Under 2012 legislation, a “qualified facility” is eligible to receive either a renewable electricity production tax credit or energy investment tax credit, if construction of such facility begins before January 1, 2014. In new Notice 2013-29 the IRS provides guidelines and a safe harbor to determine when construction has begun on such a facility. For… Continue Reading
Category Archives: Energy
Subscribe to Energy RSS FeedProposed Legislation to Extend and Expand Green Incentives for Commercial and Residential Buildings
Posted in Energy, Green, Legislative, REITsFour Senators introduced the Commercial Building Modernization Act (S. 3591) (the “Bill”), extending and expanding the federal Section 179D energy efficiency tax deduction. The deduction applies to qualifying energy efficient construction or rehabilitation of commercial and residential buildings. Most notably, the Bill would both significantly expand the deduction and also extend it through the end… Continue Reading
IRS Allows Five Year Depreciation for Wind-Facility Power Purchase Agreement
Posted in Deductions, Energy, GreenNOTE THE IRS REVOKED THIS RULING IN PLR 201249013. In PLR 201214007, the IRS treated facility-specific power purchase agreements (PPAs) as part of their related energy production facilities, and that such PPAs are therefore eligible for favorable five-year depreciation. In the PLR, the taxpayer acquired both a wind facility and the related PPA and the… Continue Reading
Obama Proposes Incentives for Energy Efficient Buildings – Paid for by Oil & Gas Industry
Posted in Energy, REITs, Tax CreditsObama announced a new “Better Buildings Initiative” to make commercial buildings 20 percent more energy efficient over the next decade. In a February 3 speech, President Obama proposed significantly increasing the existing §179D incentives for energy efficient buildings. The President is calling on Congress to redesign the current tax deduction for commercial building upgrades, transforming… Continue Reading
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