Retroactive Tax Extensions
Go Back In Time and Benefit From the 2017 Tax Year
The Bipartisan Budget Act, signed into law by President Trump in February 2018, includes over 30 incentives and breaks for taxpayers, including retroactive extensions for the 179D Energy Efficient Tax Deduction, and the 45L Energy Efficient Home Credit. While the qualifying standards for benefitting from these incentives have stayed the same, the Act has extended the incentives to properties and improvements placed into service through December 31st, 2017, which is an entire year past the original date of December 31st, 2016.
Apply Before the Deadline
Reap Your Unclaimed Tax Benefits Now
Although these lucrative energy-efficient incentives have been extended, the Bipartisan Budget Act wasn’t signed into law until 2018, making it impossible for taxpayers to gather the proper documentation and submit it to the IRS in the time permitted for their 2017 tax returns. Taxpayers are now able to file claims and take advantage of retroactive tax breaks from the 2017 tax year through extensions provided by the Act.
If you have filed an extension and have a tax bill due in September, you are able to take advantage of these provisions before the extension deadline on September 15th, 2018.
Building owners, contractors, or architects working on government buildings that have completed any lighting upgrades in the last year can greatly benefit from this extension.
179D Energy Efficient Tax Deduction
- Any commercial property or 4+ story multi-family property
- Property that has been newly constructed prior to December 31st, 2017
- Property with retrofits to lighting, HVAC, or envelope components that result in reduced energy consumption
- Eligible properties qualify for up to $1.80 per square foot, or $0.60 for lightning, HVAC, or envelope benefits
- Commercial building owners and architects are able to reap the benefits of 179D
45L Home Credit
- Single-family or multi-family homes 3 stories or less
- $2,000 tax credits available per qualifying units
- Newly constructed or majorly renovated homes
- Contractors and builders are able to reap the benefits of 45L
Contact National Tax Group Now
The deadline to apply for provisions to the 2017 tax year is September 15th, 2018. Our team of in-house experts and engineers will perform a thorough examination of your efforts and compile an accurate and timely written proposal to be submitted to the Internal Revenue Service.
Don’t let your well deserved tax credits, deductions, and incentives go to waste. Contact us today and start the process of claiming what you deserve.