Commercial Building Modernization Act

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Courtesy of Precision Paragon (P2)

U.S. Senators have introduced a new bill to be called The Commercial Building Modernization Act. It replaces the Energy Efficient Commercial Buildings Tax Deduction because very few companies took advantage of this deduction. The bill allows for a federal tax deduction of up to $1.80 per square foot for new buildings and old buildings that are retrofit with energy-saving equipment or materials. The only caveat is that the energy used by the building must be 50 percent less than the guidelines established in the 2001 code of the American Society of Heating, Refrigeration and Air-Conditioning Engineers (ASHRAE).

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