News
TAX BREAK?
February 1, 2011
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| Who would say "no" to a tax break? Hein & Associates tax partnerDuane Snyder tells us that is indeed happening. There are several tax benefits available to designers, builders, and owners of commercial buildings, most of which are going unclaimed. For example, the IRS Code Section 179D deduction is available to taxpayers who have designed, built, or renovated a commercial building or apartment since 2006. The government enacted Section 179D to offset the cost of energy efficient buildings and encourage less dependence on energy. The deduction can be taken on new and retrofitted commercial or large apartment buildings (with a max deduction of $1.80/SF). To qualify for the max benefit, your building has to reduce total annual energy and power costs by 50%, compared to a reference building that meets the minimum requirements of ASHRAE Standard 90.1-2001. A qualified third-party engineer needs to certify your building, though, he adds. |
