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EPAct
2005 and
the Commercial Building Tax Deduction
Need to find an
EPAct 2005 Qualified Certifier (per IRS Notice 2006-52)? use the National
Lighting Bureau's Searchable Directory:
www.nlb.org
IRS Guidelines on Energy Efficiency Deductions for Commercial
Properties
The Internal Revenue
Service (IRS) just released its advanced notice detailing how commercial
building owners or leaseholders can qualify for the tax deduction for
making their buildings energy efficient. The IRS notice also establishes
a process to certify the required energy savings in order to claim the
deduction and explains how taxpayers can obtain certification. For details,
visit http://www.irs.gov/pub/irs-drop/n-06-52.pdf.
The National Electrical
Manufacturers Association (NEMA) convened a broad-based coalition of
business, trade, government, energy efficiency, and other groups and
organizations resulting in the Commercial
Building Tax Deduction Coalition. They are working to ensure the
provision is implemented smoothly while promoting awareness and information
about its benefits, and energy efficiency improvements in commercial
buildings. http://www.efficientbuildings.org/
NEMA
Assessment of the energy Policy Act of 2005 (PDF 672
KB)
More
Information on the Tax Incentives for Energy-Efficient Buildings and
Products
On August 8, 2005,
President Bush signed into the law the Energy Policy Act of 2005. The
Energy Policy Act of 2005 provides a variety of tax incentives for homeowners,
businesses, and manufacturers for purchase of energy efficient equipment
and buildings, which will be available after January 1, 2006 and before
December 31, 2007.
The Department of
the Treasury has amended tax form 1040 to include a line for energy
tax credits in the tax credit section and has issued regulations specifying
what energy efficiency equipment and improvements for residential buildings
qualify for tax credits. However, final IRS guidance on commercial buildings
is still under development.
These resources
provide information on what is currently known about the new tax incentives
and will be updated as more information becomes available:
Energy
Policy Act of 2005 Tax Incentives
ENERGY
STAR
Tax
Incentives Assistance Project (TIAP)
Alliance
to Save Energy - New Energy Efficincy Home and Vehicle Tax Credits
Residential
Energy Services Network (RESNET)
The
Interstate Renewable Energy Council Database of State Incentives for
Renewable Energy
