Last evening the Senate overwhelmingly passed the Tax Extenders Bill (HR.5771) which extends all expired tax provisions retroactively from 12/31/2013 through the end of 2014. The bill will now move onto the President to be formally signed into law. Presidential veto is not expected on the one year package.
Why should I care?
You should care if you are the owner, builder or designer of a commcercial or public building put into service in 2014.
It means a Federal 179D Tax Deduction of up to $1.80 per square foot will be available for all qualifying buildings. If your building’s energy performance exceeds a benchmark set in 2005, you may be able to claim this federal income tax deduction.
This applies to owners of commercial buildings and designers and/or builders of public buildings.