A one-year retroactive 2017 EPAct extension is looking very positive for this week.
This means Businesses that do lighting retrofits could qualify for a $ 0.60-per-square-foot tax credit. Yes, you have heard that right. Yesterday, the Senate introduced its 2018 Budget Bill. This bill is the Senate's version of the budget, which needs to be passed before midnight tonight, 2/8/18, and it includes a one-year retroactive extension of EPAct 179D for projects completed through 12/31/17. It just needs to pass the Senate and the House. This is by no means official, as the House could reject it or other issues could create another shutdown and a revised bill. However, we should have something official by tomorrow morning.
As soon as possible, we recommend beginning to compile information on any of your potentially eligible projects completed in 2017 so you can fit the EPAct benefit on your 2017 tax returns. This would include any newly constructed or renovated commercial or government buildings completed in 2017.
Visit www.appropriations.senate.gov to find out more