Resubmitting question for Tax Law Changes for relating to the inflaction reduction act. (climate change)

[jchapp248]

Hi,

I submitted a question but it fell by the way side.  Not enough detail I assume.  I want to take advantage of some of the climate change reduction tax incentives.  Specifically, I have read that there is 840.00 for an electric stove ( I have gas now) and 2500.00 for electrical work for climate reduction work being done. ( I need  220 electric wiring put in for the electric stove).  Can I do this is 2022 or do I have to wait until 2023.  Pretty straight forward question.   I have read the url's posted already and they do not answer this specific question that I can tell.

Thanks,

Jean

[MariaDG]

Hi Jean.  There's lots of great stuff in the Inflation Reduction Act, but it certainly can be a bit confusing.  There are both credits and rebates, and they take effect at different times.   I believe what you are referring to is the High Efficiency Electric Home Rebate, which is not actually a tax credit.  You can get up to $14000 of rebates, which could include $840 for a stove/oven, and up to $2500 for electric wiring, as long as your family's total annual income is less than 150% of the median income where you live. The amount of the rebate depends on your family's income level. The tricky part is that these rebates were legislated as grants, which would be administered by state energy departments.  I believe the details of how states will apply for the grants, and how consumers will claim the rebates are still being worked out. .  I'd be surprised if they were widely available until later in 2023. 

[PaulD CPA]

This website provides further detail:  https://www.rewiringamerica.org/policy/inflation-reduction-act

[jchapp248]

Ok.  I understand what is available.  This is such a simple question.  It's either 1) wait until 2023  or 2)  You can do it now.  I don't see where in this article it says what dates.  Thanks.