up to 30 percent on a wood stove or pellet stove purchase," says Jon Chapman, marketing manager for Lynnwood-based Rich's for the Home, the largest US retailer of wood stoves.
A homeowner who spends $3,000 on a stove, for instance, can claim a 30 percent tax credit - or $900 - on his or her federal income tax return, Chapman explains. The credit either increases the tax refund or decreases the tax bill, dollar-for-dollar.
The tax credit is good on all stove and fireplace brands Rich's for the Home carries, including Lopi, Hearthstone, Avalon, Morso, and Harman. People who purchase stoves will receive certification that the product qualifies for the tax credit.
"This tax credit is an outstanding achievement for the biomass stove industry," says Chapman. "We're cautiously optimistic that it will increase demand for the products."
Tax credit details:
•The credit applies only to existing principle residences.
•Taxpayers must retain the certificate of qualification for tax record keeping purposes, but the certification is not required to be attached to the tax return.
•Prior purchases made between January 1, 2009 and June 1, 2009 are covered if the manufacturer offers a certificate of qualification for the product.
The benefits of heating with biomass:
•Reduced heating costs - Wood and pellet prices fluctuate less than propane, oil, and natural gas.
•Green heating - Wood and pellet fuel is a carbon-neutral, renewable resource. Today's stoves produce more heat with less wood and are clean-burning, with less ash and minimal outside air emissions. They eliminate 75 percent of the carbon emissions associated with fossil fuel burning.
For complete details about the tax credit:
•IRS Notice 2009-53, Non-business Energy Property - http://www.irs.gov/pub/irs-drop/n-09-53.pdf
•Hearth, Patio & Barbeque Association (HPBA) - http://www.hpba.org/government-affairs/issues-legislation/
About Rich's for the Home:
Celebrating its 30th anniversary in 2009, Rich's for the Home is the largest retailer of wood stoves, hot tubs, and outdoor furniture in the United States. The family-owned business has five Puget Sound superstores: Lynnwood, Bellevue, Southcenter, Tacoma, and Silverdale or online at http://www.richshome.com