3 Tax Breaks to Take in 2009
The passage of the Emergency Economic Stabilization Act of 2008 (H.R. 1424) last fall extended several tax benefits for commercial properties.
April 1, 2009
- The 15-year straight-line depreciation cost recovery period for leasehold improvements placed in service after Dec. 31, 2008, has been extended through 2009.
- Deductions for energy-efficient upgrades in commercial buildings (not apartments) have been extended through 2013. Deductions are up to $1.80 per square foot for buildings achieving a 50 percent use reduction.
- The cost of environmental remediation can still be deducted rather than capitalized for property placed in service after Dec. 31, 2007; this is extended through 2009.