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).