The Bipartisan Budget Act (the Act), P.L. 115-123, enacted February 9, 2018, extended the date for Residential Energy Efficient Property credit and added a few new ones. The criteria of being eligible to take this credit are the following:
- You may be able to take the credits if you made energy saving improvements to your home located in the United States in 2018. Home. A home is where you lived in 2017 and can include a
house, houseboat, mobile home, cooperative apartment, condominium, and a manufactured home that conforms to Federal Manufactured Home Construction and Safety.
- You may be able to take a credit of 30% of your costs of qualified solar electric property, solar water heating property, small wind energy property, geothermal heat pump property,
and fuel cell property. Include any labor costs properly allocable to the onsite preparation, assembly, or original installation of the residential energy efficient property and for piping or wiring to interconnect such property to the home.
Our firm is not providing any tax or legal advice and we are just reporting what the laws say for educational purposes only and advise all readers should they have a specific question to consult a locally licensed professional.