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New Energy Efficiency Tax Incentive Bill Introduced in Congress
A new bill would extend and expand the tax incentives that promote energy efficiency for building owners and managers provided in the 2005 Energy Act, according to the Building Operators and Managers Association (BOMA).
The EXTEND the Energy Efficiency Tax Incentives Act ("EXTEND") was introduced on March 8, 2007, in both the House and the Senate. This legislation extends the Act until the end of 2012 and increases the deduction to $2.25/square foot, or $0.75/square foot for partial credit for each of the three subsystems of the building (lighting; HVAC and hot water; and building envelope).
The current law allows building owners and managers to receive an accelerated deduction of up to $1.80/square foot for energy efficient upgrades that exceed ASHRAE 90.1 (2001) by 50 percent. Partial credit of up to $0.60/square foot is available for energy efficiency upgrades to each of the three main subsystems of the building that exceed ASHRAE 90.1 by 16 2/3 percent (1/3 of 50 percent). The incentives apply to energy efficient upgrades placed in service between 1/1/06 and 12/31/08.
"The introduction of the extension bill is great news because it creates a realistic timeframe for building owners and managers to make the investments to comply with the ambitious requirements for the incentives," says Kurt R. Padavano, international chairman, BOMA. "Tax incentives like these are crucial because they help building owners make the financial case to implement energy efficiency upgrades."
Senate co-sponsors of the bill are Dianne Feinstein (D-Calif), Olympia Snowe (R-Maine), Gordon Smith (R-Ore.), Jim Bunning (R-Ky.), Jeff Bingaman (D-N.M.), Norm Coleman (R-Minn.), John Kerry (D-Mass.), Ken Salazar (D-Colo.) and Wayne Allard (R-Colo.). House co-sponsors of the bill are Jim McDermott (D-Wash.), Ed Markey (D-Mass.), and Jerry Weller (R-Ill.).