What are the 2023 updates to Form 8908?
What are the 2023 updates to Form 8908? Form 8908 is the document eligible contractors use to claim the Section 45L tax credit. This IRS credit incentivizes homebuilders and developers to construct energy-efficient residential properties. Continuing to leverage this credit provides substantial tax benefits and actively contributes to promoting sustainable and eco-friendly housing options. […]
Case Study 4 of 8: Qualifying as a designer of energy-efficient properties
Case Study 4 of 8: Qualifying as a designer of energy-efficient properties For nearly two decades, IRC §179D has provided a tax deduction to property owners who install qualifying energy efficient commercial building property (EECP). Initially part of the Energy Policy Act of 2005, this deduction has become permanent and updated through the passage […]
The Opportunity for Larger §179D Deductions Without Prevailing Wage Qualification
Once of the biggest changes to occur with IRC Section 179D and 45L credits is the use of prevailing wage and apprentice-based project labor, which occurred with the passage of the Inflation Reduction Act in 2022. Projects placed in service after December 31, 2022, now have a two-tiered deduction with projects meeting the prevailing wage […]
Inflation Reduction Act of 2022 makes Major Changes to §179D and §45L Energy Tax Incentives.
We are excited to announce that the Inflation Reduction Act (IRA) of 2022 has drastically improved and expanded §179D Energy Efficient Commercial Building Tax Deduction and Extended and increased the §45L Tax Credit for Energy Efficient Homes. The new bill signed into law is full of exciting opportunities for energy-efficient buildings and homes! A […]
Expectations for Upcoming ASHRAE changes to §179D Tax Deduction
Together with §179D having been made permanent as part of the Consolidated Appropriations Act of 2021 this past December, one of the major changes came in the form of more stringent ASHRAE requirements for the qualification of the energy efficient commercial buildings. When the new standards will come into effect is still to be determined, […]
179D and 45L Extended Retroactively for 2017 Projects
Early morning February, 9th the Bipartisan Budget Act was Passed providing a One-year retroactive active extension of §179D and §45L energy tax incentive provisions. This will allow projects placed in service in 2017 to be certified for qualifying energy tax incentives. Though the original expectation was that a 2-year extension would be passed, members of […]
45L Tax Credit: Overview and Analysis of the Residential Efficiency Energy
Homeowners more than ever are looking for ways to decrease their carbon output and save money. New technologies and new discoveries have hastened the process of creating a better atmosphere for families to live and work in. For many first-time homeowners, the process of looking for ways to be more energy efficient can be daunting […]
FAQs About the 45L Tax Credit
In addition to being better for the environment, energy-efficient homes often lead to cost savings down the line for the owners or renters who inhabit the building. In addition to helping the surroundings, there is another significant but often overlooked financial incentive to energy efficient building through the 45L tax credit. This tax credit consists […]
Differences Between 45L Tax Credit and 179D Tax Deduction
This article is meant to assist you to understand the policies that the U.S government is employing to favor the construction of Eco-friendly houses and gadgets in general by use of tax incentives. The aim here is to enlighten all parties that have particular interests in saving up monies meant to engage in the construction […]
Beginner’s Guide To Renewable Energy
The federal government is still offering tax credits like the 45L to encourage people to use renewable energy and construct homes with improved energy efficiency. Some of these incentives, like the 45L, are substantial. The 45 L tax credit offers $2,000 for every energy-efficient house or rental a contractor builds to lease or sell. That […]
