Federal Bailout Extends Green Building Tax Credits
As everyone knows by know, several “sweeteners” were added to the $700 billion financial bailout to get previously disinterested members of the house to jump on board. Among the less publicized sweeteners was the extension of the Energy Efficient Green Building Tax Deduction.
Energy Efficient Commercial Building Tax Deduction
Extended through December 31, 2013. Section 179D(a) is a deduction for commercial building owners whose buildings meet certain energy standards. The deduction is as much as $1.80 per square foot for buildings that achieve a 50 percent energy savings target.
Section 1331 provides that a building owner may claim a tax deduction for expenditures made as part of a building designed to reduce the total annual energy used in the operation of the building. Building owners can claim a tax deduction of up to $1.80 per square foot of building area for the installation of systems that reduce the total energy and power costs by 50 percent or more when compared with a reference building. The building systems eligible to secure the tax deduction include:
- Interior lighting systems.
- Heating, cooling, ventilation, hot water systems.
- Building envelope systems.
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- Imagine a $700 Billion Bailout for the Environment:: Red, Green, and Blue
Image credit: Paulaloe via flickr under a Creative Commons License
[...] the House. Extended were the tax credits for solar, wind, and geothermal as well as tax credits for green building and energy efficiency. But what also passed was a new federal-level investment tax credit for qualified small wind [...]
[...] quickly. Extended were the tax credits for solar, wind, and geothermal as well as tax credits for green building and energy efficiency. But what also passed was a new federal-level investment tax credit for qualified small wind [...]