By: Martin Berry
DO YOU HAVE HIDDEN CASH IN YOUR PROPERTIES?
NEW ENERGY EFFICIENT HOME TAX CREDIT (45L) EXTENDED THROUGH THE END OF 2016
On December 18, 2015, President Obama signed into law the Protecting Americans from Tax Hikes of 2015 (45L) through the end of 2016.
The 45L tax credit of $2,000, applies to single residential or multi-family properties built to higher energy efficiency standards.
Obtaining these credits requires a qualified energy auditor to test and certify that the property’s energy usage is 50% or less than the same home built to the 2006 IEEC standards. With today’s emphasis on energy efficiency and the new building standards (IEEC 2009, 2012 or 2015) in place, many homes may qualify.
Additional Qualifications - Under the provisions of the 45L Energy Efficient Home Tax Credit the home/unit or dwelling must: • Be located in the United States
• Construction must have been substantially completed after August 8, 2005
• Meets the statutory energy requirements
• Have on file the certified energy audit for the property
• Complete IRS Form 8908 to claim tax credit
WHO CAN BENEFIT?
For purposes of the 45L New Energy Efficient Home Credit, a person or entity must own or have a basis in the qualified energy efficient property during its construction
The following types of projects should be considered for the 45L tax credit: • Affordable Housing (LIHTC)
• Apartment Buildings
• Residential Condominiums
• Assisted Living Housing
• Student Housing
• Substantial Reconstruction
Berry Insulation Company can provide the testing, certification and documentation required to meet this standard.