BKVP
Minister of Fire
We were alerted last week, the Treasury Department is taking comments on a number of issues related to the 25C credit, which begins 1/1/2023. Hold on for an announcement soon.
New tax credits for 2021
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I know this is an older thread but does anyone know if these stoves qualify for the tax credit or not? It seems to be unclear. I am considering an Osburn 3500 stove, and 30% definitely helps.
According to SBI, yes. This is their interpretation. Be sure to get the certificate from Osburn or the dealer.
BKVP
Minister of Fire
Good afternoon everyone,
I know there are a plethora of HVAC and efficiency tax credits. Does anyone know if the $2,000 credit on these credits is cumulative across all of the credits?
I'm in the situation of having a failed heat pump, as well as installing a stove. I'd like to claim a tax credit for both the heat pump and the stove. Does anyone know if this is possible?
Thanks.
I know there are a plethora of HVAC and efficiency tax credits. Does anyone know if the $2,000 credit on these credits is cumulative across all of the credits?
I'm in the situation of having a failed heat pump, as well as installing a stove. I'd like to claim a tax credit for both the heat pump and the stove. Does anyone know if this is possible?
Thanks.
Disregard, I found the answer on Energy Star.
Annual Limits on Energy Efficient Home Improvement Tax Credits
In addition to limits on the amount of credit you can claim for any particular equipment installation or home improvement, there are annual aggregate limits. The overall total limit for an efficiency tax credit in one year is $3,200. This breaks down to a total limit of $1,200 for any combination of home envelope improvements (windows/doors/skylights, insulation, electrical) plus furnaces, boilers and central air conditioners. Any combination of heat pumps, heat pump water heaters and biomass stoves/boilers are subject to an annual total limit of $2,000. (Note: ENERGY STAR certified geothermal heat pumps are eligible for a separate tax credit and not counted against these limits.)
BKVP
Minister of Fire
Hot off the wire...NOPR (Notice of Public Rule Making) The IRS has finally provided specific reference that in order for a wood heater to qualify for the Federal Tax credit, it must be 75%HHV "as per the EPA list". There is a comment period for this proposed rule making, but it appears the IRS is clarifying for manufacturers what is needed to qualify.
“Proposed 1.25C-1(b)(17) would describe a biomass stove or boiler under the definition of qualified energy property exactly as provided in section 25C(d)(2)(B), but with the addition of “as determined by the U.S. Environmental Protection Agency for wood stoves.” This addition would explain how a taxpayer must determine the thermal efficiency rating under section 25C(d)(2)(B)(ii). The EPA maintains an online database that provides information regarding the thermal efficiency of wood stoves. Adopting this source as a means of determining the thermal efficiency rating of biomass stoves or boilers would provide uniformity and simplicity for such measurements.”
BKVP
“Proposed 1.25C-1(b)(17) would describe a biomass stove or boiler under the definition of qualified energy property exactly as provided in section 25C(d)(2)(B), but with the addition of “as determined by the U.S. Environmental Protection Agency for wood stoves.” This addition would explain how a taxpayer must determine the thermal efficiency rating under section 25C(d)(2)(B)(ii). The EPA maintains an online database that provides information regarding the thermal efficiency of wood stoves. Adopting this source as a means of determining the thermal efficiency rating of biomass stoves or boilers would provide uniformity and simplicity for such measurements.”
BKVP
Do the tax credits work for installs in a new house, or just for replacements in an existing house?
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