With the passage of the 2020 Coronavirus Aide, Relief and Economic Security (CARES) Act your purchase and installation of new HVAC equipment and building automation systems may qualify for an immediate tax deduction.
The law makes qualified improvement property (QIP) for non-residential building eligible for a full tax deduction in the first year that is placed under service.
Now, is the perfect time to replace aging equipment and make those improvements that have been on pause. The Way Companies can complete a condition assessment of your current equipment and provide a report of suggested improvements.
Benefits include:
- Full tax deduction for the cost of equipment
- No limitation to deduction amount
- Retroactive to include costs of QIP placed after Sep. 27, 2017
- Can be combined with eligible utility rebates
