The IRS recently updated its FAQs regarding the Energy Efficient Home Improvement (EEHI) Tax Credit. As amended by the Inflation Reduction Act, the EEHI Credit amount increases to 30% of a taxpayer’s cost for certain qualified expenditures made during a calendar year. This includes qualified energy efficiency improvements, residential energy property expenditures and home energy audits. There are limits on the allowable annual credit (generally $1,200) and on the credit amount for certain types of qualified expenditures. The EEHI Credit is allowed for qualifying property placed into service on or after Jan. 1, 2023, and before Jan. 1, 2033. Read the FAQs: https://bit.ly/3GR7Sj9
