Faster Tax Write-Offs for Energy Efficient Building Improvements.
This act amends the tax code to accelerate depreciation for specific energy efficient improvements made to older commercial and multifamily residential rental properties. It allows owners to deduct the costs of these qualified improvements over 10 years, significantly faster than standard real property depreciation. The goal is to incentivize investments that reduce energy consumption and greenhouse gas emissions.
Key points
Owners of qualifying buildings can now depreciate the cost of energy efficient upgrades (E-QUIP) using a 10-year straight-line method.
The benefit applies to improvements like lighting, HVAC, and building envelope upgrades in properties placed in service over 10 years ago.
To qualify, improvements must meet strict performance standards and require certification by Department of Energy recognized professionals.
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