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Understanding the 45L Tax Credit

The 45L Tax Credit, which went into effect on January 1, 2006, provides a tax credit per housing unit to developments that use much less energy than set national energy criteria. The credit has the potential to provide major benefits, such as improved housing equity, a cost-offset for the procurement of energy-efficient building materials, and increased marketability of completed units. The incentive is intended to encourage the development of more energy-efficient homes.

All residential developments and apartment complexes completed during the last four years should be evaluated for prospective 45L tax credits. Significant reconstructions and rehabilitation are also included in the scope of eligible construction. If homebuilders and developers did not claim the 45L tax credit on earlier tax returns, they can still claim it. Those who can benefit for this tax credit are homebuilders and multifamily developers.

The tax credit may apply to a variety of structures, including those that are three stories or less above grade. These include: affordable housing or low income housing tax credit, apartment complexes, assisted living facilities, production house projects, residential condominiums, student housing and significant rebuilding or renovations.

To ensure that the home meets specified energy efficiency requirements, certification is required. Furthermore, certification must be done by an independent, competent professional using IRS-approved software to evaluate and certify that the property installed meets particular energy efficiency requirements. A site inspection is required to ensure that the energy-saving elements have been installed correctly. The IRS Form 8908, Energy Efficient Home Credit, is used to claim the tax credit. The third part 45L tax credit certifier performs free assessments to property, coordinates with your tax preparer to claim the credit, certify the energy efficiency by reviewing of construction documents, site visits and, discussions with building designers, project managers and related personnel.

So how do you locate a 45L tax credit certifier? One thing to guide you on picking the best 45L tax credit certifier is the reputation. You can find out about the reputation of the 45L tax credit certifier by reading about them on their website. You should also consult your family, friends, business acquaintances, and coworkers, Find out who they utilize and whether they’ve had a good experience with the 45L tax credit certifier. A good 45L tax credit certifier has many positive reviews showing that they are reliable. Several state boards also maintain online member directories or can give a list of 45L tax credit professionals in your area. You may also need to conduct some research online. The other guide to picking the right 45L tax credit certifier is verifying their credentials. A licensed 45L tax credit certifier depicts that they are authentic. A good certifier also has valid and updated certification documents. You should find an experienced certifier who has been doing 45L tax credit assessments for some time.

The certifier chosen must not be related to the applicant in any way. The certifier must go to the site and conduct energy efficiency tests before compiling the results into a certification package. Along with the package, the certifier must include his or her name, address, phone number, and a signed statement of certification that all information is accurate.

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