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March 5, 2018
On February 9, 2018, the Bipartisan Budget Act was passed, providing a one-year retroactive extension of the New Energy Efficient Home Tax Credit under Code Section 45L through the end of 2017. The tax credit of $2000 per dwelling unit is available to the “eligible contractor,” which may be the Home Builder or the Multifamily Developer, and applies to multi-family and single-family residential units whether new or substantial rehabilitation. The tax credit can be claimed retroactively if not claimed on previous tax forms.
See our 45L FAQ Sheet here.
To meet this requirement, the dwelling must be 3 stories above grade or less and certified in accordance with guidance prescribed by the IRS to have a projected level of annual heating and cooling energy consumption that meets the standards for the 50% reduction in energy usage. A HERS rating is the best way to make this determination. The dwelling must be sold or rented/leased and be substantially complete before December 31, 2017.
How to Apply:
Green Insight can provide you with the required documentation once the HERS ratings have been completed and registered with RESNET . Your tax professional will need to fill out IRS form 8909. Instrutctions available here.
If you have any questions, please contact us here.
Kris Callori, Verdacity
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