On December 19, President Obama signed the Tax Increase Prevention Act, which contains extenders of 50+ tax relief provisions.
Of particular interest in the lighting industry is a one-year extension of 179D, the Commercial Buildings Tax Deduction. This is an accelerated tax deduction rewarding investment in energy-efficient building property, notably interior lighting systems.
The law specifically states that the 179D deduction is extended through December 31, 2014. So the extension has already expired. That’s not good news for new business in 2015, but it means qualifying projects completed in 2014 can claim the deduction.
In 2015, Congress may consider another extension as part of an overall tax package. Congress may also take up overall tax reform, which would put all tax incentives under review and assessed.
