Public and private building markets, many of which are reeling from pandemic impacts, will find some respite through ÎÚÑ»´«Ã½â€™s success in landing significant development tax policies in the year-end COVID-relief and government funding bill enacted on December 27, 2020. These tax policies include $25 billion in tax incentives for community buildings development through the extension of the New Markets Tax Credit for five years; expanding tax credits for constructing more than 550,000 multifamily housing units via the Low-Income Housing Tax Credit; and makes permanent, with updated ASHRAE standards, the commercial building energy efficiency tax deduction (Section 179D), which encourages private development. In addition, ÎÚÑ»´«Ã½ was able to ensure that some of the $82 billion for public and private K-12 schools and higher education in COVID-relief is eligible for construction/renovation projects related to pandemic needs. For a detailed analysis of what was included in the year-end bill from a construction industry perspective, click here.
Contractor Type
ÎÚÑ»´«Ã½