Inflation Reduction Act -IRS Issues Announcement Updating ASHRAE Standard 90.1 for 2028 and later
IRA UPDATE -IRS Issues Announcement Updating ASHRAE Standard 90.1 for §179D On May 17th, 2024 the Internal Revenue Service Issued Announcement 2024-24, affirming the applicable standards to be used for §179D Energy Efficient Commercial Building Tax Deduction, starting January 1st, 2023. The announcement clarifies that the reference standard to be used for projects being placed […]
Benefits Beyond Energy Savings: Exploring the Comprehensive Impact of §179D for Sustainable Designs
Sustainable design is a critical component of contemporary architecture rather than a niche idea. However, adding these components to your project can result in significant deductions. By working with a company like Walker Reid, you can take advantage of government tax incentives that encourage the use of environmentally friendly and energy-efficient building techniques. Rewards for […]
Architects & Engineers Handbook to Claiming the §179D Deduction
Internal Revenue Code §179D provides financial incentives to architects, engineers, and design-build contractors for energy-efficient design work for tax-exempt buildings. Many businesses are concerned about prospective changes to the tax law, particularly concerning significant sections like carried interest, capital gains, 1031 exchanges, and more. Thanks to a move by Congress, an architect and engineering firm-often-ignored […]
The Steps to Obtaining a Section 179D Allocation from the GSA
The Steps to Obtaining a Section 179D Allocation from the GSA The General Services Administration (GSA) plays a crucial role in allocating Section 179D deductions for government building projects. Under the Energy Policy Act of 2005, commercial building owners and tenants can claim tax deductions for specific energy efficiency projects made to their properties. […]
Case Study 3 of 8: Qualifying as a designer of energy-efficient properties
Case Study 3 of 8: Qualifying as a designer of energy-efficient properties Nearly two decades after IRC §179D was published as part of the Energy Policy Act of 2005, this deduction remains a top priority in building projects. With the enhancements that have occurred through the passage of the Inflation Reduction Act of 2022, […]
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 […]
Section 179D Commercial Building Deduction Survives US Tax Court Challenge (Somewhat)
A recent United States Tax Court ruling highlights the importance of thoroughly understanding the requirements of §179D and working with an expert in qualifying and certifying energy-efficient commercial building properties. Project on an Existing Building Edwards Engineering, an Illinois-based company specializing in heating, ventilation, and air conditioning (HVAC) system design and installation and […]
Inflation Reduction Act -IRS Issues Announcement Affirming ASHRAE Standard 90.1
Inflation Reduction Act -IRS Issues Announcement Affirming ASHRAE Standard 90.1 for §179D On December 23th, 2022 the Internal Revenue Service Issued Announcement 2023-01, affirming the applicable standards to be used for §179D Energy Efficient Commercial Building Tax Deduction, starting January 1st, 2023. The announcement clarifies that the reference standard to be used for projects being […]
Inflation Reduction Act -Prevailing Wage And Apprenticeship Notice Issued
IRS Issues Notice providing Guidance for Prevailing Wage and Apprenticeship requirements. On November 30th, 2022 the Internal Revenue Service Issued Notice 2022-61, Prevailing Wage and Apprenticeship Initial Guidance under Section 45(b)(6)(B)(ii) and Other Substantially Similar Provisions. This Notice is the first step in clarification of the major changes that came as part of the Inflation […]
Case Study 2 of 8: Qualifying as a designer of energy-efficient commercial building properties
Case Study 2 OF 8 Qualifying as a designer of energy-efficient commercial building properties Developers and owners of commercial buildings have been qualifying for IRC §179D, a section of the IRS code that provides a deduction for integrating energy efficiencies in buildings, either through new construction or retrofits. Recent changes to §179D are included in […]
