On December 20, President Trump signed into law the Further Consolidated Appropriations Act 2020, a comprehensive spending package which funds the federal government through September 2020.
Among other changes, the act extends some tax credits, including the Energy Efficient Homes Credit (45L) and the 179D Deduction. The 45L credit is now claimable on “dwelling units” (including certain rental apartments) placed in service or sold during 2019 and 2020 using the same qualification standards as before. Thus, the energy efficient home credit has been extended for all homes sold before 12/31/2020. This is great news for the industry.
Please contact your attorney if you have any questions about these tax credits and how to claim them.