Qualified Home Improvement Loan Law and Legal Definition

According to 26 USCS § 143 (k)(4) [Title 26. Internal Revenue Code; Subtitle A. Income Taxes; Chapter 1. Normal Taxes and Surtaxes; Subchapter B. Computation of Taxable Income; Part IV. Tax Exemption Requirements for State and Local Bonds; Subpart A. Private Activity Bonds], the term “qualified home improvement loan” means “the financing (in an amount which does not exceed $ 15,000)--

(A) of alterations, repairs, and improvements on or in connection with an existing residence by the owner thereof, but

(B) only of such items as substantially protect or improve the basic livability or energy efficiency of the property.”