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
  1. The 15-year straight-line depreciation cost recovery period for leasehold improvements placed in service after Dec. 31, 2008, has been extended through 2009.
  2. 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.
  3. 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.