2B — September 25 - October 15, 2020 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
O wners , D evelopers & M anagers By Amy Lafontaine, CPA, Withum Last chance to claim 45L tax credit for energy efficient new homes! T below-grade parking). he 45L tax credit al- lows taxpayers to claim potentially significant If a construction project was completed on qualified homes credits for prior tax years. Even if there isn’t a tax li - ability in prior tax years, it
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credi t s f or the construc- tion of new energy-effi- cient homes. The tax cred- it was retro- actively ex- tended from D e c e m b e r 31, 2017 to
Real estate developers can claim $2,000 per dwelling or residential unit on qualifying properties.
between 2018 and 2020, the project is now eligible for 45L tax credits. Claiming this credit on eligible houses, apartments, condominiums, senior living facilities, and other properties can result in a substantial amount of tax savings. For example, the tax credit on an eligible three- story, 110-unit condominium project for which construc- tion was completed in 2019 and fully sold by 2020 can be claimed in the amount of $220,000 ($2,000 credit x 110 units). To claim the 45L tax credit, taxpayers must have a 45L Tax Credit Certification com - pleted for each project by an unrelated licensed profes- sional. An engineer familiar with 45L certifications can help evaluate a development project and provide a 45L certification and related docu - mentation to aid in claiming the 45L tax credit. Amended returns or admin- istrative adjustment requests can be filed to claim the tax
Owners, Developers &Managers Amy Lafontaine, CPA, is a taxmanager at Withum. MAREJ can still be worth it to go back and claim the 45L tax credit. The tax credit can be carried forward to future years if it is not usable in the year claimed. Note that the depreciable ba- sis of the property for which the credit is taken will need to be adjusted by the amount of the tax credit claimed.
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December 31, 2020 by H.R. 1865, Further Consolidated Appropriations Act, at the end of 2019. Real estate developers can claim $2,000 per dwelling or residential unit on qualifying properties. To be eligible, prop- erties must meet the following qualifications: • Properties must be new construction located in the United States. • Each dwelling or residen - tial unit must have a projected annual heating and cooling cost that is 50% below the an- nual energy consumption level of a comparable dwelling unit. This can be done through in- cluding energy-efficient roofs, windows, doors, insulation, air conditioners, and other energy-efficient property. • Properties must be be - tween one to three stories above grade (not including
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