The National Glass Association (NGA) has announced its support of President Obama“s “Better Buildings Initiative.” The NGA believes that the proposed incentives, designed to spur a 20% improvement in…
The National Glass Association (NGA) has announced its support of President Obama“s “Better Buildings Initiative.” The NGA believes that the proposed incentives, designed to spur a 20% improvement in commercial building energy efficiency by 2020, are an important step toward addressing the current downturn in the construction industry. The initiative calls for significant reform of current tax incentives for commercial building retrofits and will help spur the private sector into making cost-effective energy-efficiency upgrades that will reduce the nation“s energy bills by as much as USD 40 billion per year. The NGA specifically praised the proposal“s plan to convert a key energy-efficiency tax deduction of USD 1.80 per square foot (known as 179 D) to a tax credit. The change would effectively double or triple its bottom-line impact, providing a much-needed boost to the glass and glazing industry. While we are always mindful that the devil is in the details, we believe passage of the energy-efficiency tax credit provision in the President“s Better Buildings Initiative could hasten a resurgence of commercial construction, said Phil James, president of the National Glass Association. According to James, this tax credit should also be made transferable to achieve its full, desired impact, stimulating growth in the glass industry. We applaud the Administration“s focus on tax incentives rather than regulatory mandates, said James, expressing optimism about the provision“s chance of passage since the tax credit language is included in the massive budget bill the President is sending to Congress.