DEERFIELD BEACH, Fla.--(BUSINESS WIRE)--Among the provisions in the budget deal being considered by Congress this week is a two-year extension of the 179D energy tax deduction.
The Section 179D tax deduction, created in the 2005 Energy Policy Act, allows property owners and/or developers to take a significant federal tax deduction for costs associated with installing energy efficient lighting, HVAC and/or building envelope systems in commercial buildings.
"Many commercial property owners and managers have not been aware of the tax deduction and, with this extension, properties built after 2006 could qualify if they have reduced energy use by 50 percent by industry standards," said Lee Ferry, president of National Cost, Inc., a Deerfield Beach company that certifies eligible buildings.
National Cost engineers perform a feasibility study using proprietary energy modeling software and following a site visit, compile a final report that determines the percentage reduction in total annual energy consumption and certify eligibility for the tax credit—all within a matter of weeks.
Potential tax deductions can add up to $1.80 per square foot for improvements to existing buildings or efficient new buildings opened in 2015. National Cost has completed thousands of 179D certification surveys across the country and saved property owners millions of dollars since the company’s founding in 2009.
“Now is the ideal time to take advantage of this two-year extension of the tax deduction,” said Ferry, “if you want to realize savings during the 2015 tax year. Furthermore, the deduction can be applied retroactively to 2006, meaning even more tax savings.”
To learn more about the Section 179D tax deduction and read testimonials from National Cost’s satisfied clients, go to www.NationalCost.com.