45L energy efficient home tax credit
The Energy Efficient Home Tax Credit, code Section 45L, has been made permanent. Each newly contractor built, energy efficient residential dwelling, purchased from the contractor and used as a residence over the last few years is eligible for the 45L Tax Credit of $2,000.
Properties That Qualify:
Properties that may qualify for the credit are:
- Single family homes
- Multifamily properties, up to three stories
- Apartments, up to three stories
- Units within an apartment building or condominium,
- A house boat
- House Trailer
Qualifying Requirements:
- The property must be located in the United States
- Be substantially completed after August 8, 2005, however, you can only go back to reclaim the credits during the 3 year statute of limitations for amending
- The residential dwelling must meet the energy savings requirements
45L energy efficient home tax credit process:
Tax Credits Add UpAs a quick calculation, the following demonstrates the tax
credit available for the number of residences.
credit available for the number of residences.
Per Residence | Credit | Per Residence | Credit Amount |
10 | $20,000 | 500 | $1,000,000 |
50 | $100,000 | 1000 | $2,000,000 |
100 | $200,00 | 1500 | $3,000,000 |