A. For taxable years beginning from and after December 31, 1993, in computing Arizona adjusted gross income, a taxpayer may subtract from Arizona gross income an amount equal to the cost, exclusive of taxes, interest and other finance charges, but not more than five hundred dollars, for the conversion of an existing wood fireplace to a qualified wood stove, wood fireplace or gas fired fireplace and nonoptional equipment directly related to its operation on property that is located in this state.

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B. For the purposes of this section:

1. "Permanently installed" means that the burner pan and associated equipment are affixed to the masonry or metal base of the fireplace.

2. "Qualified gas fired fireplace" means any of the following:

(a) Any device that burns natural or liquefied petroleum gas as its fuel through a burner system that is permanently installed in the fireplace.

(b) The conversion of an existing wood burning fireplace to noncombustible gas logs that are permanently installed in the fireplace.

3. "Qualified wood stove or wood fireplace" means any of the following:

(a) A residential wood heater that meets the standards of performance for new residential wood heaters manufactured on or after July 1, 1990 or sold at retail on or after July 1, 1992 pursuant to Title 40 of the Code of Federal Regulations, Part 60, subpart AAA.

(b) The conversion of an existing wood burning fireplace to a unit defined in subdivision (a) of this paragraph.