WASHINGTON — The Building Owners and Managers Association (BOMA) International urged the U.S. Senate to pass S. 3591, also known as the Commercial Building Modernization Act (CBMA), which would extend and enhance the tax deduction at Section 179D of the Internal Revenue Code for energy-efficient commercial and multifamily buildings.
Introduced by Sens. Olympia J. Snowe (R-Maine), Jeff Bingaman (D-N.M.), Dianne Feinstein (D-Calif.), and Ben Cardin (D-Md.), the bipartisan legislation would extend the tax deduction through the end of 2016, while modifying the deduction to encourage efficiency retrofits in existing buildings. Absent congressional action, the deduction will expire at the end of 2013.