New Legislation Offers Opportunity to Increase Usage of Energy-Efficient Window FilmApril 16th, 2014 by Editor
Recently introduced legislation could be a positive step forward for the window film industry. Senator Ben Cardin (D-Md.) introduced the Energy Efficiency Tax Incentives Act (S. 2189), restoring energy-efficiency tax incentives, specifically a tax deduction “for retrofits of existing commercial and multifamily buildings” and “performance-based home energy improvements.”
The 179D provision currently allows building owners to claim a tax deduction of $1.80 per square foot of building area to install systems that reduce the total energy and power costs by 50 percent or more when compared with a reference building. The deduction applies to nearly all commercial, high-rise multifamily residential, health care, institutional, public and educational facilities. It also allows public building owners to allocate the deduction to the designer of energy-efficient property. Senator Cardin’s bill raises the tax deduction to $3 per square foot, among other key improvements.
Read the full bill here.