Date: 10/18/2022
Type: Implementation of IRA
On October 18, 2022, the Department of the Treasury (Treasury) issued a Revenue Procedure with information about the energy efficient commercial buildings deduction under section 179D of the Internal Revenue Code. The document specifies how to calculate the maximum deduction amount and increased deduction amount for certain property permitted beginning in taxable year 2023. These calculations are based on the amount that certified total annual building energy and power costs are reduced greater than 25 percent. These values are also adjusted for inflation starting in taxable year 2023.