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All rights reserved 2013
All rights reserved 2013
The Economic Stabilization Act was passed by Congress on October 3, 2008 and extends the availability of the EPAct tax deduction for commercial lighting through December 31, 2013.
Energy Policy Act of 2005
The information contained in this document about The Energy Policy Act of 2005 is not offered as tax advice and should not be taken as such. Any information in this document or any other document referred to is meant for general informational purposes only. Please consult with your tax advisor to determine the specific tax treatment appropriate for your company.
Tax Deduction for Commercial Lighting Systems
The energy efficient commercial buildings deduction provides a deduction for building owners equal to energy-efficient commercial building property expenditures made by the taxpayer, subject to a cap.
How To Pursue The EPAct Tax Deduction Using The Interim Lighting Rule:
1. Design and install a compliant lighting system. The Full EPAct/Energy Estimator, found within the Energy & Economic Library, can be used to determine whether or not your lighting design (renovation or new construction) meets the EPAct LPD requirements and how much tax deduction is available. The latest version of the library can be downloaded with the link to the left.
2. Have a 'qualified' person certify the project. To be 'qualified' to certify compliance of an EPAct project, that person: (A) Is not related (within the meaning of §45(e)(4)) to the taxpayer claiming the deduction under § 179D (doesn’t work for the company claiming the deduction); (B) Is an engineer or contractor that is properly licensed as a professional engineer or contractor in the jurisdiction in which the building is located; and (3) Has represented in writing to the taxpayer that he or she has the requisite qualifications to provide the certification required under section 4 of this notice (in the case of an individual providing the certification) or to perform the inspection and testing described in section 4.05 of this notice (in the case of an individual performing the inspection). A blank certification form can be found in the library mentioned above.
3. Claim the deduction on the appropriate IRS form. Line 26 of IRS form 1120 should be used.
4. Attach compliance certificate and any other supporting documentation to the file copy of the tax return. A copy of the compliance certificate does not need to be submitted with the tax return.
Energy Policy Act of 2005
The information contained in this document about The Energy Policy Act of 2005 is not offered as tax advice and should not be taken as such. Any information in this document or any other document referred to is meant for general informational purposes only. Please consult with your tax advisor to determine the specific tax treatment appropriate for your company.
Tax Deduction for Commercial Lighting Systems
The energy efficient commercial buildings deduction provides a deduction for building owners equal to energy-efficient commercial building property expenditures made by the taxpayer, subject to a cap.
How To Pursue The EPAct Tax Deduction Using The Interim Lighting Rule:
1. Design and install a compliant lighting system. The Full EPAct/Energy Estimator, found within the Energy & Economic Library, can be used to determine whether or not your lighting design (renovation or new construction) meets the EPAct LPD requirements and how much tax deduction is available. The latest version of the library can be downloaded with the link to the left.
2. Have a 'qualified' person certify the project. To be 'qualified' to certify compliance of an EPAct project, that person: (A) Is not related (within the meaning of §45(e)(4)) to the taxpayer claiming the deduction under § 179D (doesn’t work for the company claiming the deduction); (B) Is an engineer or contractor that is properly licensed as a professional engineer or contractor in the jurisdiction in which the building is located; and (3) Has represented in writing to the taxpayer that he or she has the requisite qualifications to provide the certification required under section 4 of this notice (in the case of an individual providing the certification) or to perform the inspection and testing described in section 4.05 of this notice (in the case of an individual performing the inspection). A blank certification form can be found in the library mentioned above.
3. Claim the deduction on the appropriate IRS form. Line 26 of IRS form 1120 should be used.
4. Attach compliance certificate and any other supporting documentation to the file copy of the tax return. A copy of the compliance certificate does not need to be submitted with the tax return.
ABOUT TAX CREDITS
A tax credit is generally more valuable than an equivalent tax deduction because a tax credit reduces tax dollar-for-dollar, while a deduction only removes a percentage of the tax that is owed. Consumers can itemize purchases on their federal income tax form, which will lower the total amount of tax they owe the government.
A tax credit is generally more valuable than an equivalent tax deduction because a tax credit reduces tax dollar-for-dollar, while a deduction only removes a percentage of the tax that is owed. Consumers can itemize purchases on their federal income tax form, which will lower the total amount of tax they owe the government.
Please also see the Epact link in the Green Technology Center
HURRY! ACT NOW before the end of 2013!!!
Section 179D Tax Deduction
The Emergency Economic Stabilization Act of 2008 extended the Energy Efficient Commercial Buildings Deduction through December 31, 2013. This legislation offers a tax deduction of up to $1.80/sf to those investing in energy efficient improvements placed in service after December 31, 2005.
Eligible improvements must reduce energy use for any of the following categories:
• Building Envelope
• HVAC
• Interior lighting systems
There are different ways to pursue a deduction and all require comparison to ASHRAE Standard 90.1-2001 and certification by a qualified individual.
Section 179D Tax Deduction
The Emergency Economic Stabilization Act of 2008 extended the Energy Efficient Commercial Buildings Deduction through December 31, 2013. This legislation offers a tax deduction of up to $1.80/sf to those investing in energy efficient improvements placed in service after December 31, 2005.
Eligible improvements must reduce energy use for any of the following categories:
• Building Envelope
• HVAC
• Interior lighting systems
There are different ways to pursue a deduction and all require comparison to ASHRAE Standard 90.1-2001 and certification by a qualified individual.