Energy Efficient Property Owners More Likely Than Ever to Benefit From Tax Deduction

Energy efficiency isn’t merely a feel good initiative; it can also mean immediate tax savings. The deduction for energy efficient commercial buildings, for up to $1.80 per square foot of newly constructed or improved space, is now becoming more practical. To qualify for the deduction, the energy efficient property must be placed in service between January 1, 2006 and December 31, 2013. If you have missed the deduction for property already placed in service, you may be eligible to amend your prior year returns and capture the deduction. Even if you aren’t the owner of an energy efficient building, this deduction may still benefit you.

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