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October 30, 2014
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ENERGY TAX CREDIT 2013
TAX CREDIT INFORMATION


The Renewable Energy Tax Credit has been reinstated for 2013 and is retroactive for 2012!

A federal tax credit on 75 percent efficient biomass heating appliances, which expired on December 31, 2011, was reinstated by the “fiscal cliff” legislation, the American Taxpayer Relief Act of 2012 (H.R. 8), signed by President Obama on January 2, 2013.  The bill includes a “tax extender” for Internal Revenue Service Section 25C which provides a tax credit for, among many other things, qualifying biomass burning stoves.  The extender provides a 10 percent tax credit of up to $300 on a qualifying biomass heating appliance purchased between January 1, 2012 and December 31, 2013.  The credit claimable on the purchase or installation of qualifying biomass units is limited to a “lifetime limit” of $500 (and may be impacted by the purchase or installation of other products that qualify of a 25C credit).

DETAIL OF THE TAX CREDIT

  1. The tax credit is 10% of the amount paid for the qualifying product up to $300 combined for both 2012 and 2013.
  2. The item is installed in or on a dwelling unit located in the U.S. and, at the time of installation, the dwelling unit is owned and used by the taxpayer as the taxpayer's principal residence.
  3. The credit is allowed for amounts paid by the taxpayer during the taxable year.

HOW TO QUALIFY

  1. Purchase and place into service a qualifying Yukon-Eagle multi fuel or wood furnace between January 1, 2012 and December 31, 2013.
  2. Save the Sales Receipt and the Manufacturer's Certification Statement for the furnace purchased.
  3. Claim the tax credit associated with your qualifying purchase on your federal filing for the 2012 and/or 2013 tax year.

The IRS has provided guidance for the tax credit. Be sure to read the entire guidance, IRS Notice 2009-53, Non-Business Energy Property, which can be found at www.irs.gov/pub/irs-drop/n-09-53.pdf - or at hpba.org

This information is provided as a convenience and may not be relied upon as a substitute for professional tax advice. Alpha American Company is not a tax advisor. Taxpayers claiming a tax credit should consult a tax professional with any questions. Alpha American Company is not responsible or liable for the taxpayer's ability to receive tax credits.