Congress is considering legislation that would include a tax deduction for the construction of energy-efficient commercial and multifamily structures.
The bill, just recently the subject of negotiations between White House officials and Congressional leaders, largely provides for the extension of tax credits related to home purchases and mortgages into 2020.
Those credits were initially phased out at the end of 2017.
The energy efficiency component of the legislation will provide for a deduction of up to $1.80 per square foot for any commercial or multifamily structure exceeding energy efficiency requirements.
The legislation has won the support of the National Association of Home Builders, while the American Council on Renewable Energy criticized the bill for not doing more to promote renewable energy.
“Given bipartisan support for tax incentives for energy storage, offshore wind, electric vehicles, and other critical clean energy priorities, this outcome is deeply disappointing,” Gregory Wetstone, chief executive officer of ACORE, said in a statement.
The legislation is currently awaiting a final vote in the Senate.
By Garry Boulard
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