Bill 119 HR 616 aims to make changes to the Internal Revenue Code of 1986 in order to increase the dollar limitation for the energy efficient home improvement credit. Specifically, this bill seeks to double the current limitation for certain energy efficient home improvements, including heat pumps, heat pump water heaters, biomass stoves, and boilers.
The energy efficient home improvement credit is a tax credit that incentivizes homeowners to make energy efficient upgrades to their homes. By doubling the dollar limitation for these specific improvements, the bill aims to encourage more homeowners to invest in energy efficient technologies, which can help reduce energy consumption and lower utility bills.
Overall, Bill 119 HR 616 is focused on promoting energy efficiency in homes by providing additional financial incentives for certain energy efficient upgrades. If passed, this bill could potentially lead to increased adoption of energy efficient technologies, ultimately benefiting both homeowners and the environment.