New IRS Guidance on Energy Tax Credits Benefits Multifamily
In response to suggestions by NAHB, the IRS has announced plans to publish new guidance updating the regulatory rules for the energy-efficient home tax credit program. This new guidance provides clarity on credits for multifamily projects of three stories or less.
Under Section 45L, an energy tax credit applies to the construction of such new buildings, and includes owner-occupied or leased units. View information on Section 45L at this link.
The new guidance permits certain state energy agencies to serve as an “equivalent rating network,” increasing the number of eligible tax credit raters used to determine the energy-efficiency of new homes. This change will reduce the administrative costs of the program for builders and home buyers.
NAHB will continue to review the new rules and is advocating an extension of the tax credit program, scheduled to expire at the end of this year. For a more detailed story in Nation's Building news, see this page.
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