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Episode Synopsis "Section 179D"
What is Section 179D? Sounds intimidating doesn't it? Section 179D is a tax incentive for qualifying energy efficient commercial buildings. It allows for a deduction of up to $5/square foot if all energy efficiency and prevailing wage requirements are met. The deduction is primarily for building owners, but in certain circumstances it can be allocated to the designers, architects, engineers, and contractors of public buildings. The incentive is available for new construction projects as well as upgrades and retrofits of existing buildings. Commercial buildings and residential buildings with four or more stories are eligible. Single family homes or multi-family homes with three or fewer stories are not eligible. A taxpayer cannot prepare the claim on their own. A licensed engineer must complete a certification to validate the deduction. Consult your CPA if you want to explore your eligibility for a Section 179D deduction!
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