Our technical team has been keeping tabs on the latest updates on the Hill in regards to tax extenders and technical corrections, given how they may impact Green Building Tax Incentives (45L and 179D) and the cost recovery of Qualified Improvement Property for 2018 and beyond. We will post our updates here to keep you … Read More
Update as of 5/23/2019: The House Ways and Means Committee is currently putting together a package to address tax extenders such as the 45L tax credit and 179D tax deduction. Currently, a markup on tax extenders is expected sometime in June. BREAKING NEWS from 5/15/2019: The Senate Finance Committee launched bipartisan taskforces to address tax … Read More
Senate Update Last Thursday, February 28, 2019, Senate Finance Committee Chairman Chuck Grassley (R. Iowa) and Ranking Member Ron Wyden (D. Oregon) introduced bipartisan legislation to retroactively extend tax extenders for 2018 and 2019 while also providing disaster tax relief benefits to those affected by major disasters in 2018. “Congress needs to get out of … Read More
On Thursday, February 14, 2019, Senate Finance Committee Chairman Chuck Grassley (R. Iowa) addressed tax policy and various provisions that KBKG and the Real Estate Roundtable have been monitoring closely. In his speech, Senator Grassley expressed his commitment to pursue tax extenders and rejection of press reports suggesting that some provisions may no longer be … Read More
The longest government shutdown in U.S. history is creating more uncertainty for the current and future tax landscape. As the border wall standoff delays guidance necessary to properly implement tax reform, taxpayers are left wondering how to timely file their 2018 tax returns without ultimately having to amend down the road. Congress currently hasn’t been … Read More
The 179D energy efficiency tax deduction has been extended retroactively for improvements completed by the end of 2017. This financial incentive is geared towards: 1) building owners (commercial or multifamily), 2) tenants making improvements, and 3) architects, engineers, and other designers of government buildings. The tax deduction is worth up to $1.80 per square foot … Read More
Homebuilders and multi-family developers have a unique opportunity to capitalize on an energy efficient home credit that is often overlooked. Low-rise apartment developers and homebuilders are eligible for a $2,000 tax credit for each new or rehabbed energy efficient dwelling unit that is first leased or sold by the end of 2017. Taxpayers also have … Read More
President Trump just signed and enacted a 2-year budget bill that extends government funding through March 23 and also retroactively extends numerous tax breaks that had previously expired. The majority of the tax extenders included in the bill are renewed for one year through the end of 2017. Among these tax breaks are various provisions … Read More
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
Homebuilders and multi-family developers have a unique opportunity to capitalize on an energy efficient home credit that is often overlooked. The 45L Tax Credit offers $2,000 per qualified dwelling unit that can also be claimed retroactively if missed in prior years; however, the clock is ticking. There is a limited timeframe for claiming missed credits, … Read More