Commercial building owners or leaseholders can qualify for the new energy efficiency deduction by making their building energy efficient. The IRS has issued a news release on how commercial building owners or leaseholders can qualify for the §179D deduction for making their buildings energy efficient. The deduction was part of the Energy Policy Act of 2005. In order to claim the deduction, the taxpayer must get certification that energy savings will be achieved. It must be certified by an unrelated individual who is a licensed professional engineer or contractor. The deduction can be as much as $1.80 per square foot for buildings that achieve a 50% energy savings. For more info, go to http://www.irs.gov/newsroom/article/0,,id=158395,00.html These articles are intended to provide resources for the tax and accounting needs of small businesses and individuals. The information contained in this Website is intended to provide general information on matters of interest in the areas of tax and accounting and should not be acted upon in your specific situation without further details and/or professional assistance. Users are encouraged to contact us regarding specific situations.
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