Tag Archive for Renovations

Optimizing Energy Tax Incentives To Properly Tax Effect Building Owners Expenditures For Renovations

Whether a commercial building owner is undergoing new construction or remodeling, energy tax incentives should certainly be utilized to essentially tax effect the commercial building owner’s expenditures for undergoing the energy efficient renovation project.

As enacted in The Energy Policy Act of 2005 (hereinafter “EPAct”), the I.R.C. § 179D Energy Tax Deduction for building envelope efficiency encourages building owners to “Build Green” to not only save money by reducing their utility bills on a carry-forward basis, but to also reduce their tax liability on their tax returns as well.

As a synopsis of I.R.C. § 179D, commercial building owners can take a federal-level tax deduction of up to $1.80 per square foot of the building’s envelope if they install property Read More

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Optimizing Preservation Tax Incentives to Properly Tax Effect Building Owners Expenditures for Renovations

The Historic Preservation Tax Incentives Program, jointly administered by the National Park Service and the State Historic Preservation Offices, is the nation’s most effective Federal-level program to promote both urban and rural revitalization and to encourage private investment in rehabilitating historic buildings. These preservation tax incentives apply explicitly to preserving income-producing historic property and have generated billions of dollars in historic and rehabilitation preservation activity since the program’s commencement in 1976.

There are two categories of preservation tax credits as outlined below:

• Pursuant to I.R.C. § 47(a)(1), the Rehabilitation Tax Credit offers a 10% tax credit Read More

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