IRS Clarifies the Applicable ASHRAE Reference Standards for the §179D Energy Efficient Commercial Building Deduction
The §179D Deduction requires energy modeling whereby the building is compared to the same building constructed to the minimum requirements of a specified ASHRAE 90.1 Reference Standard. In Announcement 2023-1, the IRS affirmed ASHRAE 90.1-2019 as the new Reference Standard. The new standard will be applicable for any projects placed...
Satisfying Prevailing Wage Requirements to Maximize the §179D Energy Efficient Commercial Building Deduction and the §45L Energy Efficient Home Credit
IRS published Notice 2022-61 to explain how taxpayers can meet prevailing wage requirements to obtain higher credits and deductions with the §45L Energy Efficient Home Credit and the §179D Energy Efficient Commercial Building Deduction...
The Inflation Reduction Act Significantly Changes the 179D Energy Efficient Commercial Building Deduction
The existing 179D rules continue through December 31, 2022, with new rules going into effect for property placed in service January 1, 2023. The act increases the 179D deduction while lowering the minimum required savings, and expanding allocations to all tax-exempt entities...
IRS Releases Updated Practice Unit for Auditing the 179D Energy Efficient Commercial Buildings Deduction
The IRS Large Business and International Division released an updated Practice Unit for its agents to audit the 179D Energy Efficient Commercial Buildings Deduction. It confirms that taxpayers can use the ASHRAE Standard 90.1-2007 rather than newer, more strict standards but also could be an indication that the IRS will...
The Proposed ‘Build Back Better Act’ Makes Significant Changes to the 45L and 179D Energy Efficiency Tax Incentives
The Build Back Better Act, if passed, has some significant changes to the 45L Energy Efficient Home Credit (45L Credit) and the 179D Energy Efficient Commercial Building Deduction (179D Deduction)...
Biden’s 2022 Tax Proposals Bolster the 45L and 179D Energy Efficiency Tax Incentives
The Department of the Treasury has issued detailed information about the Biden Administration's tax proposals for fiscal-year 2022. If passed, the legislation would make both the 45L Energy Efficient Home Credit and the 179D Energy Efficient Commercial Building Deduction more advantageous...
Proposed Legislation Would Bolster the 45L and 179D Energy Efficiency Tax Incentives
The ‘Growing Renewable Energy and Efficiency Now’ (GREEN) Act, aims to extend and boost tax incentives for energy efficiency and renewable energy. If passed, the GREEN Act would make both the 45L Energy Efficient Home Credit (45L Credit) and the 179D Energy Efficient Commercial Building Deduction (179D Deduction) more advantageous...
179D and 45L Energy Efficiency Incentives Extended
The passing of the latest coronavirus relief bill titled the 'Consolidated Appropriations Act, 2021' ("CAA 2021") made permanent the §179D Energy Efficient Commercial Building Deduction (§179D Deduction) and extended the §45L Energy Efficient Home Credit (§45L Credit) through December 31, 2021...
Proposed Coronavirus Relief Legislation Titled ‘Consolidated Appropriations Act, 2021’ Would Extend 179D and 45L Energy Efficiency Incentives
If signed into law, the latest coronavirus relief bill titled the 'Consolidated Appropriations Act, 2021' ("CAA 2021") would make the §179D Deduction permanent and extend the §45L Credit through 2021...