Entries by judd

What are the Benefits of using 45L?

The use of section 45L has often been made rather sparingly. This is largely down to the lack of information available to people about the tax credits that are available for home builders. Section 45L is a tax incentive given by the federal government to builders of energy-efficient homes. This provision promotes green construction and […]

Quick Facts about Section 179D

Section 179D of the IRS Tax Code is one of the most interesting and surprisingly underused tax deductions available. The best part about 179D is its actual requirements. Your qualifying building will have a lower operational cost as a result of meeting the 179D standard. So why are most people not making use of this […]

Section 179D: Energy-Efficient Commercial Building Deduction

It is estimated that only 10 percent of qualifying projects take advantage of the 179D deduction. The Commercial Building Deduction, a part of the 2005 Energy Policy Act, encourages owners of commercial buildings reduce their energy consumption with a tax incentive which in turns also reduces building energy costs. How 179D Works Owners of commercial […]

President Signs Tax Extenders into Law

On the afternoon of Friday, December 18th President Obama signed into law the Protecting Americans from Tax Hikes Act of 2015. This Bill includes the extension of the 179D Tax Deduction retroactively for 2015 and all projects placed into service by the end of 2016. As part of the extension, the ASHRAE requirement will be […]

Qualification and Eligibility for Section 179D

Section 179D was intended to enhance the US’s energy independence by reducing the energy consumption in areas where it is needed the most: commercial buildings. Additionally, it aims to reduce energy consumption in governments buildings by allowing the AEC industry to claim the federal tax deduction. Here are some ways in which owners of commercial […]

Negotiators have reached agreement on extending Section 179D

House Speaker Paul Ryan, R-Wis., announced to Republican lawmakers at a conference meeting late on December 15 that negotiators have reached agreement on a tax-extenders package worth approximately $800 billion. This 2-year package will extend the 179D Tax Deduction retroactively for 2015 and make the incentive current for 2016. In addition to extending the expired […]

Parking Garages and Tax Deductions Under Section 179D

It is a known fact that tax incentives are offered for owners of buildings who are energy-efficient. However, many people don’t know that Parking Garages are also included in building category of Section 179D, and the federal government has clarified this issue in the IRS Notice 2008-40 Sec.6. As a result, building and parking garage […]