Tax deductions and product regulations earn the most support
The National Electrical Manufacturers Association recently came out in support of the federal energy bill passed by Congress and signed into law by President Bush on Aug. 8. In particular, the association expressed approval of an energy efficient commercial buildings measure that provides a tax deduction of as much as $1.80 per square foot for new or renovated buildings that exceed the ASHRAE 90.1-2001 standard by 50%, with deductions for lighting and HVAC systems and building envelope. The provision is set to take effect Dec. 31.
In addition, NEMA said it was pleased with a reduction in the tax depreciation period for electric transmission assets from 20 to 15 years.
President Bush signed the bill on Monday at Sandia National Laboratories in Albuquerque, N.M.