The Green Behind Rebuilding Green Tax Benefits to Incentivize Green

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1 The Green Behind Rebuilding Green Tax Benefits to Incentivize Green presented by Teri Samples, CPA Tony Smith, CPA Steve George, PE, CEM Mueller Prost PC October 29, Mueller Prost PC The Green Behind Going Green 2012 Sustainable Disaster Recovery Conference October 29, 2012 Page 1

2 IRS Circular 230 Notice & Disclaimer To ensure compliance with the requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein Mueller Prost PC The Green Behind Going Green 2012 Sustainable Disaster Recovery Conference October 29, 2012 Page 2

3 About Mueller Prost PC Mueller Prost PC is a team of CPAs and business advisors Serving Individuals and Businesses for 29 Years in 44 states Member of PKF North America An association of over 100 legally independent firms across the U.S., Canada and Mexico Practice Areas: Tax, Audit, Accounting, Business Valuation, Litigation Support, Fraud Reviews Industry Focus: Manufacturing & Distribution, Construction & Real Estate, and Healthcare/Senior Living Facilities 2012 Mueller Prost PC The Green Behind Going Green 2012 Sustainable Disaster Recovery Conference October 29, 2012 Page 3

4 Construction & Real Estate Experience and Unique Insight Team includes: CPAs specializing in real estate issues, including financing, tax and financial statement preparation, reviews and audits. CPAs that have worked in construction management organizations in finance and operations Professional, certified engineers Leaders that have owned, bought and sold businesses that have owned and maintained real estate Able to provide Independent project evaluations required for some tax incentives 2012 Mueller Prost PC The Green Behind Going Green 2012 Sustainable Disaster Recovery Conference October 29, 2012 Page 4

5 Our Objectives Today To familiarize you Energy Policy Act of 2005 (EPAct) IRC Section 179D (for commercial buildings) To familiarize you with EPAct IRC Section 45L (for residential buildings) To discuss some of the tax considerations of EPAct and the various incentives available To share the steps to claim technology-based deductions and tax credits 2012 Mueller Prost PC The Green Behind Going Green 2012 Sustainable Disaster Recovery Conference October 29, 2012 Page 5

6 Key Tax Benefits to Consider Energy Efficient Commercial Building Property (IRC Section 179D) New Energy Efficient Home Credit (IRC Section 45L) Qualified Energy Efficiency Improvements (IRC Section 25C) Residential Energy Efficient Property Credit (IRC Section 25D) Although some tax incentives have or will expire, many are in proposed legislation to extend tax benefits Mueller Prost PC The Green Behind Going Green 2012 Sustainable Disaster Recovery Conference October 29, 2012 Page 6

7 Key Points: 179D Tax Deduction (Commercial) Deduction is available to the owner of a private project Eligible projects are placed in service during 2006 through 2013 Maximum tax deduction of $1.80 per square foot Partial deductions ranging from $0.30-$1.50 per square foot allowed Must achieve a 50% reduction in energy use of a commercial building over the ASHRAE standards Components include: Lighting HVAC and hot water systems Building envelope Most new assets placed into service in 2012 are considered a 5 year asset for MACRS and qualify for 50% Bonus Depreciation 2012 Mueller Prost PC The Green Behind Going Green 2012 Sustainable Disaster Recovery Conference October 29, 2012 Page 7

8 179D Tax Benefits: Governmental Projects Public entities earn energy efficiency tax benefits but cannot utilize them 179D Deduction may be assignable to a designer of a public/ governmental project Designer deducts assigned costs on own tax return 2012 Mueller Prost PC The Green Behind Going Green 2012 Sustainable Disaster Recovery Conference October 29, 2012 Page 8

9 179D Deduction Project Examples (Benefits ranging from $ $1.80 / sq ft) Government Hospital $60,695 Government Prison $515,445 Supermarket Retailer $178,174 Public High School $693,690 Automotive Dealership $309,175 Dormitory (4-Level) $320, Mueller Prost PC The Green Behind Going Green 2012 Sustainable Disaster Recovery Conference October 29, 2012 Page 9

10 Key Points: 45L Tax Credit (Residential) Credit available to an eligible contractor/owner for new construction or substantial renovation of an energy efficient home including: Freestanding homes Townhouses Apartment units that are three stories or less above grade $2,000 credit for qualified new energy efficient home or unit $1,000 credit for manufactured homes Requirements for dwelling units to qualify for the credit: Located in the United States Construction substantially completed after August 8, 2005 Meets the energy saving requirements of 45L (C)(1) Acquired from an eligible contractor after December 31, 2005 for use as a residence Certification of improvements required 2012 Mueller Prost PC The Green Behind Going Green 2012 Sustainable Disaster Recovery Conference October 29, 2012 Page 10

11 Key Points: 25C Tax Credit (Residential) Credit available to homeowners purchasing energy efficiency improvements Credit of 10% of energy improvements placed in service in 2011 Maximum credit of $500 Eligible improvement expenditures: Windows & Doors Insulation Central Air Conditioning Certain Hot Water Heaters Metal & Asphalt Roofs 2012 Mueller Prost PC The Green Behind Going Green 2012 Sustainable Disaster Recovery Conference October 29, 2012 Page 11

12 Key Points: 25D Tax Credit (Residential) Credit available to homeowners purchasing energy efficiency systems New Construction or Improvement to Existing Home Taxpayer Basis is Reduced by Credit Credit of 30% of cost of systems purchased: Solar Energy Systems (Water Heating & Electricity) Fuel Cells Small Wind Energy Systems Geothermal Heat Pumps Restrictions: Must Be for Personal Residence Not Allowed for Use of Heating Swimming Pools Rely on Manufacturer s Statement that Property Qualifies 2012 Mueller Prost PC The Green Behind Going Green 2012 Sustainable Disaster Recovery Conference October 29, 2012 Page 12

13 Process to Claim 179D and 45L Tax Benefits The tax benefits of these projects can be substantial; analysis and certification is required to properly claim the benefits Phase 1: Initial Meeting with CPA & Estimate of Credit Includes estimate of both value of opportunity and utilization Identify documentation available to support deduction/credit Phase 2: Fee Estimate and Agreement Phase 3: Documentation: Information gathering and fieldwork On site inspection Gather contemporaneous documentation Project accounting utilizing engineers and technical writers Phase 4: Delivery of Reports for Tax Return Preparation Phase 5: Recommendations to Maximize Future Benefits 2012 Mueller Prost PC The Green Behind Going Green 2012 Sustainable Disaster Recovery Conference October 29, 2012 Page 13

14 Questions? 2012 Mueller Prost PC The Green Behind Going Green 2012 Sustainable Disaster Recovery Conference October 29, 2012 Page 14

15 Thank You! Contact us at Mueller Prost PC The Green Behind Going Green 2012 Sustainable Disaster Recovery Conference October 29, 2012 Page 15

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