Social Media

Connect with us!
Connect with PM on Facebook, Twitter and YouTube

Latest News / Green

Congress Extends Energy Tax Incentives through Economic Recovery Package

October 7, 2008
/ Print / Reprints /
ShareMore
/ Text Size+

With the passage of the economic recovery package by Congress last week, banks aren’t the only ones relieved; proponents of energy efficiency efforts are as well.

The American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE) commends Congress on including in the package provisions for the extension of expired and expiring tax incentives for renewable energy, energy-efficient building upgrades, and appliance and equipment purchases.

“These energy provisions are essential to realizing ASHRAE’s goal of reaching net-zero-energy buildings,” says Bill Harrison, ASHRAE president. “But more importantly, they are essential for the energy independence of our nation. While the banking industry may be visibly suffering now due to these economic times, we will all suffer if we don’t find ways to take advantage of alternative energy sources and make our buildings more efficient.”

Though several attempts were made during the 110th Congress to extend these credits and incentives, those attempts failed due to disagreement over funding issues.

One key provision in the legislation is the extension of the Commercial Building Tax Deduction (CBTD) through 2013. This allows building owners to claim a deduction of up to $1.80 per square foot for HVAC, lighting or envelope upgrades resulting in 50% savings over ANSI/ASHRAE/IESNA Standard 90.1-2001. This five-year extension allows for the planning schedules often needed in design and construction, whereas the provision previously was only certain for shorter periods, affecting its usefulness.

The legislation additionally creates new credits for combined heat and power system property, small wind energy property, and geothermal heat pump systems through 2016.

Other energy provisions in the legislation include:
 
  • Extending the Renewable Energy Production Credit for wind to 2010, biomass, geothermal, solar and hydro to 2011, and adds a marine/tidal credit through 2012.

  • Extending credits for solar energy property, fuel cell property and microturbines through 2016.

  • Establishing provisions for Energy Conservation Bonds issued by states or localities to conduct energy conservation projects.

  • Extending residential tax credits for energy saving appliances, energy efficient homes, and on-site renewables.

  • Adding accelerated depreciation period for smart meters and smart grid systems, encouraging investment in these systems.

  • Extending a program providing tax-exempt bond designation to designated green building and sustainable design projects on brownfields.

  • Extending the expired business research credit through 2009.
  • Did you enjoy this article? Click here to subscribe to Plumbing & Mechanical. 

    You must login or register in order to post a comment.

    Multimedia

    Videos

    Image Galleries

    BNP Media's Plumbing Group Visits Grundfos North American Headquarters

    BNP Media’s Plumbing Group, comprised of the Plumbing & Mechanical, Supply House Times, PM Engineer (pme) and Reeves Journal brands, recently visited Grundfos’ new North American headquarters building in the western Chicago suburb of Downers Grove, Ill.

    THE MAGAZINE

    Plumbing and Mechanical

    March 2014

    2014 March

    In the March issue of Plumbing & Mechanical, read about the 'living in place' movement and learn how to make your space stylish and comfortable. PM catches up with MCAA president Chuck Fell and spoke with him about his goals for the year. Also in this issue, see the top products of 2013, see who is the March Truck of the Month, and read the latest Tool Tips.
    Table Of Contents Subscribe

    Trade Associations

    Are trade association memberships and participation beneficial to your company?
    View Results Poll Archive

    The Plumbing and Mechanical Store

    plumbing-hvac.gif
    2014 National Plumbing & HVAC Estimator

    Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

    More Products

    Clear Seas Research

    Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

    Truck of the Month

    Truck of the month

    Are you proud of how your service truck looks? Do the graphics give people whiplash as they drive by? Have your calls increased because people remember your truck — and your company name? If so, we’d like to see it, too! Click here to find out how your service truck could be chosen as PM's Truck of the Month.

     

    STAY CONNECTED

    Connect to PM on Facebook Connect to PM on Twitter  Watch PM on YouTube    Connect to PM on Linked In