Tag: wood

The U.S. House of Representatives passed the Build Back Better Bill on Friday, November 19th, by a vote of 220-213. The $1.75 trillion social policy and climate change bill includes language that would extend the tax credit for wood and pellet heaters with a thermal efficiency of at least 75% per the higher heating value … Continue reading Wood and Pellet Heater Tax Credit Extension Passes the U.S. House of Representatives

As previously reported, the U.S. House of Representatives was unable to hold a vote on a large reconciliation bill on Friday, November 5. They did vote on an infrastructure bill, but they did not vote on the legislative language affecting energy efficiency tax credits. The House hopes to hold a vote before Thanksgiving, which means … Continue reading Wood and Pellet Heater Tax Credit Update and What’s Next

The IRS has updated its draft forms (but not instructions) for 2021 taxes, including the Residential Energy Credits tax form (Form 5695). Eligible taxpayers will be able to claim the new Section 25(D) tax credit for qualifying biomass stoves on line 5 of tax form 5695. Unlike in previous iterations of this tax form, biomass … Continue reading IRS Updates 2021 Tax Form for Wood and Pellet Heater Tax Credit

As the selling season draws nearer, HPBA has been receiving an increasing number of inquiries about the tax credit from consumers – a sure sign that customers are out shopping, but sometimes receiving incorrect or outdated advice. Make sure you are up to date on the tax credit and what it means. Be a resource … Continue reading Be Ready for the Season: Study Up on the Tax Credit Details