Green Building, Greater Savings: The 179D & 45L Programs
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What is Section 179D?
- A lucrative tax deduction for making commercial buildings more energy efficient
Allows building owners to earn a deduction of up to up to $5 per square foot by installing energy efficient systems
Applies to entire buildings or parts like lighting, HVAC and building envelope.
Builders of government properties can also get these deductions
Imagine you own a commercial building with 50,000 square feet of space. You make energy-efficient improvements to the building's lighting, HVAC, and building envelope, hitting the required 50% energy savings threshold. With the 179D deduction, you can claim up to $5 per square foot. So, your tax deduction would be $250,000.
What is 45L?
A tax credit for crafting energy-efficient residential properties
Builders can get up to $2,000 per home for energy-saving construction or renovation.
The credit is for new or renovated single-family homes, including townhouses and apartments up to three stories.
- Homes must show a 50% reduction in energy usage compared to standard homes
Let's say you're a homebuilder and you construct 20 new single-family homes that meet the energy efficiency requirements for the 45L tax credit. If each home qualifies, you're eligible to claim a $2,000 tax credit per dwelling. Therefore, your total tax credit would be $40,000.
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