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2006 Tax Law Changes - Energy Efficient Home Credit

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Energy Efficient Home Credit

An eligible contractor may claim a credit of up to $2,000 for each energy efficient home constructed and substantially completed by the contractor after August 8, 2005. The home must also be acquired in 2006 or 2007 from the contractor by a person for use as a residence in the United States. The credit is allowed in the tax year the home was acquired from the contractor. Construction includes substantial reconstruction and rehabilitation. For a manufactured home, the manufactured home producer is treated as an eligible contractor. The home must be certified as having a level of annual heating and cooling at least 50% below the annual level of a comparable dwelling unit with the building envelope components accounting for at least a 10% reduction. For certain manufactured homes, the 50% requirement is reduced to 30%, or it does not apply if the home meets the requirements of the Energy Star Labeled Homes program. For more information, see Form 8908, Energy Efficient Home Credit. Also, see Sec. 45L.

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