Please join us for a webinar on February 21, 2024 at 11:00 AM. The one hour webinar will address Section 179D deductions and how the tax law was enhanced and expanded in the Inflation Reduction Act.
The Internal Revenue Code Section 179D deduction allows the owner of a commercial building to receive a tax deduction for a building that is constructed or renovated in an energy-efficient manner. Since government entities do not pay federal taxes, they can assign tax benefits to taxpaying commercial businesses involved in designing these buildings, such as architects, engineers, contractors, and energy service providers. The deduction is intended to encourage the designers of governmental and tax-exempt entity owned buildings to create buildings that are more energy efficient. Today we will discuss:
- General Overview of the 179D Deduction
- Recent Changes in this incentive and expansion to other not-for-profit organizations
- Why 2023 is a lucrative year for this deduction
- The steps necessary to certify a building under the 179D Tax Code
Many SMARCA Contractors have been successful in obtaining the 179D deductions over the past decade. There is reason to believe this program will be even more lucrative for contractors going forward due to the incentive to use union labor.
Our presenter is Jared M.K. Woiwode, Signing Director Federal Tax Strategies at CliftonLarsonAllen LLP.