Two tax credits enhanced and extended by the Inflation Reduction Act are more popular than officials projected.
The Inflation Reduction Act extended and enhanced two consumer tax breaks tied to home energy efficiency.
The tax breaks aim to reduce the cost of buying rooftop solar panels, electric heat pumps and other energy-efficient technologies, while also cutting the household greenhouse-gas emissions that contribute to global warming and The tax breaks have proven more popular than initially projected for 2023, the first full year for which the tax benefits were in effect, Deputy Treasury Secretary Wally Adeyemo said on a press call Tuesday.had projected the two tax breaks would cost a combined $2.4 billion for 2024 — roughly 25% of the amount reported Wednesday by the IRS.
Such projects include installing energy-efficient windows and skylights, efficient exterior doors, insulation and air-sealing materials or systems, electric heat pumps, and having a home energy audit to help determine the best projects to undertake. About 2.3 million taxpayers claimed this credit, for a total of $2.1 billion. The most popular projects were adding home insulation, and windows and skylights, each claimed by almost 700,000 taxpayers.
However, about $5.5 billion — or 66% — of the total $8.4 billion in tax breaks accrued to those making more than $100,000 a year, IRS data showed.nonrefundable
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