Earn Tax Credits on your New Home
The IRS has provided the following guidance on their website
http://www.irs.gov/newsroom/article/0,,id=154658,00.html
“Treasury and IRS Provide Guidance on Energy Credit To Home Builders”
- Site-built homes qualify for a $2,000 credit if they reduce energy consumption by 50 percent relative to the 2004 Supplement to the 2003 International Energy Conservation Code standard.
- It must also have building envelope component improvements providing a level of heating and cooling energy consumption that is at least 10 percent below that of a comparable home.
- It is located in the United States;
- Its construction is substantially completed after August 8, 2005;
- It meets the statutory energy saving requirements, and
- It is acquired from the eligible contractor after December 31, 2005, and before January 1, 2008, for use as a residence.
Related links:
- Notice 2006-27 (29KB PDF) provides guidance for the credit for building energy efficient homes other than manufactured homes.
