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Understanding the New 179D Energy Deduction Plus Inflation Reduction Act Updates

UNDERSTANDING THE NEW 179D ENERGY DEDUCTION PLUS INFLATION REDUCTION ACT UPDATES

Cost Free
Presentation Length 1.0 hour

Recorded DateMarch 6, 2024
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

This presentation will cover a tax incentive that's been growing in popularity, the energy-efficient commercial buildings deduction, Section 179D. The Section 179D tax incentive was originally introduced in the Energy Policy Act of 2005 to incentivize new construction and renovation projects that improve the energy efficiency of commercial or high-rise residential buildings and it was made permanent in 2021. It was recently enhanced in the Inflation Reduction Act, which changed the qualification parameters and expanded the value to over $5 per square foot on eligible projects. 

During this session, we will cover the basics of the 179D program including what projects qualify, who can claim the 179D deduction, and how the tax deduction is calculated. Additionally, we will review the changes to the 179D program that were made as a result of the Inflation Reduction Act such as the increased deduction amount, the prevailing wage and apprenticeship requirements, the opportunity for tax-exempt building owners to allocate the deduction to eligible designers and contractors, and the new alternative method for qualified retrofit projects.

After attending this seminar, you will understand how to utilize the 179D incentive to improve your business's bottom line and provide additional value to your customers. 

Learning Objectives:


  • Summarize the recent updates to the Section 179D tax deduction program that were implemented through the Inflation Reduction Act along with recent guidance 

  • Evaluate how to incorporate the 179D tax incentive in conversations with clients to bring maximum benefit 

  • Identify best practices for claiming the 179D deduction for work performed on tax-exempt buildings

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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Abby Massey

TaxTaker
Vice President, Energy Incentives
[email protected]

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Abby Massey is an expert in applying tax incentives for clean energy initiatives. With a B.S. in Civil Engineering from Purdue University and licenses in 46 states plus the District of Columbia, Abby offers significant expertise to her role at TaxTaker as the Vice President of Energy Incentives. Her experience includes certifying over 1,300 179D deductions, achieving more than $100 million in savings for clients. As a LEED Accredited Professional, Abby is dedicated to sustainable building practices. In her role at TaxTaker, she focuses on optimizing energy incentives for clients by leveraging her in-depth understanding of the 179D program, aiming to improve business sustainability and efficiency.

About Our Presenter

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At TaxTaker, we are dedicated to simplifying the complex world of tax incentives for CPAs and business owners. Recognizing the challenges of navigating both R&D tax credits and the intricacies of green incentives like the 179D tax deduction, we offer a solution designed to reduce both time and cost. Our platform is built to streamline the process with intuitive software and competitive pricing that meets your specific service needs.

For over a decade, we've provided expert guidance on a broad spectrum of tax benefits, focusing not just on R&D tax credits but also on advancing sustainable development through incentives such as the 179D deduction for energy efficiency. Our extensive experience and deep industry knowledge make us a trusted partner for CPA firms and businesses across the country, seeking to maximize their tax advantages while supporting eco-friendly projects.

Whether you're looking to enhance your firm's offerings with valuable tax incentives, reduce the hassle of tax credit studies, or leverage the latest in green incentives, TaxTaker's blend of technology and personalized support is engineered to save you both time and money. Our commitment to innovation and sustainability ensures that we stay at the forefront of tax incentive strategies, helping you or your business achieve greater efficiency and a healthier bottom line.