Urethane Blog
Spray Foam News
September 8, 2022
Positive News from the Inflation Reduction Act
| On August 16, President Biden signed the Inflation Reduction Act of 2022 into law. Section 13301 of this bill, addressing Energy Efficient Home Improvement Credit, delivers an immediate, pleasant surprise for SPF contractors and their homeowner customers installing energy efficient home upgrades in their primary residence. It reinstates the 25C tax credit for insulation and air sealing through the remainder of 2022, which previously expired at the end of 2021. Until December 31, 2022, homeowners may be eligible for a federal tax credit up to $500 or 10% of their purchase of insulation, whichever is lower. Beginning January 1, 2023, the legislation substantially increases the 25C tax credit through December 31, 2032. Taxpaying homeowners can receive a federal tax credit up to 30% of their purchase, up to a maximum of $1200. This extension of 25C also replaces the $500 lifetime limit with a $1,200 annual tax credit limit for homeowners. Unlike a tax deduction, a tax credit directly reduces tax owed. In addition to homeowner tax credits, tax credits will be available to builders and developers of energy efficient and Zero Energy Ready Homes homes under the revised 45L tax code. SPFA and the Spray Foam Coalition will be providing more information for homeowners, builder/developers and contractors about these programs within the next few months. Click here to review the final bill. |
https://www.naylornetwork.com/spf-nwl/newsletter-v2.asp?issueID=82905
Sign Up for Email Updates
Everchem Updates Archive