Residential Components of BTU Act Included in Draft of House Green Energy Tax Package On November 19, 2019 the House Ways and Means Subcommittee on Select Revenue Measures released a draft version the Growing Renewable Energy and Efficiency Now (GREEN) Act. The inclusion of provisions from the BTU Act within this tax package developed by House democrats has been viewed by industry observers as the most promising opportunity to once and for all get the kind of difference making tax incentives enjoyed by the wind and solar industry for the broader wood heat sector. As currently written, the legislation would extend a tax credit of 30% of the installed cost of a wood pellet stove, pellet boiler or other biomass burning appliance with a 75% efficiency rating for a dwelling. As written now, the tax credit would not be available for the deployment of these appliances in commercial and industrial applications. An announcement about the legislation from Chairman Mike Thompson (CA-05) can be found here while a copy of the draft version of the act itself can be found here. The inclusion of the BTU Act within an expected tax extenders package being developed by House democrats was the chief talking point during the PFI fly-in in late October.
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The Pellet Fuels Institute is a 501(c)(6) non-profit trade association that serves the densified biomass industry, including fuel manufacturers, appliance manufacturers and industry suppliers. The Institute is active in educating consumers about the convenience and practicality of using densified biomass (pellets, briquettes, etc.) in both residential and commercial applications.
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It's not too late to register for the 2024 PFI Annual Conference coming up in Charleston, SC! https://lnkd.in/gsxuAXjg
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Catch up on what's happening in the pellet fuels industry in the March edition of Pellet Wire: https://lnkd.in/ecC-u5gK
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