Tax deduction extended for energy improvements
Retail companies can still claim energy upgrades on their upcoming tax returns.
With the passage of the budget act on Friday by Congress, EPAct 179D has been retroactively extended to include projects completed in 2017. This means that any commercial or government building completed in 2017 is now eligible for the tax incentive of up to $1.80 per square foot (The deduction is made up of three partial deductions: up to $.60 per square foot for lighting, HVAC, or building envelope each.)
“As soon as possible, we recommend beginning to compile information on any of your potentially eligible projects completed in 2017 so you can include the EPAct benefit on your 2017 tax returns,” advised Charles Goulding of Energy Tax Savers. “This would be available for any newly constructed or renovated commercial or government buildings completed in 2017.”
For more, go to Energytaxsavers.com.
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