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Tax Incentives

In July 2012 New York enacted legislation allowing municipal corporations to exempt green buildings from state real property taxes for up to ten years. The amount of the exemption permitted varies by year and by the certification level achieved. Additionally, local governments may elect to extend favorable property tax treatment to green buildings under the law, but are not required to do so. Projects must achieve certification of results in order to be eligible for an exemption, and the exemption must be approved by the local assessor prior to taking effect.
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The Production Tax Credit (PTC) is an inflation adjusted per-kilowatt-hour (kWh) tax credit for electricity generated by qualified energy resources and sold by the tax payer to an unrelated person during the taxable year. The duration of the credit is 10 years after the date the facility is placed in service.
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The 179D Commercial Buildings Energy Efficiency tax deduction enables building owners to claim a tax deduction of up to $1.80 per square foot for installing qualifying systems. Tenants may also be eligible if they make construction expenditures.
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Internal Revenue Code Section 30D provides a credit for Qualified Plug-In Electric Drive Motor Vehicles including passenger vehicles and light trucks.
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The ITC is a tax credit that can be claimed on federal corporate income taxes equal to a certain percent of the cost of eligible renewable energy property. The tax credit rate depends on the type of property or technology for which the credit is being claimed, as well as the applicable construction and in-service date of the technology.
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The Energy-Efficient New Homes Tax Credit for Home Builders (IRC Section 45L) allows developers or builders of a qualified new energy-efficiency home to claim a $2,000 tax credit in the year that unit is sold or leased as a residence.
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