Building  Owners  and  Managers  Association  International

Building Owners and Managers Association International

Energy & Environment

BOMA International is a leader on the sustainability front, advocating for incentives to help the commercial real estate industry reduce energy consumption and greenhouse gas emissions.

 

Study: Energy Efficiency Tax Incentives Spur Economic Growth and New Jobs

BOMA International, in collaboration with other real estate industry groups and with support from a grant from software developer Yardi, has released a groundbreaking study on the costs and benefits of modernizing and extending the Energy Efficient Commercial Building Tax Deduction, commonly referred to as 179D. The study, which was conducted by Regional Economic Models, Inc. (REMI), estimates that as many as 77,000 jobs will be created and $7.4 billion will be added annually to the national gross domestic product (GDP) if the U.S. Congress passes a long-term extension and modification of 179D.

BOMA International’s advocacy team currently is working with lawmakers in Congress to encourage the extension of the incentive, which expired in 2016. BOMA also is calling for a revision of the language to expand the pool of owners eligible for the incentive and increase the deduction from $1.80 per square foot to $3.00 in order to encourage even more ambitious retrofits. In its current form, the requirements to earn a tax deduction are out of reach for many existing buildings, which account for 98 percent of all building stock.

Read more about the study and the benefits of 179D online.