Time is running out on a tax deduction for energy-saving building projects.
S179D of the Internal Revenue Code supports the Energy Policy Act of 2005 by allowing deductions of up to 60 cents per square foot for lighting, HVAC, and building envelope projects. Upgrades must be completed by Dec. 31, 2013, to qualify, so consider accelerating planned 2014 projects into 2013.
However, the deduction can also apply to energy-saving projects completed after Jan. 1, 2006. Examine efficiency projects from the last few years to see if you can claim incentives for them too. The potential savings on your 2014 taxes are significant.
