New and enhanced energy tax credits for individuals

RESIDENTIAL ENERGY CREDITS Sec. 25C energy-efficient home improvement credit While most energy-related credits apply to businesses, individual taxpayers can claim a tax credit based on energy-efficient home improvements through the Sec. 25C credit. [...]home energy audits are eligible for up to a $1...

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Bibliographic Details
Published in:Journal of Accountancy 2024-11, Vol.235 (11), p.1-6
Main Authors: Jemiolo, Shannon Veyon, Farnsel, Curtis
Format: Article
Language:English
Subjects:
Batteries
Clean Air Act-US
Clean technology
Energy audits
Energy efficiency
Energy tax credit
Expenditures
Gross income
Head of household
Homeowners
Inflation Reduction Act 2022-US
Rebates
Roads & highways
Taxpayers
Vehicles
Water heaters
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Summary:RESIDENTIAL ENERGY CREDITS Sec. 25C energy-efficient home improvement credit While most energy-related credits apply to businesses, individual taxpayers can claim a tax credit based on energy-efficient home improvements through the Sec. 25C credit. [...]home energy audits are eligible for up to a $150 credit (Sec. 25C(b)(6)). Individual taxpayers should be cautioned that this credit is neither refundable nor able to be carried forward (see Notice 2013-70). [...]they should make sure that their tax liability is adequate to take full advantage of the credit or spread out their eligible expenditures over multiple tax years to ensure that they receive the full credit. [...]to qualify for the credit, the taxpayer's modified adjusted gross income (MAGI) in either the year of purchase or the preceding year must be less than or equal to $300,000 for a married taxpayer filing jointly or a surviving spouse; $225,000 for a taxpayer filing as a head of household; or $150,000 for all other taxpayers.
ISSN:0021-8448
1945-0729