179d Energy Efficient Tax Deduction
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1) Contact us with your project information. Provide the following information: building address, building owner, impacted square footage (area affected by the energy efficient upgrade), year equipment was placed into service and the type of energy efficient equipment and building systems.
2) Greenergy reviews your project and determines if it is an eligible building, approximate your tax deduction and determine your tax savings. The public entity building owner will need to be contacted to determine if they are willing to allocate the deduction to your firm.
3) Greenergy and your design firm enters under a contract to perform the energy analysis, verification and certification in compliance with the 179d code. The service fee is based on a fixed percentage of the deduction which is based on the energy savings.
4) Design drawings, equipment specifications, occupancy information and utility rates information should be provided for the energy analysis. An energy model will be created from a combination of design drawings and information obtained during the site visit.
5) A site visit is required to be in compliance with 179d. The site visit takes normally less then two hours and consists of accessing mechanical rooms, rooftop units, doing a lighting count, lumen level measurements, taking photographs of the site and equipment and discussing building systems with the building's maintenance engineer.
6) A certification letter is written that is a compliance with IRS 179d. The letter is signed and stamped by a professional engineer in the state that your building is located as required by the IRS. The certification letter is kept in your tax records and does not need to be submitted to the IRS. The deduction amount which is determined by the energy savings as calculated by the energy model is added to your tax return in the year the building become operation with the equipment. The tax return is amended with the 179d amount included on the "Other" deduction line. An allocation letter with the final deduction amount needs to be signed off by public entity. This letter is also kept for tax records.
Contact us to find out how much 179d money your project is worth