US introduced tax credits for new home construction in 2023 and 2024
The tax credits will boost the growth of the construction industry and reward homeowners to support the development of new residential properties.
New Home Construction Tax Credit in which suitable persons can claim a tax credit on authorizing expenses linked to constructing new residential properties.
Energy-Efficient Home Tax Credit promotes the construction of energy-efficient homes by offering a tax credit for properties that fulfill particular energy efficiency benchmarks.
Affordable Housing Tax Credit will address housing affordability challenges, promoting the development of housing choices available to low- and middle-income families.
The increase in new home construction also leads to job creation in the construction industry and linked sectors, providing financial benefits to local communities.