Senate Finance Committee Established Task Forces to Consider Tax Extenders, which Include the 179D and 45L Energy Efficiency Incentives
The Senate Finance Committee has established bipartisan task forces to evaluate tax provisions that expired or expire between December 31, 2017 and December 31, 2019. Chairman Chuck Grassley said on the Senate floor that their work would begin immediately and wrap up by the end of June. Among other provision...
Proposed Legislation Titled “Tax Extender and Disaster Relief Act of 2019” Seeks to Extend §179D and §45L Energy Efficiency Tax Incentives through December 31, 2019
Today, the “Tax Extender and Disaster Relief Act of 2019” was introduced by Chairman Grassley and Ranking Member Wydenhis, which seeks to extend several expired tax incentives including the §179D Energy Efficient Commercial Building Deduction (§179D Deduction) and the §45L Energy Efficient Home Credit (§45L Credit)...
New Tax Court Case: Taxpayer Failed to Meet Definition of “Designer” under §179D Energy Efficient Commercial Building Deduction Allocation Rule
A recent court case denied a taxpayer the Energy Efficient Commercial Building Deduction under IRC §179D since it could not substantiate that it was the “Designer” under the incentive’s allocation rule...
New IRS Chief Counsel Memo Provides Clarification as to Eligible “Designer” for §179D Energy Efficient Commercial Building Deduction on Public Projects
On December 7, 2018, the IRS Office of Chief Counsel released AM 2018-005, which is a memorandum explaining the eligibility for allocation of the §179D Energy Efficient Commercial Building Property Deduction (§179D Deduction) for “designers” of public projects...
Proposed Legislation Titled “Retirement, Savings, and Other Tax Relief Act of 2018” Seeks to Extend §179D and §45L Energy Efficiency Tax Incentives
This week, the House released proposed legislation titled “Retirement, Savings, and Other Tax Relief Act of 2018”, which seeks to extend several expired tax incentives including the §179D Energy Efficient Commercial Building Deduction (§179D Deduction) and the §45L Energy Efficient Home Credit (§45L Credit)...
Trump Signs Spending Deal, Extends §179D Commercial and §45L Residential Energy Efficiency Incentives
On Friday, February 9, President Trump signed The Bipartisan Budget Act of 2018, which is a massive budget package that lifts spending caps while funding the government through March 23, 2018. Part of the Act retroactively extends the §179D Energy Efficient Commercial Building Deduction as well as the §45L Energy...