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July 27th, House Representatives Dave Reichert (R-WA), Earl Blumenauer (D-OR), and Tom Reed (R-NY) introduced new EPAct 179D legislation to the House. If passed as is, the bill (H.R.3507) would permanantly extend EPAct 179D, as well as allow for some small reforms to the incentive. Although the full text has not yet been released, this bill is different from the one that was introduced in the Senate in May, and would likely keep the same incentive of up to $1.80/sq.ft.
The purpose of introducing permanant EPAct legislation is that an extension of EPAct could be easily inserted into Congress's plans for tax reform, thus making EPAct a part of tax reform more likely. While we still think that an extension of the benefit into 2017 and beyond would come towards December of this year, this bill is an important marker and shows that there is bi-partisan interest in a long-term EPAct 179D benefit.
We will keep you informed of further details and developments. In the meantime, information on how to use the benefit for projects completed January 1, 2006 though December 31, 2016 can be found at our website here: http://www.energytaxsavers.com.
