Any bookkeeping, business or tax article contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor can it be used to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.

Valuable Tax Credit Available for Energy-Efficient Homes

July 15, 2024

Valuable Tax Credit Available for Energy-Efficient Homes

Under the Inflation Reduction Act, construction contractors who build or rehab energy-efficient homes may be eligible for a federal tax credit of up to $5,000 per project. To claim the credit, builders are required to construct or substantially rehab a qualified home and own it during the construction process.

To be qualified, a home must be a U.S. single-family dwelling that’s purchased or rented for use as a residence. It also must be certified to meet energy-saving requirements before it’s sold or leased.

The credit value is based on whether the contractor acquired the home before or after 2023, and the certification and standards the home meets following construction. Contact the office for more information.