President Bush signs tax credit for wood, pellet stoves

HPBA and Pellet Fuels Institute succeeded in including the tax credit in Energy Tax Extenders bill

Casual Living Staff -- Furniture Today, November 11, 2008

ARLINGTON, Va. — President Bush recently signed an economic rescue legislation that includes a $300 tax credit to consumers who purchase a 75%-efficient wood- or pellet-burning stove in 2009.

The Hearth, Patio & Barbecue Association, in conjunction with the Pellet Fuels Institute, succeeded in including the tax credit to help consumers fight rising home heating costs in the Energy Tax Extenders bill, attached to H.R.1424.

HPBA and PFI have worked to educate elected officials and their staffs on the benefits and energy efficiency of wood and pellet stoves. These efforts paid-off. As the cost of heating oil and natural gas rise, this $300 tax credit for the purchase of a wood or pellet stove in 2009 will help consumers save on energy costs.

"This is a huge victory for our industry and consumers," said Jack Goldman, president of HPBA. "It is a good example of how the industry can work in Washington and on a grassroots level and help pass good legislation. With the rise in home heating prices, this tax credit will help alleviate some of the initial cost for those consumers wanting to purchase a 75%-efficient wood or pellet stove next year."

Based in Arlington, Va., HPBA is the North American industry association for manufacturers, retailers, distributors, representatives, service firms and allied associates for all types of hearth, barbecue and patio appliances, fuels and accessories. PFI, also based in Arlington, is a trade association that represents the fuel preparation and clean-burning technology of renewable biomass energy sources.