New Energy Efficient Home Tax Credit (§45L)
The 45L tax credit is a great way for homebuilders to save money on taxes while also building homes that are better for the environment. The credit is available for single-family, manufactured, and multifamily homes that meet certain energy-efficiency standards
Fox Energy Specialists is an Eligible Certifier of the 45L Tax Credit.
$4.2 million in Tax Credits certified in 2020 by Fox Energy Specialists to Texas Builders and Developers.
Who May Claim the Credit?
Eligible contractors may claim the credit for new energy-efficient homes that are acquired by sale or lease by an individual from that contractor during the tax year for use as a residence. An eligible contractor is a person that constructed a qualified energy-efficient home. A person must own and have a basis in the qualified energy-efficient home during its construction to qualify as an eligible contractor with respect to the home.
Criteria to Earn the 45L Tax Credit
Single-family homes:
The credit is worth $2,500 if the home meets the ENERGY STAR Single Family New Homes Program requirements.
Homes that are certified to meet the DOE's Zero Energy Ready Home program will qualify for a $5,000 tax credit.
Multifamily homes:
The credit is worth up to $1,000 per dwelling unit if the home meets the ENERGY STAR Multifamily New Construction Program requirements.
Homes that are certified to meet the DOE's Zero Energy Ready Multifamily Home program will qualify for up to a $5,000 tax credit per dwelling unit.
Qualifying regulations:
To qualify for the 45L tax credit, homes must meet the following requirements:
They must be acquired (closed or leased) after December 31, 2022, and before January 1, 2033.
They must be placed in service for use as a residence during the taxable year.
They must meet the energy-efficiency requirements for single-family, manufactured, or multifamily homes.
If you're a homebuilder, Fox Energy Specialists can help you understand the 45L tax credit and how to qualify for it. We can help you assess your homes' energy efficiency, file the necessary paperwork, and get the tax credit you deserve..
The 45L tax credit is a great way to save money on taxes and build energy-efficient homes. If you're a homebuilder, contact Fox Energy Specialists today to learn more about how you can qualify for this tax credit.