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Energy Bill Would Provide Tax Credits to Builders
Receiving an endorsement from NAHB, legislation introduced by Rep. Jerry Weller (R-Ill.) on March 10 — H.R. 1212, “The Save America’s Valuable Energy Resources Act of 2005” — would encourage builders to develop innovative energy savings techniques and provide powerful incentives for millions of consumers to enact conservation measures boosting residential energy efficiency.
“The home energy efficiency tax credits in H.R. 1212 would promote energy conservation in new and existing homes, reduce the nation’s energy dependence and advance the use of market-driven energy-efficient technologies in the housing market,” said NAHB President David Wilson.
Specifically, the legislation would provide:
- A $2,000 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 1998 International Energy Conservation Code.
- A consumer tax credit up to $2,000 for 20% of the cost of a qualified remodeling project that improves energy efficiency in an existing home. Eligible improvements must meet prescriptive criteria in the 1998 International Energy Conservation Code.
- A $2.25-per-square-foot commercial property deduction for rental housing that is at least 50% more efficient than buildings constructed to the American Society of Heating, Refrigerating and Air Conditioning Engineers 90.1-1999 standard.
While Rep. Weller’s legislation is a stand-alone bill that deals exclusively with home energy efficiency tax credits, the House next month is expected to consider a much larger energy package that includes similar home energy efficiency provisions. The Senate is also in the process of drafting an energy bill.
NAHB will work to ensure that any energy tax package that moves forward in Congress includes the home energy efficiency tax credits.
To view the legislatioin, click here and type H.R. 1212 in the box in the upper left hand corner.
For further information, e-mail Allen Segal at NAHB or call him at 800-368-5242 x8570.
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