This month’s newsletter features the Federal 179d Tax Deduction.
This little known deduction is a federal program that allows building owners to immediately depreciate a portion of their expenses (up to $1.80/square foot) for new or upgraded commercial buildings.
The program is available for properties placed in service between January 1, 2006 and December 31, 2016. There is no pre-inspection requirement so projects that are already completed can still be certified.
For example, an owner builds a new 40,000 square foot building with variable speed drive HVAC units and LED lighting. Forward Engineers certifies that this building meets the required energy savings and calculates that the building owner is eligible for a deduction of $72,000. A quick walk through of the building verifies that the claimed equipment is in place, all the required paperwork is completed and sent to the owner for use in completing taxes.
We offer this certification at a fraction of the deduction amount and by completing some preliminary calculations you can know exactly what the deduction is before committing to the certification process.
If you are interested in this service, please contact us for more information.