Deduction for Energy Efficient Commercial Buildings

Effective for property placed in service after December 31, 2022, taxpayers may be eligible for a deduction of up to $5 per square foot for energy efficient commercial buildings (EECBs). The IRS has announced the standards that must be met for EECBs to qualify. These are based on standards set by the American Society of Heating, Refrigerating, and Air Conditioning Engineers (ASHRAE) and the Illuminating Engineering Society of North America (IES), and are referred to as Reference Standard 90.1. #IdeaoftheDay