eligible development costs or adjusted basis of any building under section 42B. . (3) New energy efficient home credit Section 45L(e) of such Code is amended by inserting or for purposes of determining the eligible development costs or adjusted basis of any building under section 42B after section 42 . (f) Exclusion from gross income Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting before section 140 the following new section: 139J. State energy subsidies for qualified residences (a) Exclusion from gross income Gross income shall not include the value of any subsidy provided to a taxpayer (whether directly or indirectly) by any State energy office (as defined in section 124(a) of the Energy Policy Act of 2005 ( 42 U.S.C. 15821(a) )) for purposes of any energy improvements made to a qualified residence (as defined in section 42B(c)(1)). . (g) Conforming amendments (1) Subsections (i)(3)(C), (i)(6)(B)(i), and (k)(1) of section 469 of the Internal Revenue Code of 1986, as amended by section 213, are each amended by striking or 42A and inserting , 42A, or 42B . (2) The table of sections for subpart D of part IV of subchapter A of chapter 1 of such Code, as amended by section 213, is amended by inserting after the item relating to section 42A the following new item: Sec. 42B. Neighborhood homes credit. . (3) The table of sections for part III of subchapter B of chapter 1 of such Code is amended by inserting before the item relating to section 140 the following new item: Sec. 139J. State energy subsidies for qualified residences. . (h) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2023. 215. First-time homebuyer refundable credit (a) In general Section 36 of the Internal Revenue Code of 1986 is amended to read as follows: 36. First-time homebuyer refundable credit (a) Allowance of credit In the case of an individual who is a first-time homebuyer of a principal residence in the United States during a taxable