On May 8, Nareit joined real estate business, energy efficiency, and environmental advocacy organizations in encouraging the heads of the House and Senate tax-writing committees to consider legislation to establish a new category of “Energy Efficient Qualified Improvement Property,” or “E-QUIP,” with a 10-year cost recovery period for both taxable income and earnings and profits purposes (used to calculate dividends). Among other things, the 10-year E-QUIP recovery period would apply to both interior and exterior energy efficiency improvements in multifamily and commercial buildings.
The letter notes that “a uniform E-QUIP 10-year recovery period will promote productive business investment by spurring high performance upgrades in commercial and multifamily buildings. In turn, optimizing energy efficient building performance will help create well-paying jobs in the construction, design, and energy sectors; boost equipment manufacturing; enhance our country’s energy independence; and reduce the built environment’s carbon footprint.”
(Contact: Dara Bernstein at dbernstein@nareit.com)