2016 Tax Incentives
Tuesday, January 12, 2016
Are you looking for a tax break this year?
- Listed below is a breakdown of all available federal and state tax incentives available for 2015/2016.
- 2015: The tax credit for wood and pellet stoves and boilers was extended by Congress through the end of 2016 and applies for all stove bought during 2015 and 2016. Stoves are eligible for the $300 tax credit if the manufacturer certifies that it is 75% efficient or higher. Many manufacturers abuse the letter and the spirit of the tax credit legislation and certify all of their stoves at 75% efficient.
- May be claimed on your 2015 or 2016 tax return
- A $300 dollar-for-dollar tax credit for purchasing a qualifying biomass stove
- Only covers 75 percent efficient (or greater) wood and pellet stoves
- IRS Tax Code
- How To Claim The Credit
- For more information, visit the HPBA Website
As of October 2015 thirteen states offer ongoing, statewide rebates or tax incentives for
- * Pellet Stoves:
- * Wood Stoves:
- Nevada *certain countys
- California * certain countys
- * Wood or Pellet Boilers:
- Massachusetts - Currently ended, but may resume in 2016.
- New Hampshire
- New York
- * Direct Vent Gas Fireplaces:
Appliance eligibility requirements vary from state to state. For pellet stoves, for example, Maryland and New York require stove emit no more than 2 grams per hour; in Maine and Oregon, its no more than 2.5 grams an hour. In other states you must turn in an old wood stove (Montana), convert a fireplace to a stove (Arizona), convert your primary heating system to wood or pellets (Alabama) or displace oil, electricity or propane heat (Maryland & New York). To view your States requirements, please click your state to view the government website.
Financing / Grants / Loans
- If you are looking for financing options for your new heating appliance, the following states are providing financing options.