The Inflation Reduction Act (IRA), signed into law on August 16, 2022, significantly increases IRC Section 179D energy tax deductions. These tax incentives are highly advantageous to architectural and engineering (“A&E”) firms responsible for the design components of government-owned, energy-efficient buildings. The IRA also extends the deduction to designers of commercial buildings owned by tax-exempt organizations, including not-for-profit organizations, churches and other religious organizations, tribal organizations, and not-for-profit schools and universities.
Ron Wainwright, a Partner in Cherry Bekaert’s Tax Credits and Incentives Advisory group, joins Scott Duda, Leader of the Firm’s Professional Services Industry practice, to discuss how A&E firms can take advantage of these expanded tax incentives.
Listen in to find out about:
- 1:11 – An overview of the Inflation Reduction Act
- 2:54 – How the IRA will impact A&E firms
- 6:02 – IRC Section 179D Changes
- 12:43 – 45L Energy Efficient Home Credit Changes
- 16:09 – What A&E firms should look out for
If you have any questions specific to your business needs, Cherry Bekaert’s Tax Credits & Incentives Advisory team is available to discuss your situation with you.
Related Insights:
- Article: Inflation Reduction Act Nearly Triples Section 179D Tax Incentives
- Case Study: Global A&E Firm Saves $2 Million with 179D Tax Deduction
- Podcast: The Benefits of using a CPA Firm to Perform Credits & Incentives Projects
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