by Rick Lazio, Senior Vice President at alliantgroup and Former U.S. Congressman
Mar 14, 2018
5 Points on How to Improve 179D for Designers and Builders
On March 14th, alliantgroup Senior Vice President and former U.S. Congressman Rick Lazio testified before the House Ways and Means’ Tax Policy Subcommittee on an incentive that is near and dear to many of our clients – the Section 179D tax deduction for energy efficient buildings.
To read the testimony click here. To see the testimony in its entirety, view the video below.
During the hearing, Lazio highlighted why the deduction was not only sound energy policy, but a vital incentive to the designers, engineers and contractors that help drive the American economy. In his written and oral testimony, he offered a number of suggestions on ways to improve the program to further promote American energy independence and efficiency as well as ways to make the deduction more beneficial for U.S. businesses.
Here Were His Top 5 Suggestions:
- Changing 179D from a deduction to a credit to deal with its basis issues – and to allow more companies to utilize its benefits
- Improving the deduction for building retrofits
- Expanding 179D to benefit designers of charitable buildings and Native American tribes
- Making 179D permanent to give businesses more flexibility in their future planning
- Raising the deduction’s energy efficiency standards over time to drive higher energy savings
About the Author
Rick Lazio is a former U.S. Representative from New York serving in Congress from 1993-2001. While there, he became a strong advocate for small businesses by sponsoring the successful Small Business Tax Fairness Act. After Congress, Rick moved to the private sector working for JP Morgan Chase as a Managing Director and then Executive Vice President. Rick is committed to his continued interest and support of small to mid-sized businesses by brokering his insight and experience in the public and private sectors to provide strong incentives for job growth. This interest has extended into his civic and philanthropic work in New York with the Committee for Economic Development and the Association for a Better New York.