Outdoor Wood Boiler Tax Credit - Save up to 26%
Effective January 1, 2021 the federal government passed a bill which created a tax credit of up to 26% for high efficiency outdoor wood-fired boilers, defined as outdoor wood furnaces that have an efficiency rating of over 75%. The HeatMaster SS G-Series meets and exceeds these efficiency requirements, so any new G-Series boiler purchased while the tax credit is in effect qualifies. In addition to the cost of the boiler, installation costs also qualify for the tax credit. I will get into the details a bit more below.
The Biomass Stove Tax credit is applied when you file taxes, and is reflected in an increased return or decreased tax bill. If you are not paying enough taxes to take full advantage of the credit in your first tax year after the purchase, you may be able to split the credit between several tax years. Please speak with your tax accountant to ascertain whether your tax situation allows you to take full advantage of the tax credit.
In order to qualify, the outdoor wood boiler must be installed to heat your primary residence or to heat a new home that will soon become your primary residence.
The boiler must be installed after January 1, 2021 and before the end of the qualification window.
In order to claim your biomass furnace tax credit, you will need a certificate from the manufacturer. HeatMaster's is available at this link.