Energy Tax Credits
IRS Changes Section 179D Deduction’s Energy Savings Percentages
On February 24, 2012, the IRS issued Notice 2012-22 , which outlines changes to the energy savings percentages that taxpayers can use when qualifying energy-efficient commercial buildings for the Section 179D deduction. Effective for property placed in service from the date of the notice through December 31, 2013, the following percentages apply: 25% for interior lighting systems 15% for heating, cooling, ventilation and hot water systems 10% for the building envelope What is Section 179D? Intended to offset some of the costs of qualifying energy-efficient improvements to commercial buildings, the Section 179D deduction allows taxpayers to take an immediate expense for the. Read More.
Energy Tax Opportunities for Manufacturers
If you have manufactured, constructed, owned or leased commercial buildings within the last six years and have installed or retrofitted the property to be more energy efficient, then you may be eligible to deduct all or part of the costs associated with the build or retrofit. This opportunity allows a business to immediately expense costs that would otherwise be capitalized and recovered through depreciation over 27.5 or 39.5 years. The Energy Policy Act of 2005 ( EPACT ) and the American Recovery & Reinvestment Tax Act ( ARRA ) implemented and continued the Section 179D tax deduction which provides up to $1.80 per square foot for. Read More.
CB&H’s Ron Wainwright to Speak on Epact Energy Benefits at Architecture Exchange East
Ron Wainwright , a Tax Partner with Cherry, Bekaert & Holland (CB&H), will speak on November 2nd at Architecture Exchange East (ArchEx) in Richmond, Virginia. Wainwright will be presenting on the latest tax planning opportunities for Architects pursuant to 179D, the Energy Policy Act (Epact) and the most recent IRS pronouncements in regards to tax planning for Architects. ArchEx, presented by the Virginia Society AIA, is the mid-Atlantic region’s premier conference and expo for architects, engineers, interior designers, landscape architects and planners. Now in its 24th year, ArchEx will be held Nov. 2–4, 2011. ArchEx features over 60 educational sessions, spectacular behind-the-scenes architectural tours, engaging special events, and. Read More.
Bush-Era Tax Cuts Extended, Estate & Gift Tax Reinstated
On December 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, or H.R. 4853 (hereafter, “the Act”). The bipartisan legislation extends for two additional years many of the so-called “Bush-era tax cuts” originally enacted under the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). Key provisions of the new law extend the individual and capital gains/dividend tax cuts for all taxpayers through 2012, enact a payroll tax cut for 2011, provide a two-year AMT patch, establish a top estate tax rate of 35 percent with an exclusion of. Read More.
New Law Extends Tax Relief, Reinstates Estate & Gift Tax
Key Provisions of the Tax Relief Act of 2010 Incentives for Individuals Federal Estate & Gift Taxes Incentives for Businesses On December 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 , or H.R. 4853 (hereafter, “the Act”). The bipartisan legislation extends for two additional years many of the so-called “Bush-era tax cuts” originally enacted under the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). Key provisions of the new law extend the individual and capital gains/dividend tax cuts for all taxpayers through 2012, enact a payroll tax cut for 2011, provide a two-year AMT patch, establish a top estate tax rate of 35 percent with an exclusion of $5. Read More.
New Law Extends Bush-Era Tax Cuts, Reinstates Estate & Gift Tax
On December 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 , or H.R. 4853 (hereafter, “the Act”). The bipartisan legislation extends for two additional years many of the so-called “Bush-era tax cuts” originally enacted under the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). Key provisions of the new law extend the individual and capital gains/dividend tax cuts for all taxpayers through 2012, enact a payroll tax cut for 2011, provide a two-year AMT patch, and establish a top estate tax rate of 35 percent with an exclusion of $5 million.