The Commercial Building Modernization Act (S.3591), has been introduced to the Senate to reform, extend, and simplify the Section 179D federal tax deduction, with bipartisan support. The Section 179D federal tax deduction is currently available as a deduction of up to $1.80/ft.2 for new buildings and/or retrofits that achieve significant energy and power cost savings.
Senator Snowe, a senior member of the Senate Finance Committee, said, “By making commonsense reforms to the existing 179D tax deduction, we will help encourage energy savings, create good-paying jobs in the construction industry, and reduce energy bills for America consumers.”
At Concord, we see the reforms and extension as an opportunity to expand the use of Section 179D and encourage more energy savings opportunities across the United States.
The legislation has been endorsed by the Real Estate Roundtable, The Natural Resources Defense Council (NRDC), The U.S. Green Building Council (USGBC), and the American Council for an Energy-Efficient Economy. A joint report from these organizations has estimated that the reform and extension recommended for Section 179D would generate some 77,000 construction, manufacturing, and service jobs nationwide.
Concord is the nation’s leading 179D consulting firm. We work with market leaders across America, helping firms of all size in a variety of industries, generate more profit per square foot. If your firm is interested in learning more about how Concord can help you take advantage of incentives you have already earned, contact us today. For immediate assistance contact Concord Managing Member Dennis J. Stilger, Jr. at dennis@concordlp.com or 888-897-5445,
