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As part of the 2008 Energy Act recently signed into law by President Bush, the special deduction available for energy efficient buildings (previously slated to expire on December 31, 2008) has been extended another five years for eligible property place in service before January 1, 2014.
Congress' 2005 Energy Policy Act added a new tax incentive to the Internal Revenue Code referred to as the Section 179D deduction. The provision provides a special tax deduction for improving the energy efficiency of new or existing commercial buildings. Improvements of "energy efficient commercial building property" meeting certain efficiency standards such as interior lighting systems, heating, cooling, ventilation, & hot water systems or certain energy efficient improvements to the building envelope contribute to qualifying for the special deduction. |
