Outdoor Wood Boiler Tax Credit - Save up to 30%
Effective January 1, 2023 the federal government passed a bill which created a tax credit of up to 30% capped at $2000 dollars (for example if you spent $15,000 you could get $2000 back but if you spend $6000 you could receive only $1800 back.) 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, 2023 and before the end of the qualification window which ends December 31, 2032.
In order to claim your biomass furnace tax credit, you will need a certificate from the manufacturer. HeatMaster's is available at this
Ask a tax professional if your tax situation allows you to take full advantage of this credit.
