Legislation could kickstart retrofits

Mon, 10/01/2012 - 11:33am
Newly introduced bipartisan legislation could create thousands of American jobs in construction and manufacturing by encouraging energy-efficient retrofits of commercial and multifamily residential buildings. The Commercial Building Modernization Act (S. 3591) would extend and improve an existing federal tax deduction (Section 179D of the Internal Revenue Code) by leveraging private-sector investment for technology-neutral, performance-based retrofits. In the past, building owners have found it difficult to apply the deduction for comprehensive energy retrofits. The refinement aims to improve this situation, generating nearly 80,000 jobs in construction, manufacturing, and related service jobs. The bill is supported by an alliance including the Real Estate Roundtable, the Natural Resources Defense Council, and the U.S. Green Building Council. The introducing co-sponsors are Ben Cardin (D-Maryland); Olympia J. Snowe (R-Maine); Jeff Bingaman (D-New Mexico); and Dianne Feinstein (D-California).

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