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