KBKG Tax Insight: Can You Claim 45L Tax Credits Retroactively?


Yes, 45L tax credits can be claimed retroactively if they have been missed on prior tax returns. Since 45L tax credits are triggered in the year that a dwelling unit is first leased or sold, some taxpayers incorrectly think that the tax credits need to be claimed timely on current year tax returns. In reality, … Read More

Fiscal Cliff Bill Extends 45L Tax Credits of $2,000 Per Apartment Unit


Tax Alert: Energy Efficiency Tax Credits for Multifamily Developers Extended as Part of Fiscal Cliff AgreementIn an effort to avert the “Fiscal Cliff”, Congress passed the American Taxpayer Relief Act of 2012 on New Year’s Day, and President Obama has vowed to sign this into law soon. This bill extends many key business tax extenders … Read More

IRS Changes Rules For A&E Firms: Window Closing To Claim 179D Energy Tax Deduction For Prior Years


Starting September 4, 2012, designers of government-owned buildings have one less option for retroactively pursuing missed Code Section 179D energy tax deductions. The IRS recently issued Revenue Procedure 2012-39 which prohibits designers from filing a Form 3115 (Application for Change in Accounting Method) to claim missed deductions.  Previous guidance appeared to indicate that architects and … Read More

Tax Alert: Positive Outlook on Extended Tax Credits for Multifamily Developers


Good news for multifamily developers! On August 2, 2012, the Senate Finance Committee overwhelmingly approved the Family and Business Tax Cut Certainty Act of 2012 with a bipartisan vote of 19-5. The bipartisan bill is a comprehensive $205 billion package that extends numerous tax cuts but reverses the trends of the past by also reducing … Read More

Proposed 179D Tax Credit for 2013


President Obama released his FY 2013 federal budget proposal to Congress on February 13, 2012, which is anticipated to reduce the overall economic deficit and contribute to the long-term growth of the economy. Within the framework of the proposal, Obama is suggesting a modification to the existing energy efficient commercial building deduction (Section 179D of … Read More

45L Tax Credit


About the §45L Tax Credit The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 extended the Energy Efficient Home Credit which offers a 45L tax credit of $2,000 per dwelling unit to developers of 45L energy efficient residential buildings completed after August 8, 2005. Eligible Apartment Buildings, Condos, & Single Family Home … Read More