Does the new Inflation Reduction Act just signed into law, reinstate tax credits for home insulation improvements made for energy conservation?
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The credit was extended past 12/31/21.
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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