If you did buy a pellet stove last year, then you should know that a Federal Tax Credit for Wood and Pellet Stoves was Reinstated for 2013 and Retroactive to 2012.
Congress passed a bill addressing parts of the Fiscal Cliff, and it included a reinstatement of the $300 tax credit for wood and pellet stoves that are 75% efficient using lower heating value.
In addition to the purchase price, consumers can include the cost of professional installation of their pellet stove which is important to the proper and safe operation.
The pellet stove provision provides for a 10% tax credit up to $300 for stoves bought in 2013 and it is retroactive, so that all eligible stoves purchased in 2012 can also get the credit. This credit is extended through December 31, 2013.
The bill language that makes it retroactive did so by just extending the credit that existed in 2011, through December 31, 2013.
The Alliance for Green Heat applauds the reinstatement of the tax credit for wood and pellet stove.
To take advantage of the tax credit on a new pellet stove this year, contact St. Croix Stoves.