Does the new Inflation Reduction Act just signed into law, reinstate tax credits for home insulation improvements made for energy conservation?
The credit that expired at the end of 2021 is extended as-is through December 31, 2022. This means a 10% credit with a lifetime cap of $500.
The credit was enhanced beginning January 2023 to 30% of improvements with a $1200 annual cap, and some of the definitions were changed. But this enhancement does not take affect until January 1, 2023.
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