Section 1.45L-3 - Rules relating to the increased credit amount for prevailing wage(a)In general. With respect to a qualified residence described in section 45L(a)(2)(B), the credit determined under section 45L(a)(2)(B)(i) is $2,500 and the credit determined under section 45L(a)(2)(B)(ii) is $5,000 if the qualified residence described in section 45L(a)(2)(B)- (1) Meets the requirements under section 45L(c)(1)(A) or 45L(c)(1)(B), as applicable;(2) Is constructed by an eligible contractor;(3) Is acquired by a person for use as a residence during the taxable year; and(4) Satisfies the prevailing wage requirements of section 45(b)(7) and § 1.45-7, and the recordkeeping and reporting requirements of § 1.45-12, with respect to the construction of the qualified residence before such residence is acquired by a person for use as a residence.(b)Definitions-(1)Qualified residence. For purposes of this section, a qualified residence means a qualified new energy efficient home as defined in section 45L(b)(2).(2)Eligible contractor. For purposes of this section, an eligible contractor means an eligible contractor as defined in section 45L(b)(1).(c)Applicability date. This section applies to any qualified new energy efficient home acquired for use as a residence in taxable years ending after June 25, 2024, and the construction of which begins after June 25, 2024. Taxpayers may apply this section to any qualified new energy efficient home acquired for use as a residence in taxable years ending on or before June 25, 2024, and any qualified new energy efficient home acquired for use as a residence in taxable years ending after June 25, 2024, the construction of which begins before June 25, 2024, provided that taxpayers follow this section in its entirety and in a consistent manner.