A one year retroactive 2017 EPAct extension is looking very positive for this week.
This means Business that do lighting retrofits could qualify for $0.60 a Square Foot tax credit. Yes you have heard that right. Yesterday, the Senate introduced their 2018 Budget Bill, titled "Bipartisan Budget Act of 2018". This bill is the Senate's version of the budget which needs to be passed before midnighttonight, 2/8/18, and it includes a one-year retroactive extension of EPAct 179D for projects completed through 12/31/17. It just needs to be passed by the Senate and House. This is by no means official, as the House could reject it or other issues could create another shutdown and a revised bill. However, we should have something official by tomorrow morning.
As soon as possible, we recommend beginning to compile information on any of your potentially eligible projects completed in 2017 so you can fit the EPAct benefit on your 2017 tax returns. This would include any newly constructed or renovated commercial or government buildings completed in 2017.
Visit www.appropriations.senate.gov to find out more