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Biomass Heating Tax Credits & Residential Renewable Energy Credit Extension

This act introduces new tax credits for individuals and businesses investing in biomass heating systems, such as furnaces and boilers, that meet specific efficiency standards. It also extends the residential energy efficient property tax credit until 2028, potentially lowering the cost of installing solar panels or heat pumps in homes.
Key points
New tax credits for high-efficiency biomass heating systems (e.g., furnaces, boilers), potentially reducing purchase and installation costs.
Extension of the residential renewable energy tax credit (e.g., solar panels, heat pumps) until the end of 2028, with varying credit rates depending on the installation year.
Changes apply to expenditures made after December 31, 2020, for biomass heating and after the act's enactment date for other renewable energy installations.
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Additional Information
BTU Act of 2021
Print number: S 1191
Sponsor: Sen. King, Angus S., Jr. [I-ME]
Process start date: 2021-04-15