House Passes Conference Report for Energy Policy Act of 2003

Wednesday, November 19, 2003 - 1:45AM

The House yesterday passed the conference report for H.R. 6, the “Energy Policy Act of 2003,” legislation that contains tax incentives to increase energy efficiency and conservation in the housing market. The comprehensive measure would provide a $1,000 tax credit to builders for the construction of a new home that is at least 30 percent more energy-efficient than a home built under the 2000 International Energy Conservation Code (IECC). The tax credit jumps to $2,000 for homes built at least 50 percent above the 2000 IECC. The legislation also gives consumers a 20 percent tax credit of as much as $2,000 for qualified remodeling projects that improve energy efficiency in existing homes. The package also contains a $1.50 per square foot commercial property deduction for rental housing four stories and higher that is at least 50 percent more efficient than housing built under the standards of the American Society of Heating, Refrigerating and Air-Conditioning Engineers. Click here for a copy of the conference report.

Learn more about Novogradac's expertise and many services