New Proposed 179D Extension

Tomorrow, Tuesday, July 21 at 11:00 AM ET, a two-year extension of Section 179D is included in the base text of the tax extenders legislation to be considered by the Senate Finance Committee.  Chairman Hatch has scheduled a markup for this time, according to the SFC website.

This new legislation will be providing an extension of 179D through 2016. Senators Cardin, Brown, and Warner have filed an amendment to improve the section 179D tax deduction for energy efficient commercial and multifamily buildings by including some of the modifications that were included in Title I of the Cardin-Feinstein-Schatz Energy Efficiency Tax Incentives Act (S. 2189, 113th Congress) from the last Congress.

In his statement, Hatch said that this markup is an opportunity for the committee “a timely opportunity to act on extending a number of expired provisions in the tax code that help families, individuals and small businesses.” He also stressed that these tax benefits are meant to be incentives, therefore the committee needs to advance the package as soon as possible. He also said that “this package is a result of strong bipartisan work, and [he] looks forward to working with the full committee to ensure members are able to work their will and examine these provisions carefully.”

Stay tuned for more information regarding this extension.