President Trump signed into law a package of tax extenders included in the Bipartisan Budget Act of 2018

On February 9, 2018, President Trump signed into law a package of tax extenders included in the Bipartisan Budget Act of 2018. The package includes an extension of over 30 tax incentives including retroactive extensions for 179D energy efficient building deduction, and the 45L tax credit for residential and multi-family units. These extensions maintain the existing qualifying standards from prior years and extend the incentives to properties and improvements placed-in-service through December 31, 2017 (formerly December 31, 2016).

This extension means that we have a short window to perform certifications so eligible businesses can capture these benefits prior to filing the 2017 tax returns!

179D Energy Efficient Building Deduction is defined as:

  • Any Commercial Property or 4+ Story Multi-Family Property
  • Newly Constructed prior to December 31, 2017
  • Or with retrofits to Lighting, HVAC, or Envelope components resulting in reduced energy consumption
  • Eligible Properties Qualify for up to $1.80 per square foot OR
  • $0.60 for lighting, $0.60 for HVAC, $0.60 for Envelope Retrofits

45L Residential Energy Efficient Housing Credit

  • Single-Family or Multi-Family Less than 3 Stories
  • $2,000 tax credit per unit
  • New Construction or Major Renovation

If you have qualifying properties and need a proposal, benefits analysis, and certification, please contact Engineered Tax Services below. 

Author

Engineered Tax Services

Engineered Tax Services

Recent Posts

Establishing Your Accounting Firm On Social Media

Establishing your accounting firm’s voice on social media should be a top priority. If your firm doesn’t have a brand guide that includes its tone of voice, now is the perfect time to create one. It doesn’t have to be a full-blown brand guide⁠—just something that helps to establish and maintain a consistent brand voice.

Read More »
employee retention tax credit scams

How to avoid employee retention tax credit scams

A survey by the National Federation of Independent Business (NFIB) found that only 4% of small business owners are “very familiar” with the Employee Retention Tax Credit program. Furthermore, only 32% said they were “somewhat familiar” with the incentive. Scammers are taking advantage of this unfamiliarity to collect high fees from business owners. Unscrupulous companies

Read More »
accounting firms

Tips for Accounting Firms looking to get started on Social Media

Getting started on social media can be confusing and hard to understand. Especially for accounting firms that keep putting it off. Yet it truly is not as bad as it seems. Trust me. I manage over 20 social accounts, many of which I created from scratch. With the busy season behind us, now is the

Read More »

Contact Us