WASHINGTON, D.C. – December 18, 2014 – (RealEstateRama) — The American Institute of Architects (AIA) today praised the Senate’s vote to extend the 179D energy efficient commercial building tax deduction just prior to adjourning for the year.
Section 179D provides a tax deduction for energy efficient buildings. It also allows public building owners to allocate the deduction to the designer of energy efficient property. In turn this permits the designer to take advantage of all the resources necessary to design the most energy efficient property possible, while giving the building owner a tool for financing.
While the extension will expire again on December 31, the vote means that firms that design for public building clients can take the deduction for buildings that were placed into service in 2014.
Please attribute the following statement to AIA President Elizabeth Chu Richter, FAIA:
“Restoring and improving this important tax incentive has been a key priority for the AIA since it expired last year. We commend Congress for recognizing the importance of this deduction by extending it along with other important business provisions.
“The 179D deduction has leveraged billions of dollars in private capital, resulted in the energy-efficient construction of thousands of public and private buildings, and created and preserved hundreds of thousands of jobs. It has lowered demands on the power grid, moved our country closer to energy independence, and reduced carbon emissions.
“The AIA looks forward to continuing to work with Congress to improve 179D, and make it permanent within the context of comprehensive tax reform.”
About The American Institute of Architects
Founded in 1857, members of the American Institute of Architects consistently work to create more valuable, healthy, secure, and sustainable buildings, neighborhoods, and communities. Through nearly 300 state and local chapters, the AIA advocates for public policies that promote economic vitality and public wellbeing. Members adhere to a code of ethics and conduct to ensure the highest professional standards. The AIA provides members with tools and resources to assist them in their careers and business as well as engaging civic and government leaders, and the public to find solutions to pressing issues facing our communities, institutions, nation and world. Visit www.aia.org.
Contact: John Schneidawind