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IRS Provides Guidance on Updated Section 45L Credit Amounts after IRA

Thursday, September 28, 2023 - 11:15AM

The Internal Revenue Service (IRS) published a notice providing guidance on the Internal Revenue Code (IRC) Section 45L energy-efficient home tax credit as amended by the Inflation Reduction Act (IRA) of 2022. Notice 2023-65 states that the applicable amount of the credit is contingent on which set of energy-saving requirements the home meets and is $500, $1,000, $2,500 or $5,000. For certain homes that meet the prevailing-wage requirements under the IRA, and acquired after Dec. 31, 2022, the $500 amount is increased to $2,500 and the $1,000 amount is increased to $5,000.

The provisions of the IRA will be a focus of the Novogradac 2023 Fall Renewable Energy and Environmental Tax Credits Conference, Nov. 2-3 in Washington, D.C.

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