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National Red Nose Day was May 25th. Walgreens has been selling red noses to benefit children in poor communities in Latin America, Asia, and Africa. The profits from selling the noses ensures that kids are safe, healthy, educated, and empowered. ETS HQ had fun donating to the cause and wearing the noses.
Many of our clients have requested updates on the status of IRS Code Section 179D, the Energy Efficient Commercial Building Deduction. This deduction which expired on December 31, 2016 has provided significant value to commercial property owners, and the Architectural, Engineering, and Contractor (AEC) Industry.
Here at ETS we have been heavily involved with legislation to encourage the Trump administration to consider the effects of a large Tax Reform Bill and its impact on the Real Estate Industry. 179D is a large component on the proposed change.
This month we have seen a new proposal to enhance and extend the Section 179D deduction, and are hopeful that it will be heard by the house and senate this year. Some of the proposed changes include:
We are encouraged to see the movement on this bill and expect to see action prior to the end of 2017.
Section 179D currently offer $1.80 per square foot for property owners meeting the energy efficient building standards through new construction, or retrofits of existing properties. The deduction has also been widely applied in the AEC industry for the design of energy efficient buildings that are publicly funded, offering substantial tax savings to an industry hard-hit by the economic downturn of 2008.
If you would like to receive notifications of this pending change, or other tax related changes, please join our newsletter, blog, or follow us on LinkedIn. If you have questions relating to tax incentives please contact Heidi Henderson at Engineered Tax Services email@example.com or your current point of contact within ETS.