Tax deductions available for wood stove replacement
As it gets colder outside, it's time to start thinking about heating your home for winter.
The state of Idaho offers taxpayers on opportunity to replace uncertified wood stoves with EPA-approved wood or pellet stoves, or natural gas or propane heating units for a tax deduction.
Melissa Gibbs, airshed coordinator for the Department of Environmental Quality, said the program not only helps the environment, but homeowners as well.
"So what folks will do is they get to deduct 40 percent of the cost the first year, and then 20 percent of the cost the next three years up to $5,000, which can include your price of installation as well," said Gibbs.
She said Idahoans are lucky to have the replacement program available.
"I get calls from neighboring states all the time wanting to know how Idaho came up with this program," said Gibbs.
At Leisure Time Incorporated in Idaho Falls, John Goddard is busy selling EPA-approved stoves for winter. He said many people who come in to purchase efficient and cost-saving stoves aren't even aware of the program.
"Probably 25 percent come in for that reason, and then, of course, 75 percent have no idea until we inform them," said Goddard.
Participants are required to drop off their old stove at a DEQ-approved site for disposal. There, they then receive a receipt, which is sent to the DEQ for proof of disposal. Taxpayers are then able to claim the deduction on their state income tax form.
If you would like to learn more about eligibility requirements and where to drop off old stoves, visit http://www.deq.idaho.gov/air-quality/burning/wood-stoves/replacements-and-tax-deductions.aspx
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