HB 7366 Summary

• Establishes a one-time income tax credit for purchasers of energy-efficient homes (scoring 60 or less on the Home Energy Rating System Index) for taxable years 2019 through 2022.

• Provides $2,500 credit for individual filers and $5,000 for joint filers, claimable in the year of purchase with a certificate from the Secretary of the Office of Policy and Management.

• Requires that the energy-efficient home be the purchaser's principal residence for at least three years after purchase (verified by property tax records) and cannot be purchased from a family member or used as vacation/rental property.

• Allows unused credits to be carried forward for up to five succeeding taxable years, but limits the credit to the amount of tax owed in each year.

• Requires purchasers to repay a prorated portion of the credit if the home ceases to be their principal residence within the three-year period.