Federal Bailout Extends Green Building Tax Credits

Timothy B. Hurst, a writer for Red, Green, and Blue, recently wrote an article about the Feds extension of the Energy Efficient Green Building Tax Deduction that is a part of the $700 billion dollar bail out package:

Energy Efficient Commercial Building Tax Deduction

Extended through December 31, 2013. Section 179D(a) is a deduction for commercial building owners whose buildings meet certain energy standards. The deduction is as much as $1.80 per square foot for buildings that achieve a 50 percent energy savings target.

Section 1331 provides that a building owner may claim a tax deduction for expenditures made as part of a building designed to reduce the total annual energy used in the operation of the building. Building owners can claim a tax deduction of up to $1.80 per square foot of building area for the installation of systems that reduce the total energy and power costs by 50 percent or more when compared with a reference building. The building systems eligible to secure the tax deduction include:

  1. Interior lighting systems.
  2. Heating, cooling, ventilation, hot water systems.
  3. Building envelope systems.
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