S 2595 — New Home Energy Efficiency Act

(a) Allowance of credit (1) In general For purposes of section 38, in the case of an eligible contractor, the new energy efficient home credit for the taxable year is the applicable amount for each qualified new energy efficient home which is— (A) constructed by the eligible contractor, and (B) acquired by a person from such eligible contractor for use as a residence during the taxable year. (2) Applicable amount For purposes of paragraph (1), the applicable amount is an amount equal to— (A) in the case of a dwelling unit which is eligible to participate in the Energy Star Residential New Construction Program or the Energy Star Manufactured New Homes program— (i) which meets the requirements of subsection (c)(1)(A) (and which does not meet the requirements of subsection (c)(1)(B)), $2,500, and (ii) which meets the requirements of subsection (c)(1)(B), $5,000, and (B) in the case of a dwelling unit which is part of a building eligible to participate in the Energy Star Multifamily New Construction Program— (i) which meets the requirements of subsection (c)(1)(A) (and which does not meet the requirements of subsection (c)(1)(B)), $500, and (ii) which meets the requirements of subsection (c)(1)(B), $1,000. (b) Definitions For purposes of this section— (1) Eligible contractor The term “eligible contractor” means— (A) the person who constructed the qualified new energy efficient home, or (B) in the case of a qualified new energy efficient home which is a manufactured home, the manufactured home producer of such home. (2) Qualified new energy efficient home The term “qualified new energy efficient home” means a dwelling unit— (A) located in the United States, (B) the construction of which is substantially completed after the date of the enactment of this section, and (C) which meets the energy saving requirements of subsection (c). (3) Construction The term “construction” includes substantial reconstruction and rehabilitation. (4) Acquire The term “acquire” includes purchase. (c) Energy saving requirements (1) In general (A) In general A dwelling unit meets the requirements of this subparagraph if such dwelling unit meets the requirements of paragraph (2) or (3) (whichever is applicable). (B) Zero energy ready home program A dwelling unit meets the requirements of this subparagraph if such dwelling unit is certified as a zero energy ready home under the zero energy ready home program of the Department of Energy as in effect on January 1, 2023 (or any successor program determined by the Secretary). (2) Single-family home requirements A dwelling unit meets the requirements of this paragraph if— (A) such dwelling unit meets— (i) (I) in the case of a dwelling unit acquired before January 1, 2025, the Energy Star Single-Family New Homes National Program Requirements 3.1, or (II) in the case of a dwelling unit acquired after December 31, 2024, the Energy Star Single-Family New Homes National Program Requirements 3.2, and (ii) the most recent Energy Star Single-Family New Homes Program Requirements applicable to the location of such dwelling unit (as in effect on the latter of January 1, 2023, or January 1 of two calendar years prior to the date the dwelling unit was acquired), or (B) such dwelling unit meets the most recent Energy Star Manufactured Home National program requirements as in effect on the latter of January 1, 2023, or January 1 of two calendar years prior to the date such dwelling unit is acquired. (3) Multi-family home requirements A dwelling unit meets the requirements of this paragraph if— (A) such dwelling unit meets the most recent Energy Star Multifamily New Construction National Program Requirements (as in effect on either January 1, 2023, or January 1 of three calendar years prior to the date the dwelling was acquired, whichever is later), and (B) such dwelling unit meets the most recent Energy Star Multifamily New Construction Regional Program Requirements applicable to the location of such dwelling unit (as in ef...