The COVID-19 pandemic has shown no mercy in its impact on the construction sector, inducing a storm of high costs and volatility from materials to labor. According to a recent survey by the Associated General Contractors of America and Autodesk, 93% of contractors have been impacted by the supply chain disruption-induced rising material prices, and 88% are experiencing project delays.
Did you know that you can save thousands of dollars through a federal tax incentive on work done to make government buildings more environmentally sound? The 179D energy efficient tax deduction is a tax saver that can be applied on energy-efficient improvements to commercial and government-owned buildings.
While business owners may be understandably concerned about the possible tax increases coming from D.C., there is some decidedly good news on the tax front for architects, engineers and construction companies.
The Consolidated Appropriations Act of 2021 passed by Congress and signed into law by President Trump on Dec. 27, 2020, did more than just fund our government. It also included several key tax provisions impacting already existing incentives.
alliantgroup is excited that Congressional leaders have reached a late tax deal that will extend a number of popular tax provisions, including the Section 179D deduction for Energy Efficient Commercial Buildings.
So nothing, nothing, nothing – and then bang! Like the parent who waits to the last minute to get to the toy store – Congress suddenly decided to move on taxes in a big way – repealing some unpopular taxes as well as extending a number of popular tax provisions – including Section 179D Energy Efficient Commercial Buildings (big news for designers of government buildings) and Work Opportunity Tax Credit (WOTC).
Recognizing the importance of energy efficiency, Congress enacted the Energy-Efficient Commercial Building Deduction, or Section 179D. This important provision was created to reward commercial building owners for energy-efficient improvements, and was extended to benefit architects, engineers, and contractors who have improved the efficiency of government buildings.
alliantgroup’s Leadership, Technology & Policy Summit took place on November 7th and 8th at our Houston headquarters. Over a hundred CPA and industry partners were in attendance to hear from renowned experts in the fields of technology, agriculture, cybersecurity and tax policy. During the event, many important topics were discussed that directly apply to architecture, engineering and construction firms across the United States.
After almost a year without a confirmed IRS commissioner, on October 1 Charles Rettig took office as the nation’s 49th commissioner of Internal Revenue. The post dates to the Civil War and the agency has had its ups and downs over the decades. Recent years have been tough. Mr. Rettig finds himself with both challenges and opportunities; a good start will be critical. Having held the job as the 46th commissioner, here are a few observations.
There is still time to claim major tax savings on projects put into service before the end of 2017. Our team of architects, engineers and tax experts are available to connect with you to discuss any projects that your company may have completed, but ultimately went unclaimed.