Travel & Tourism Industry release:
DALLAS, Feb. 13, 2018 /PRNewswire/ — The Bipartisan Budget Act of 2018, which Congress passed on February 9, 2018, contained a number of tax extenders, including a one-year retroactive extension of the Energy Efficient Commercial Building deduction. The retroactive extension of the Energy Efficient Commercial Building deduction makes all 2017 qualifying transactions now eligible for this previously expired deduction.
Commercial buildings that were constructed or renovated to include energy-efficient equipment, primarily lighting or HVAC systems, are now eligible for an accelerated tax deduction up to $1.80 per square foot under the extended Energy Policy Act of 2005. This deduction may also be available to the primary designers of government buildings subject to certain conditions.
With the higher tax rates that were in effect in 2017 prior to the passage of the Tax Cuts and Jobs Act, the retroactive extension of this deduction is even more valuable to taxpayers making these investments.
Ryan, an award-winning global tax services and software provider, is the largest Firm in the world dedicated exclusively to business taxes. The Firm provides an integrated suite of federal, state, local, and international tax services on a multi-jurisdictional basis, including tax recovery, consulting, advocacy, compliance, and technology services. Ryan is a five-time recipient of the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the dynamic myRyan work environment, which is widely recognized as the most innovative in the tax services industry, Ryan’s multi-disciplinary team of more than 2,100 professionals and associates serves over 14,000 clients in more than 45 countries, including many of the world’s most prominent Global 5000 companies. More information about Ryan can be found at ryan.com. “Ryan” and “Firm” refer to the global organizational network, and may refer to one or more of the member firms of Ryan International, each of which is a separate legal entity.
TECHNICAL INFORMATION CONTACTS:
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