Tax Incentives for Property Owners

Accountants and tax advisors preparing tax returns for the following types of taxpayers should look at the recent tax incentives below and consider utilizing these incentives on the 2009 tax return or amending prior year returns to claim these incentives:

Multi-Family Residential Developers & Homebuilders

IRC 45L – Allows for a $2,000 tax credit per qualified apartment, condominium unit, or single family home. For example, a 50 unit apartment can be eligible for $100,000 of Federal Tax Credits.

Commercial Developers

IRC 179D – Allows taxpayers to claim a deduction of $1.80 per square foot for qualified buildings constructed. For example, if the taxpayer builds an eligible 100,000 SF building the taxpayer is entitled to $180,000 of Federal tax deductions.

Any Taxpayer Making Substantial Improvements To An Existing Building

IRC 48 – Allows for a tax credit of up to 30% of the cost for qualified building expenditures and special treatment on the remaining depreciable basis. Consult with a tax advisor as tax credits that cannot be used by the taxpayer may be able to be monetized to help taxpayer obtain cash.