IRS Issues Guidance on the Use of Commercial Building Tax Deduction

June 6, 2006
The process for claiming deductions is now clear

At 5:30 p.m. on Friday, June 2, 2006, the Internal Revenue Service posted guidance on use of the new tax deduction for efficient commercial buildings. A summary of this guidance, as well as a link to the IRS guidance, can be found on the website of the Tax Incentives Assistance Project (TIAP) (www.energytaxincentives.org). TIAP is a non-profit effort by a coalition of more than a dozen organizations, led by the American Council for an Energy-Efficient Economy (ACEEE) and the Alliance to Save Energy, to inform consumers and businesses about federal tax incentives enacted in the Energy Policy Act of 2005.

“This guidance clarifies the process building owners need to use to claim the tax deduction,” notes ACEEE Executive Director Steven Nadel, who coordinates the overall TIAP effort. “Quite a few building owners have been holding off on decisions about commercial building improvements until this guidance came out; publication of this guidance should allow these projects to move forward,” he continues.

To read the complete release issued by ACEEE, visit
(http://www.aceee.org/press/0606irsbldg.htm). Read details on the procedure for claiming a tax deduction at the Internal Revenue Service website (www.irs.gov/newsroom/article/0,,id=158395,00.html).

Voice your opinion!

To join the conversation, and become an exclusive member of Buildings, create an account today!

Sponsored Recommendations

Building Better Schools

Download this digital resource to better understand the challenges and opportunities in designing and operating educational facilities for safety, sustainability, and performance...

Tips to Keep Facility Management on Track

How do you plan to fill the knowledge gap as seasoned facility managers retire or leave for new opportunities? Learn about the latest strategies including FM tech innovations ...

The Beauty & Benefits of Biophilic Design in the Built Environment

Biophilic design is a hot trend in design, but what is it and how can building professionals incorporate these strategies for the benefits of occupants? This eHandbook offers ...

The Benefits of Migrating from Analog to DMR Two-Way Radios

Are you still using analog two-way radios? Download this white paper and discover the simple and cost-effective migration path to digital DMR radios that deliver improved audio...