Since its creation under the Energy Policy Act (EPAct) of 2005, the §179D deduction has enabled countless building owners and designers to reduce their tax burdens while incentivizing the installation of energy-saving measures in buildings across the U.S. The deduction has been modified several times over the years, and was most recently expanded by [...]
When the Inflation Reduction Act (IRA) was signed into law last year, it brought several welcome changes to the §179D deduction for energy-efficient commercial buildings. For example, the new law raised the maximum deduction amount from $1.88 to $5 per square foot, lowered the threshold for qualifying energy efficiency measures, and allowed new categories [...]
For proponents of the §179D deduction for energy-efficient commercial buildings, the past two years have yielded some major victories. After being made a permanent part of the tax code in December 2020, the deduction has now been significantly expanded by the Inflation Reduction Act of 2022. Signed into law by President Biden on August [...]
From utilities to taxes to maintenance, owning a commercial building carries numerous costs. Fortunately, the federal tax code features several incentives to help offset these costs, including the §179D deduction. Created under the Energy Policy Act (EPAct) of 2005 with a goal of reducing energy consumption in buildings across the U.S., the deduction is [...]
With the medical use of cannabis products now legal in 37 states and nonmedical (recreational) use legal in 18 states and the District of Columbia, the fast-growing, multibillion-dollar cannabis industry is poised to continue expanding in the coming years. However, since THC, the psychoactive compound in marijuana, remains illegal at the federal level as a [...]
Since its creation under the Energy Policy Act (EPAct) of 2005, the §179D deduction for energy-efficient commercial buildings has undergone a variety of changes—most recently, its long-awaited addition as a permanent part of the tax code in December 2020. After years of frequent expiration and renewal as a tax extender, this was a welcome change [...]
From green building initiatives to creating designs that improve cost efficiency, architects and engineers routinely develop solutions that can enhance quality of life for both their clients and society as a whole. But as they pursue these groundbreaking activities, many architecture and engineering firms overlook the powerful opportunities for tax savings available to them. Specifically, [...]
With the enactment of a massive COVID relief spending package in December 2020, the §179D deduction for energy-efficient commercial buildings was finally made a permanent part of the tax code. After years of uncertainty due to the deduction’s previous status as a tax extender, this change was widely celebrated by building owners, primary designers, and [...]
Buying a commercial building is a major investment that carries several ongoing costs associated with owning and maintaining the building. Fortunately, however, the federal tax code offers a variety of strategies to help offset these costs by reducing your tax burden. For example, the §179D deduction (which was recently made a permanent part of the [...]
After months of deliberation, Congress passed a sweeping new $900 billion COVID relief bill on December 21. The bill, officially called the Consolidated Appropriations Act 2021, H.R. 133, was signed into law by President Trump on December 27, thereby enacting numerous measures designed to provide financial assistance for individuals and businesses impacted by the ongoing [...]