381-8 Old Riverhead Road

Westhampton Beach, NY

Tel. 631-998-0780

Hours: Mon. - Fri. 9am to 5pm / Sat. By Appointment / Sun. Closed

Tax Credits: 2013


 

Who doesn’t like saving money?  We wanted to make sure that you were aware of a soon-to-be expiring tax credit relating to wood and pellet stoves as well as fireplace inserts.  It’s not too late to invest a little money to do some last minute improvements to your heating system before heating season really gets ramped up. Every dollar you save can go toward a summer trip to the beach.

Tax Credits 2013 - Westhampton Beach NY - Beach Stove & FireplaceOn January 1, 2013, Congress passed a bill addressing parts of the now infamous fiscal cliff.  This bill included a reinstatement of the $300 tax credit for biomass heaters; the tax credit initially expired at the end of 2011.  The provision allows taxpayers to receive a tax credit for the full cost of the equipment and installation up to $300 for stoves bought in 2013 and is retroactive, which makes it possible for stoves purchased in 2012 to also get the credit.

The credit applies to energy efficiency improvements including but not limited to the purchase of high-efficiency heating, cooling and water-heating equipment.  The efficiency improvements or equipment must be for a home in the U.S. that is owned and used by the taxpayer as his/her primary residence.  The maximum tax credit for all improvements in 2011, 2012, and 2013 is $500.  The cap includes tax credits for any improvements made in any previous year.  If a taxpayer claimed $500 or more of these tax credits in any previous year, any purchases made in 2011, 2012, or 2013 will be ineligible for a tax credit.

The are a few conditions associated with the tax credit.  The equipment must be at least 75% efficient and have been purchased in 2012 or 2013.  The taxpayer cannot have claimed an aggregate of more than $500 in previous years for this same tax credit; this means that every new EPA-certified stove purchased is eligible for the full $300 tax credit, as they all meet the 75% efficiency threshold and cost more than $300.  However, a taxpayer could not collect the full $300 if they have already received tax credits under this provision in previous years and the total amount was over $500.

Numerous websites have reported that the credit is only for 10% of the purchase price, up to $300, but this is incorrect.  As long as you know that you haven’t claimed this tax credit in previous years, feel free to do your pellet stove and/or fireplace insert shopping knowing that, there’s going to be a $300 credit waiting for you at the end of the rainbow when tax season rolls around.



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Our Location

Beach Stove and Fireplace is located on Old Riverhead Road between Montauk Highway and Sunrise Highway. From Sunrise Highway take exit 63 south, travel 1.2 miles and turn right at the 381 complex (just north of Gabreski Airport)