Tax season is here and many are scrambling to get their taxes done on time. There are many tax credits that home builders might be able to benefit from including the 45L tax credit for single-family and multifamily developers exceeding 2006 energy standards.
The 45L energy tax credit can be claimed the same year each home is sold or leased/ It can be on newly constructed and renovated homes and apartments. In order to get the tax credit, an eligible certifier must perform energy modeling, testing, and certification. A home that is three stories or less is eligible. These can be single-family, manufactured homes, apartments, condos, and assisted living facilities.
Volume home building can also qualify for R&D along with the 45L tax credits. The homes must follow certain design specifications and activities. BRAYN Consulting, a company composed of lawyers, engineers, HERS raters, and accountants, can assist with these niche tax credits. The engineering staff at BRAYN can work along with your CPA firm to review, documentation, and substantiation of the tax incentives specific to your business.
Remember if you are a builder you do not want to leave any money on the table. A company such as BRAYN can help you with the tax process.