EXTENSION, INCREASE, AND MODIFICATIONS OF NEW ENERGY EFFICIENT HOME CREDIT.

SEC. 13304. EXTENSION, INCREASE, AND MODIFICATIONS OF NEW ENERGY EFFICIENT HOME CREDIT.(a) Extension of Credit.—Section 45L(g) is amended by striking “December 31, 2021” and inserting “December 31, 2032”. (b) Increase in Credit Amounts.—Paragraph (2) of section 45L(a) is amended to read as follows:“(2) Applicable amount.—For purposes of paragraph (1), the applicable amount is an amount equal to—“(A) in the case of a dwelling unit which is eligible to participate in the Energy Star Residential New Construction Program or the Energy Star Manufactured New Homes program—“(i) which meets the requirements of subsection (c)(1)(A) (and which does not meet the requirements of subsection (c)(1)(B)), $2,500, and “(ii) which meets the requirements of subsection (c)(1)(B), $5,000, and “(B) in the case of a dwelling unit which is part of a building eligible to participate in the Energy Star Multifamily New Construction Program—“(i) which meets the requirements of subsection (c)(1)(A) (and which does not meet the requirements of subsection (c)(1)(B)), $500, and “(ii) which meets the requirements of subsection (c)(1)(B), $1,000.” . (c) Modification of Energy Saving Requirements.—Section 45L(c) is amended to read as follows:“(c) Energy Saving Requirements.—“(1) In general.—“(A) In general.—A dwelling unit meets the requirements of this subparagraph if such dwelling unit meets the requirements of paragraph (2) or (3) (whichever is applicable). “(B) Zero energy ready home program.—A dwelling unit meets the requirements of this subparagraph if such dwelling unit is certified as a zero energy ready home 136 STAT. 1953 under the zero energy ready home program of the Department of Energy as in effect on January 1, 2023 (or any successor program determined by the Secretary). “(2) Single-family home requirements.—A dwelling unit meets the requirements of this paragraph if—“(A) such dwelling unit meets—“(i)(I) in the case of a dwelling unit acquired before January 1, 2025, the Energy Star Single-Family New Homes National Program Requirements 3.1, or “(II) in the case of a dwelling unit acquired after December 31, 2024, the Energy Star Single-Family New Homes National Program Requirements 3.2, and “(ii) the most recent Energy Star Single-Family New Homes Program Requirements applicable to the location of such dwelling unit (as in effect on the latter of January 1, 2023, or January 1 of two calendar years prior to the date the dwelling unit was acquired), or “(B) such dwelling unit meets the most recent Energy Star Manufactured Home National program requirements as in effect on the latter of January 1, 2023, or January 1 of two calendar years prior to the date such dwelling unit is acquired. “(3) Multi-family home requirements.—A dwelling unit meets the requirements of this paragraph if—“(A) such dwelling unit meets the most recent Energy Star Multifamily New Construction National Program Requirements (as in effect on either January 1, 2023, or January 1 of three calendar years prior to the date the dwelling was acquired, whichever is later), and “(B) such dwelling unit meets the most recent Energy Star Multifamily New Construction Regional Program Requirements applicable to the location of such dwelling unit (as in effect on either January 1, 2023, or January 1 of three calendar years prior to the date the dwelling was acquired, whichever is later).” . (d) Prevailing Wage Requirement.—Section 45L is amended by redesignating subsection (g) as subsection (h) and by inserting after subsection (f) the following new subsection:“(g) Prevailing Wage Requirement.—“(1) In general.—In the case of a qualifying residence described in subsection (a)(2)(B) meeting the prevailing wage requirements of paragraph (2)(A), the credit amount allowed with respect to such residence shall be—“(A) $2,500 in the case of a residence which meets the requirements of subparagraph (A) of subsection (c)(1) (and which does not meet the requirements of subparagraph (B) of such subsection), and “(B) $5,000 in the case of a residence which meets the requirements of subsection (c)(1)(B). “(2) Prevailing wage requirements.—“(A) In general.—The requirements described in this subparagraph with respect to any qualified residence are that the taxpayer shall ensure that any laborers and mechanics employed by the taxpayer or any contractor or subcontractor in the construction of such residence shall be paid wages at rates not less than the prevailing rates 136 STAT. 1954 for construction, alteration, or repair of a similar character in the locality in which such residence is located as most recently determined by the Secretary of Labor, in accordance with subchapter IV of chapter 31 of title 40, United States Code. “(B) Correction and penalty related to failure to satisfy wage requirements.—Rules similar to the rules of section 45(b)(7)(B) shall apply. “(3) Regulations and guidance.—The Secretary shall issue such regulations or other guidance as the Secretary determines necessary to carry out the purposes of this subsection, including regulations or other guidance which provides for requirements for recordkeeping or information reporting for purposes of administering the requirements of this subsection.” . (e) Basis Adjustment.—Section 45L(e) is amended by inserting after the first sentence the following: “This subsection shall not apply for purposes of determining the adjusted basis of any building under section 42.”. (f) Effective Dates.—(1) In general.—Except as provided in paragraph (2), the amendments made by this section shall apply to dwelling units acquired after December 31, 2022. (2) Extension of credit.—The amendments made by subsection (a) shall apply to dwelling units acquired after December 31, 2021.