Provide added value to your real estate by opting for energy efficiency and enjoy tax savings for your investment.
The benefits of energy efficiency have become an invaluable asset in the business world. Tenants are looking for eco-friendly living options, offices are encouraged to reduce their energy spending and business owners are being rewarded for finding innovative ways to go green.
Understanding Government-Sponsored Tax Perks for Energy Efficiency
Tax breaks for energy savings are great news for any property owner who wants to get the most out of their investments. Any “eligible contractor,” which is defined by any commercial or residential building owner, architect, or contractor can apply for the 45L tax credit and 179D tax deduction. Because these deductions can apply for new buildings as well as renovated buildings that have installed energy-saving elements, the tax savings are not limited to recent construction projects.
Plus, there is even more savings out there when retroactively claiming past tax years. For example, your business can not only claim an energy-efficiency deduction for your 2020 projects, but it may also be able to claim it for work completed in 2018-2019.
Who can earn energy-efficient tax credits?
- Commercial Building Owners
- Multifamily Developers
- Real Estate Owners
- General Contractors
What types of buildings or projects can qualify for energy-efficient tax breaks?
- Affordable housing projects
- Government buildings
- Nursing home facilities
- Residential condominiums
- Student housing
- Commercial buildings and their renovations
- Industrial facilities
- Retail buildings
- Office buildings
What is the Process for Claiming these Tax Incentives?
The first step to claiming a government-sponsored tax perk for energy efficiency is teaming up with a qualified group of national tax experts. A detailed energy analysis following a site visit will need to be run and reported to a certified third-party. This ensures that the report is audit-proof for the IRS.
Our process starts with a FREE no-obligation assessment of your current building projects and a thorough review of your 2020 work. We will then detail the step-by-step process to fully claiming the tax deductions you deserve under the current federal outlines.
At National Tax Group, we can uncover tax rewards for your company. Call our business tax experts at (561) 257-3436 to schedule your free initial assessment and determine your eligibility.