Between 40,000 to 77,000 new jobs per year created with renewal of 179D tax deduction
WASHINGTON (May 24, 2017) – (RealEstateRama) — As many as 77,000 new design and construction jobs would be created annually over 10 years—along with almost $7.4 billion more in annual GDP—if Congress and the administration continue an important energy efficiency tax policy, according to an economic impact study released today.
Section 179D of the tax code, also known as the Energy Efficient Commercial Buildings Deduction, allows qualifying building owners and businesses to receive up to a $1.80 per square foot tax deduction for certain energy efficiency improvements placed into service during all open tax years. It was originally passed by Congress as part of the Energy Policy Act of 2005, in direct response to broader energy usage and independence concerns.
by Marisa Long