Fire FAQ's – Alter Your Energy

Tip #1 Monitor Your Energy Usage
Be aware of your electric usage, it will save you $... [more]

Fire FAQ’s

2009 Tax Credit Information – Important New Details

On February 17, 2009 President Obama signed into law, H.R. 1, the American Recovery and Reinvestment Act (ARRA). The Hearth, Patio & Barbecue Association (HPBA) and the Pellet Fuels Institute (PFI) succeeded in getting included in that critical legislation a tax credit for the purchase of a biomass-burning stove to help consumers fight rising home heating costs.

The tax credit is a 30% tax credit of up to $1500 total over a two year period (2009-2010) for the purchase of a 75% efficient biomass-burning appliance. (The “$1500 over two-years” is new!) The tax credit provisions are extended improvements on the legislation that passed in October 2008. The major changes are: 1) an extension of the credit to include 2010; 2) the increase on the credit from $300 to 30% of the total cost; and 3) the lower heating value (LHV) will be used for the efficiency rating rather than the higher heating value (HHV)

In a letter to the IRS in February 2009, the HPBA asked the IRS to issue specific guidance on a number of issues on the tax credit. On June 1, 2009, the Internal Revenue Service (IRS) issued its guidance for this consumer tax credit. While not addressing many of the specific issues raised by the HPBA, this minimal guidance should be sufficient. We understand that the IRS is not expected to issue any further guidance on this tax credit, although HPBA staff will continue to ask for clarifications as needed.

– HPBA website

Charter Oak Federal Credit Union offers business loans that can help your business grow. Get flexible financing solutions to fit your needs, with competitive rates, fees and service that keep cash flow moving. Apply now and get the funds you need to create a successful business