Date: 08/07/2023
Type: Implementation of IRA
On August 7, 2023, IRS issued an announcement reminding homebuilders that they may qualify for expanded tax credits under the IRA section 13304 New Energy Efficient Home tax credit. The IRA increased the IRC 45L credit for both single-family and multi-family homes to up to $5,000 per efficient home built or substantially reconstructed. Contractors may claim the credit when they sell or lease an energy efficient home to an individual. Further information on specific efficiency thresholds and credit amounts are provided by Instructions on Form 8908.
Opportunities for Participation and Additional Resources:
- Instructions for claiming the credit (Form 8908): https://www.irs.gov/instructions/i8908#en_US_202301_publink100042295
- Press release and landing page: https://www.irs.gov/newsroom/irs-builders-of-qualified-new-energy-efficient-homes-might-qualify-for-an-expanded-tax-credit-under-section-45l