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The energy credits would provide powerful incentives for millions of home owners, renters and buyers to conserve energy and save hundreds of dollars annually in utility costs.
Specifically, the legislation would provide:
- A $1,000 tax credit to builders for the construction of a new home that is at least 30% more energy-efficient than a home built under the latest standards of Chapter 4 of the International Energy Conservation Code approved by the Department of Energy. The tax credit jumps to $2,000 for homes that are at least 50% above the code.
- A 10% tax credit up to $300 on projects that reduce energy consumption in existing homes. Eligible improvements must be certified to meet or exceed the latest prescriptive criteria for such components in the International Conservatioin Code approved by the Department of Energy. The credit would go to the home owner.
- A $2.25 per square foot commercial property deduction for rental housing four stories and higher that is at least 50% more efficient than buildings constructed to the American Society of Heating, Refrigerating and Air-Conditioning Engineers 90.1-2001 standard.
The House will be considering similar legislation this summer and NAHB will continue to lobby for the enactment of home energy efficiency tax credits this year.
To read the legislation, click here and enter S. 1637 in the box at the upper left.
For further information, e-mail Michael Strauss or call him at 800-368-5242 x8252.
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