Hello all . I was told by a friend today that with the passing of the Inflation Reduction Act at the end of September the tax credit for biomass burning appliances will be 30% beginning Jan. 2023 & going to 2033 if they meet the required efficiency parameters. Anyone else know anything about this? Thanks.
Non-refundable and capped at $2000 for the year. Tax Credit | Biomass | Stove | Initiatives | HPBA Owl
so it doesn't sound as beneficial as the current tax credit if it is capped at $2000,00. I don't understand what the non refundable part Owl mentioned means.
Refundable vs Non-refundable. Credits: Refundable or Nonrefundable - What's the Difference? | Iowa Department Of Revenue This was the most cut to the chase least mumbo jumbo explanation between the two. The federal tax credit is nonrefundable, but each state might have their own tax incentives. Owl
Agreed. I will be pulling a trigger on a Kuuma wood burning furnace for a future build. Buying in 2022 will save more money vs 2023 but my timeline up in the air so I'll probably be buying in 2023.
For anyone thinking about buying in 2022 to install in 2023 or later, be careful. The current tax credit is for purchased and installed by midnight 12-31-22, per a few manufacturers(not dealers) that I have spoken with. Supposedly proven by the local jurisdiction install permits. It knocks me out of the game for the current incentive. You may be totally good but check to make sure you don’t get an unexpected surprise. Owl
