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The Two Big Homeowner Tax Credits in the New U.S. Climate Bill
President Biden will sign the largest climate bill in history into law this week, and included in that bill are programs aimed squarely at homeowners.
Below, UrbanTurf outlines two credits that you should know about.
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- The Energy-Efficient Home Improvement Credit -- Beginning next year, this credit will allow households to claim a tax deduction equal to 30% of costs for all eligible energy-efficient home improvements. Those improvements include updating electrical panels, conducting home energy audits, adding insulation, installing heat pumps, as well as select biomass stoves and boilers.
- The Residential Clean Energy Credit -- This not a new credit, but it will become more generous under the new legislation. Right now, the residential clean energy credit provides about a 26% tax credit to homeowners for installing systems that use solar, wind, geothermal, biomass or fuel cell power to produce electricity, heat water or regulate the temperature in a home. The credit amount will now jump to 30% from 2022 to 2032.
The bill will also provide a rebate to low- and middle-income families who buy energy-efficient electric appliances. In order to be eligible for the rebate, a family's annual income must be less than 150% of the median income in your geographic area.
This article originally published at https://dc.urbanturf.com/articles/blog/the-two-big-homeowner-tax-credits-in-the-new-us-climate-bill/19964.
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