NAHB endorses energy-efficient tax-credit plan for housing

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Home builders are applauding recent efforts to bring major energy legislation to the Senate floor and President George W. Bush's indication that signing an energy bill into law is a top priority this year. In addition, builders are urging the Senate leadership to include language that would increase energy efficiency in the housing market and reduce energy costs for homeowners and renters nationwide. |ret||ret||tab|

According to a news release from the National Association of Home Builders, NAHB President Bruce Smith said, "We couldn't agree more with the president when he says ... that our nation needs an energy plan with a conservation component. We strongly urge the Senate leadership and others who are crafting the Senate's energy bill to include tax incentives for energy-efficient homes as a way to accomplish national energy conservation goals while helping the American consumer." |ret||ret||tab|

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Senate bills|ret||ret||tab|

Smith said that two pending Senate bills, S. 389 and S. 596, each contain NAHB-supported energy conservation incentives for new homes, new rental properties and upgrades to existing homes. |ret||ret||tab|

The House of Representatives has already passed similar legislation. "With more than 100 million existing homes across America, and more than 1.5 million new homes built every year, a lion's share of needed energy conservation can be achieved through positive incentives directed at the housing market," Smith said. |ret||ret||tab|

Specifically, NAHB-endorsed language in the House-approved and pending Senate bills includes a $2,000 tax credit for homes built to be 30 percent more efficient than 1998 standard code requirements. Additionally, they would provide a 20 percent tax credit for up to $2,000 on energy conservation projects in existing homes, and a $2.25-per-square-foot tax deduction for apartments built to exceed standard code requirements by 50 percent. |ret||ret||tab|

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Win-win situation'|ret||ret||tab|

"We hope the Senate will seize this opportunity to carry through on a classic win-win situation for American consumers and U.S. energy conservation goals," Smith said. "These tax credits would provide crucial incentives for advancing energy-efficient technologies in the housing marketplace." |ret||ret||tab|

Smith, a home builder himself, added, "What's more, the energy conservation they spur in homes will last for decades, helping reduce overall U.S. dependence on all sources of energy."[[In-content Ad]]