President Bush signs tax credit for wood, pellet stoves for 2009

[tjnamtiw]

SEC. 302. CREDIT FOR NONBUSINESS ENERGY PROPERTY.
(a) EXTENSION OF CREDIT.—Section 25C(g) is amended by
striking ‘‘placed in service after December 31, 2007’’ and inserting
‘‘placed in service—
‘‘(1) after December 31, 2007, and before January 1, 2009,
or
‘‘(2) after December 31, 2009.’’.
(b) QUALIFIED BIOMASS FUEL PROPERTY.—
(1) IN GENERAL.—Section 25C(d)(3) is amended—
(A) by striking ‘‘and’’ at the end of subparagraph (D),
(B) by striking the period at the end of subparagraph
(E) and inserting ‘‘, and’’, and
(C) by adding at the end the following new subparagraph:
‘‘(F) a stove which uses the burning of biomass fuel
to heat a dwelling unit located in the United States and
used as a residence by the taxpayer, or to heat water
for use in such a dwelling unit, and which has a thermal
efficiency rating of at least 75 percent.’’.
(2) BIOMASS FUEL.—Section 25C(d) is amended by adding
at the end the following new paragraph:
‘‘(6) BIOMASS FUEL.—The term ‘biomass fuel’ means any
plant-derived fuel available on a renewable or recurring basis,
including agricultural crops and trees, wood and wood waste
and residues (including wood pellets), plants (including aquatic
plants), grasses, residues, and fibers.’’.


If I read this correctly the amendments include this year. Am I right on this?

Sure looks that way to me.

If I read this correctly anyone who purchased in 2008( placed in service—
‘‘(1) after December 31, 2007, and before January 1, 2009)or after 2009(after December 31, 2009)will get a credit?

Anyone who buys one during 2009 will NOT get a tax credit for 2009?? Credit only applys for 2008 and after 2009.
I hope my stove shows up before the end of the year although I have a receipt for the deposit dating back to June when I ordered it.

It looks like someone said they ammended to include 2009, sorry didnt see that before I posted.

This is the tax credits for this year. You're looking at old stuff.

(broken link removed to http://www.energystar.gov/index.cfm?c=products.pr_tax_credits#c5)

 

[tjnamtiw]

This is the tax credits for this year. You're looking at old stuff.

(broken link removed to http://www.energystar.gov/index.cfm?c=products.pr_tax_credits#c5)

(broken link removed to http://www.irs.gov/newsroom/article/0,,id=206869,00.html)

''''IRS guidance issued before the enactment of ARRA will be modified in the near future to reflect the new energy efficiency standards. In the meantime, homeowners may continue to rely on manufacturers’ certifications that were provided under the old guidance and on Energy Star labels for exterior windows and skylights in determining whether property purchased before June 1, 2009, qualifies for the credit. Manufacturers should not continue to provide certifications for property that fails to meet the new standards.''''