Are You Missing Out On an Energy Tax Incentive?

Summary

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Here is some of what's involved. * Certification of the building as an energy-efficient building, meeting standards set forth, must be performed by a licensed engineer or contractor who is properly licensed in the jurisdiction where the building is located. * The engineer or contractor cannot be related to the taxpayer claiming the deduction and has represented in writing to the taxpayer that he or she has the qualifications to provide the certification required or to perform the inspection and testing described. * Certification Letter satisfies section 179D if it contains the following: -Name, address, and telephone number of the qualified individual; -Address of the building to which the certification applies; -Statement by qualified individual that the amount of reduction was determined under the Rules of Notice 2006-52; -Statement that the field inspections of the building performed by a qualified individual, after the property has been placed in service, have confirmed that the building has met, or will meet the energy saving targets contained in the design plans and specifications. [...] that the field inspections were performed, in accordance with any inspection and testing procedures prescribed by the National Renewable Energy Laboratory (NREL) as Energy Savings Modeling and Inspection Guidelines for Commercial Building Federal Tax Deductions and are in effect at the time the certification is given. -

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Extract

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Are You Missing Out On an Energy Tax Incentive?

Are you aware that a law provision put in place a year and a half ago could mean big tax savings for businesses involved with energy-efficiency systems?

The Energy Policy Act of 2005 (EPACT) added section 179D to the Internal Revenue Code. That section permits a deduction for the costs of installing certain ener...

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