Busting Common Misconceptions: Only large projects and institutions can enjoy the benefits of §179D Deductions
Reality: The §179D deduction is beneficial to organizations of varied sizes. The §179D deduction has often been misconstrued as a benefit exclusively reserved for large-scale projects and institutions. However, the reality is far from this common myth. Even though more extensive facilities may have significant cost reductions due to their size, smaller tax-exempt organizations with […]
Busting Common Misconceptions: There Is Little Certainty in the §179D Process, and It Is Complicated
One of the common misconceptions surrounding the §179D deduction is the perception that the claiming process is both intricate and uncertain. The fear of complexity often discourages organizations from exploring this avenue to reduce their tax liability. Reality: Expert Advice and Certainty Contrary to the myth, the §179D process can be streamlined and made more […]
Busting Common Misconceptions: §179D Only Applies to New Buildings
Reality: Renovations are a Game-Changer Too! The truth is that §179D is not exclusive to new constructions; it extends its benefits to renovations as well. This misconception has left many property owners unaware of the potential benefits awaiting them when making energy-efficient upgrades to their existing commercial buildings. Under §179D, property owners can qualify for […]
The Ultimate Guide to the §179D Tax Deduction: Saving Money While Going Green
Building owners and designers of tax-exempt buildings who want to save money while being environmentally aware should look into §179D as a resource in this age of sustainability-focused business planning and growing environmental consciousness. Building owners should take advantage of this tax incentive to increase the company’s cash flow. On the other hand, Architects, engineers, […]
Busting Common Misconceptions: The Efficient Reality of §179D Site Inspections
In the realm of energy-efficient building projects, the Section §179D tax deduction is a hot topic. It offers deductions for energy-efficient improvements in commercial buildings. However, a prevalent misconception about the required site inspections for §179D qualification exists: they’re often viewed as intrusive and time-consuming for site personnel. Let’s demystify this and reveal the actual […]
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 […]
Case Study 1 of 8: Qualifying as a designer of energy-efficient commercial building properties
Case Study 1 OF 8 Qualifying as a designer of energy-efficient commercial building properties Published as part of the Energy Policy Act of 2005, the IRC §179D provides the framework for establishing that the necessary energy and power cost savings occur to claim the deduction. Though more than 15 years have passed since this […]
