With the signing of the Inflation Reduction Act of 2022, the Energy Efficient Home Improvement Credit, previously known as the Nonbusiness Energy Property credit, and the Residential Clean Energy Credit were revived and expanded. Energy Efficient Home Improvement Credit The Energy Efficient Home Improvement Credit is applicable only to your…
WRITTEN BY BRIAN PEREIRA What is Section 45L? Section 45L of the Internal Revenue Code provides a tax credit (dollar for dollar savings on any tax liability) for qualified residential properties. The credit was set to expire on December 31, 2021, however, through the Inflation Reduction Act, the credit has been…
The Inflation Reduction Act (the Act) of 2022 extends and expands tax credits for making your home and vehicles more energy efficient. Here are a few noteworthy provisions in the Act. Energy Efficient Home Improvement Credit (formerly known as the Nonbusiness Energy Property Credit) The old credit, which…
Thinking about some home improvements? Maybe Uncle Sam can help you finance them with Energy Efficient Home Improvement credits. Energy Efficient Home Improvement credit The Nonbusiness Energy Property credit was revived by the Inflation Reduction Act of 2022 and renamed the Energy Efficient Home Improvement credit. Congress extended the credit…
In an effort to protect taxpayers against the impending recession and economic downturn, the Inflation Reduction Act of 2022 (the Act) was signed and effective August 16, 2022. The Act includes new taxes and credits and over $80 billion allocated to the IRS. While much of the bill (especially the…
