The IRS’s Little-Known Green Tax Break for Building Owners via GlobeSt.com

Building owners and tenants who construct new buildings or improve existing buildings often miss out on valuable tax deductions at the time the building or improvement was originally placed into service. Until recently these deductions were lost forever unless filed on a current-year return or through amending prior-year returns. Recent IRS guidance enables building owners and tenants to take the deductions this year for projects as far back as 2006—without amending tax returns.

These are known as Section 179D deductions, and they allow owners and tenants who have made energy-efficient improvements to claim valuable deductions by making an accounting method change. By way of example, a 100,000-square-foot office building could yield up to $180,000 in accelerated deductions for the building owner or the tenant that owns the improvements.

How does it work?

Read more...The IRS’s Little-Known Green Tax Break for Building Owners - Building Opportunity Article - GlobeSt.com