Real Estate & Construction
Upcoming Deadlines for $150 Million Tax Credits
Investing in a facility for manufacture of clean energy or energy efficient property? If your project qualifies for the Advanced Energy Project Credit, you’ll be able to offset your tax bill by 30 percent of the cost of qualified property. This isn’t just a reduction of taxable income – it’s a dollar for dollar offset against the tax you owe. A cost segregation study can help identify and quantify components of building construction, expansion, or renovation costs that qualify for the credit. Projects must be certified in advance by the IRS. Don’t miss these important deadlines – concept papers must be submitted to the US Department of Energy no later than April 9, 2013 and additional applications are due to the DOE and IRS by July 23, 2013. All the details are outlined in recently released IRS Notice 2013-12. Contact your local Real Estate & Construction tax specialist for information.