summary
Introduced
09/07/2021
09/07/2021
In Committee
09/07/2021
09/07/2021
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to provide temporarily increase the deduction for energy efficient commercial buildings, and for other purposes.
AI Summary
This bill temporarily increases the deduction for energy-efficient commercial buildings under section 179D of the Internal Revenue Code. The key provisions include:
1. Applying the bill's provisions to taxable years beginning after December 31, 2021, and before January 1, 2032.
2. Reducing the energy efficiency standard for the deduction from 50% to 25%.
3. Establishing a new maximum deduction amount based on the building's square footage and the percentage reduction in total annual energy and power costs.
4. Allowing certain tax-exempt entities to allocate the deduction.
5. Providing an alternative deduction for energy-efficient retrofit building property, subject to certain requirements.
The bill aims to incentivize energy efficiency improvements in commercial buildings during the specified time period.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Referred to the House Committee on Ways and Means. (on 09/07/2021)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/117th-congress/house-bill/5181/all-info |
| BillText | https://www.congress.gov/117/bills/hr5181/BILLS-117hr5181ih.pdf |
| Bill | https://www.congress.gov/117/bills/hr5181/BILLS-117hr5181ih.pdf.pdf |
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