BOMA International Testifies Before Congress on Energy Efficient Commercial Building Tax Deduction
Tuesday, March 20, 2018
Posted by: Shannon Roberts
BOMA International President Testifies Before Congress on 179D
BOMA International testified before Congress yesterday on the importance of making permanent and modernizing the Energy Efficient Commercial Building Tax Deduction, commonly referred to as 179D. The U.S. House of Representatives Ways and Means Subcommittee on Tax Policy is considering the treatment of expired tax provisions that were left unaddressed after the passage of the 2017 Tax Cuts and Jobs Act. BOMA International President Henry Chamberlain spoke on behalf of BOMA International during a hearing before this subcommittee.
Chamberlain explained the importance of 179D, which expired at the end of 2017, as the sole federal energy efficiency incentive for commercial buildings. Making 179D permanent would give building owners the confidence and certainty they need to plan for major energy efficiency improvements and retrofits. Watch Chamberlain’s testimony below:
Chamberlain’s testimony also urged Congress to consider important reforms to help the incentive drive further energy efficiency in commercial real estate. These include a revision of the language to expand the pool of owners eligible for the incentive and increase the deduction from $1.80 per square foot to $3.00 in order to encourage even more ambitious retrofits. Read more about 179D here.
Yesterday’s hearing keeps 179D at the forefront of the congressional debate, but members of Congress need to hear from you directly on the importance of this incentive and how it can help you upgrade and improve your commercial properties. Contact your member of Congress here to express your support for making 179D a permanent part of the tax code and enhancing the provision.