House and Senate Committees Pass Extension of Energy-Efficient Buildings Tax Incentive

06/01/2007 |

In separate hearings, Congressional committees passed legislation that would extend the tax incentive for energy-efficient commercial buildings. The Senate Finance Committee passed out of committee an energy tax package that included an increase in the $1.80-per-square-foot tax incentive to $2.25 and extended it to the end of 2013. The Senate provision was a part of a larger energy amendment tax package that was offered on the Senate floor during the current debate taking place on energy bill H.R. 6, but an attempt to reach cloture failed, which would have cut off debate. The amendment still has a chance to be revisited by the Senate in future proceedings.

Meanwhile, the House Ways & Means Committee's Renewable Energy and Energy Conservation Tax Act of 2007, H.R. 2776, also included an extension of the energy-efficient commercial buildings through 2013, but did not include an increase on the per-square-foot deduction. Any differences on this matter between the House and Senate will have to be resolved during a conference committee. In the meantime, BOMA Intl. will continue to strongly support the tax incentive for energy efficient commercial buildings and the need for it to be increased and improved.

This information was excerpted from the June 21, 2007, edition of BOMA Intl.'s eNews. The Building Owners and Managers Association (BOMA) Intl.
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