NAREIT and a coalition of industry groups have asked the Senate Finance Committee to consider the economic impact of section 179D as it explores comprehensive tax reform.

The organizations sent a letter and a copy of an economic study regarding section 179D to Senate Finance Committee Chairman Orrin Hatch (R-UT) on July 17. The measure, which expired at the end of 2016, provides a tax deduction to help offset some of the high costs of energy efficient components and systems for commercial and larger multifamily buildings.

In particular, the wide-ranging coalition noted that “an enhanced tax incentive for energy efficient commercial buildings, including reforms geared toward retrofits of privately owned buildings, could support up to 76,529 jobs and contribute almost $7.4 billion toward our national GDP each year.”

(Contact: Dara Bernstein at dbernstein@nareit.com)

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