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State & Federal Tax Credit Information


Wood and Pellet Appliance Tax Credits

Montana State Biomass (Wood) Stove Tax Credit

As a resident of the great state of Montana not only do you get the pleasure of living in the Big Sky state, you also get rewarded for using bio-mass (aka wood) to heat your home.  This tax credit applies to EPA certified wood or pellet stoves, along with Central Boiler Outdoor Wood Furnaces
The basics are this:
  • Each taxpayer can claim this $500 credit when you install a qualifying wood or pellet burning device in your home.
  • Couples filing married filing seperate on the same return count as TWO taxpayers.  That means if you are married you get $1,000!  
  • This is a credit NOT a deduction.  That's awesome! It means you get a dollar for dollar reduction on your tax liability, that's money in your pocket!
  • The device has to be installed in your primary residence.
  • You can take this credit for multiple appliances, in different tax years.  i.e. put a wood stove in your basement in 2015, get $1,000; then put a wood stove in your living room upstairs in 2016 get another $1,000!
 
The state code is MCA15-32-201.  Use form ENRG-B when you file your taxes.  Remember we are not tax professionals, so be sure to consult one on your specific situation.  We just like helping people save money! 

Federal Energy Efficiency Tax Credit

$300 per stove/insert!

    Qualifying - A stove that uses the burning of biomass fuel to heat your home or heat water for your home that has a thermal efficiency rating of at least 75%.

 

  1. The credit is for the amount paid for the stove – but not more than $300 (*no 10% qualification)
  1. A combined non-business Energy credit may not be taken for more than $500 after tax year 2005.
  2. A tax payer may be limited to the Alternative minimum tax.
  3. Once in a lifetime use only.

Use Form 5695, Residential Energy Credits, to claim these credits. For more on this topic refer to the form’s instructions. You can get IRS forms on IRS.gov/forms anytime. 

  

Speaking of saving money, did you know we offer financing for 0% if paid in full within 12 months?? Pair that with this awesome tax credit and you can keep your money in your pocket until you get your tax refund!  Learn more about our financing HERE.
Did you know the Axmen even has a couple models of wood stoves that will cost you less than $200 after you receive your tax credits? 

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Alternative Energy (i.e. Solar, Wind, etc.) Tax Credits

Federal Residential Energy-Efficient Property Credit (i.e. Solar, Wind, etc.)

  • This tax credit is 30 percent of the cost of alternative energy equipment installed on or in your home.

  • Qualified equipment includes solar hot water heaters, solar electric equipment, wind turbines and fuel cell property.

  • There is no dollar limit on the credit for most types of property. If your credit is more than the tax you owe, you can carry forward the unused portion of this credit to next year’s tax return.

  • The home must be in the U.S. It does not have to be your main home, unless the alternative energy equipment is qualified fuel cell property.

  • This credit is available through 2016.

Use Form 5695, Residential Energy Credits, to claim these credits. For more on this topic refer to the form’s instructions. You can get IRS forms on IRS.gov/forms anytime.