Energy Efficient Commercial Building Deduction

[Unregistered]

I have a client that is hoping to take advantage of this deduction. Does anyone know if the deduction is going to be limited to the income of the company. The partnership is going to rent the building to other companies. They hope to have the building complete and occupied by December 15th. If the deduction is limited to income, they would receive very little to no benefit as a result of the efforts.

Also, does anyone know who is "qualified" to certify the building? I haven't had much luck figuring out who needs to look at the building.

Thanks in advance.

[Bees Knees]

The updates page for the New Energy Policy Tax Act has a link to the text of the legislation. Looking at the text, it does not say anything about the deduction being limited by income. The text also mentions the certification process for you.

[Unregistered]

I read IRB 2006-26, but I have been unable to figure out how to find a "qualified" person to certify the deduction. Anyone else?

Thanks in advance.

[Bees Knees]

The seminar I went to last week discussed this a little. The speaker said he knew of no way for anyone to be able to claim this deduction. He said the certification process that this law requires normally takes longer than the year and a half we have left to qualify for the deduction.

I wouldn’t waste too much time on this if I were you. Other than the auto credits for purchasing hybrid cars, most of that Energy bill is nothing but a waste of the paper they used to print it on.

[Unregistered]

I may have a contact for you

I have a client who is in the commercial lighting manufacturing business. They have been using this new break as a selling point for their products. I can give him a call and see how they are measuring the reduction in electrical output to qualify for the deduction, if you would like.

JoshInNC

[Unregistered]

I have a client who is in the commercial lighting manufacturing business. They have been using this new break as a selling point for their products. I can give him a call and see how they are measuring the reduction in electrical output to qualify for the deduction, if you would like.

JoshInNC

Hi Josh,

That would be great. My client has spent/is spending a great deal of money in hopes of qualifying for this credit. Hes installed geothermal heating, he is working with another company to develop an efficient electrical system, he has also done some significant studies regarding insulating. I would like to be able to advise him on what is needed to give him his deduction, but havent been able to find out what EXACTLY needs to be done.

Thanks in advance.