To amend the Internal Revenue Code of 1986 to double the dollar limitation for the energy efficient home improvement credit with respect to heat pumps, heat pump water heaters, biomass stoves, and boilers.

Bill: 119-hr-616
Sponsor: full_name: Rep. Gottheimer, Josh [D-NJ-5]
Introduced: 2025-01-22
Policy area: Taxation
Subjects: Alternative and renewable resources

Energy efficiency and conservation

Income tax credits

Lighting, heating, cooling

Residential rehabilitation and home repair
Latest action: action_date: 2025-01-22
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2025-01-22
action_desc: Introduced in House
text: <p>This bill increases the limit on the energy efficient home improvement tax credit to $4,000 (from $2,000) for the cost of an electric or natural gas heat pump, an electric or natural gas heat pump water heater, a biomass stove, or a biomass boiler.</p><p>Under current law, a taxpayer may claim a nonrefundable tax credit of 30% of the cost, up to $2,000, for an electric or natural gas heat pump, an electric or natural gas heat pump water heater, a biomass stove, or a biomass boiler for a principal residence. (Under current law, taxpayers may also claim a nonrefundable tax credit of 30% of the costs, up to $1,200, for certain other eligible energy-efficient property such that some taxpayers may qualify for a maximum tax credit of $3,200.)</p>

tv_txt: I 119th CONGRESS 1st Session H. R. 616 IN THE HOUSE OF REPRESENTATIVES January 22, 2025 Mr. Gottheimer introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to double the dollar limitation for the energy efficient home improvement credit with respect to heat pumps, heat pump water heaters, biomass stoves, and boilers.

1. Increased limitation for heat pump and heat pump water heaters; biomass stoves and boilers (a) In general Section 25C(b)(5) of the Internal Revenue Code of 1986 is amended by striking $2,000 and inserting $4,000 . (b) Effective date The amendment made by this section shall apply to taxable years beginning after December 31, 2024.