(b)Maximum amount of deduction(1)In generalThe deduction under subsection (a) with respect to any building for any taxable year shall not exceed the excess (if any) of—(A)the product of—(i)the applicable dollar value, and
(ii)the square footage of the building, over
(B)the aggregate amount of the deductions under subsections (a) and (f) with respect to the building for the 3 taxable years immediately preceding such taxable year (or, in the case of any such deduction allowable to a person other than the taxpayer, for any taxable year ending during the 4-taxable-year period ending with such taxable year).
(2)Applicable dollar valueFor purposes of paragraph (1)(A)(i), the applicable dollar value shall be an amount equal to $0.50 increased (but not above $1.00) by $0.02 for each percentage point by which the total annual energy and power costs for the building are certified to be reduced by a percentage greater than 25 percent.
(3)Increased deduction amount for certain property(A)In generalIn the case of any property which satisfies the requirements of subparagraph (B), paragraph (2) shall be applied by substituting “$2.50” for “$0.50”, “$.10” for “$.02”, and “$5.00” for “$1.00”.
(4)Prevailing wage requirements(A)In generalThe requirements described in this subparagraph with respect to any property are that the taxpayer shall ensure that any laborers and mechanics employed by the taxpayer or any contractor or subcontractor in the installation of any property shall be paid wages at rates not less than the prevailing rates for construction, alteration, or repair of a similar character in the locality in which such property is located as most recently determined by the Secretary of Labor, in accordance with subchapter IV of chapter 31 of title 40, United States Code.
(B)Correction and penalty related to failure to satisfy wage requirements (5)Apprenticeship requirements (6)RegulationsThe Secretary shall issue such regulations or other guidance as the Secretary determines necessary to carry out the purposes of this subsection, including regulations or other guidance which provides for requirements for recordkeeping or information reporting for purposes of administering the requirements of this subsection.
(c)DefinitionsFor purposes of this section—(1)Energy efficient commercial building propertyThe term “energy efficient commercial building property” means property—(A)with respect to which depreciation (or amortization in lieu of depreciation) is allowable,
(B)which is installed on or in any building which is—(i)located in the United States, and
(C)which is installed as part of—(i)the interior lighting systems,
(ii)the heating, cooling, ventilation, and hot water systems, or
(iii)the building envelope, and
(D)which is certified in accordance with subsection (d)(5) as being installed as part of a plan designed to reduce the total annual energy and power costs with respect to the interior lighting systems, heating, cooling, ventilation, and hot water systems of the building by 25 percent or more in comparison to a reference building which meets the minimum requirements of
Reference Standard 90.1 using methods of calculation under subsection (d)(1).
(2)Reference Standard 90.1The term “Reference Standard 90.1” means, with respect to any property, the more recent of—(A)Standard 90.1-2007 published by the American Society of Heating, Refrigerating, and Air Conditioning Engineers and the Illuminating Engineering Society of North America, or
(B)the most recent Standard 90.1 published by the American Society of Heating, Refrigerating, and Air Conditioning Engineers and the Illuminating Engineering Society of North America for which the Department of Energy has issued a final determination and which has been affirmed by the Secretary, after consultation with the Secretary of Energy, for purposes of this section not later than the date that is 4 years before the date such property is placed in service.
(d)Special rules(1)Methods of calculationThe Secretary, after consultation with the Secretary of Energy, shall promulgate regulations which describe in detail methods for calculating and verifying energy and power consumption and cost with respect to any property, based on the provisions of the most recent California Nonresidential Alternative Calculation Method Approval Manual which has been affirmed by the Secretary, after consultation with the Secretary of Energy, for purposes of this section not later than the date that is 4 years before the date such property is placed in service.
(2)Computer software(B)Qualified computer softwareFor purposes of this paragraph, the term “qualified computer software” means software—(i)for which the software designer has certified that the software meets all procedures and detailed methods for calculating energy and power consumption and costs as required by the Secretary,
(ii)which provides such forms as required to be filed by the Secretary in connection with energy efficiency of property and the deduction allowed under this section, and
(iii)which provides a notice form which documents the energy efficiency features of the building and its projected annual energy costs.
(3)Allocation of deduction by certain tax-exempt entities(A)In generalIn the case of energy efficient commercial building property installed on or in property owned by a specified tax-exempt entity, the Secretary shall promulgate regulations or guidance to allow the allocation of the deduction to the person primarily responsible for designing the property in lieu of the owner of such property. Such person shall be treated as the taxpayer for purposes of this section.
(B)Specified tax-exempt entityFor purposes of this paragraph, the term “specified tax-exempt entity” means—(i)the United States, any State or political subdivision thereof, any possession of the United States, or any agency or instrumentality of any of the foregoing,
(iii)any organization exempt from tax imposed by this chapter.
(4)Notice to ownerEach certification required under this section shall include an explanation to the building owner regarding the energy efficiency features of the building and its projected annual energy costs as provided in the notice under paragraph (2)(B)(iii).
(5)Certification(A)In generalThe Secretary shall prescribe the manner and method for the making of certifications under this section.
(B)ProceduresThe Secretary shall include as part of the certification process procedures for inspection and testing by qualified individuals described in subparagraph (C) to ensure compliance of buildings with energy-savings plans and targets. Such procedures shall be comparable, given the difference between commercial and residential buildings, to the requirements in the Mortgage Industry National Accreditation Procedures for Home Energy Rating Systems.
(C)Qualified individualsIndividuals qualified to determine compliance shall be only those individuals who are recognized by an organization certified by the Secretary for such purposes.
(e)Basis reductionFor purposes of this subtitle, if a deduction is allowed under this section with respect to any energy efficient commercial building property, the basis of such property shall be reduced by the amount of the deduction so allowed.
(f)Alternative deduction for energy efficient building retrofit property(1)In generalIn the case of a taxpayer which elects (at such time and in such manner as the Secretary may provide) the application of this subsection with respect to any qualified building, there shall be allowed as a deduction for the taxable year which includes the date of the qualifying final certification with respect to the qualified retrofit plan of such building, an amount equal to the lesser of—(A)the excess described in subsection (b) (determined by substituting “
energy use intensity” for “total annual energy and power costs” in paragraph (2) thereof), or
(2)Qualified retrofit planFor purposes of this subsection, the term “qualified retrofit plan” means a written plan prepared by a qualified professional which specifies modifications to a building which, in the aggregate, are expected to reduce such building’s energy use intensity by 25 percent or more in comparison to the baseline energy use intensity of such building. Such plan shall provide for a qualified professional to—(A)as of any date during the 1-year period ending on the date on which the property installed pursuant to such plan is placed in service, certify the
energy use intensity of such building as of such date,
(B)certify the status of property installed pursuant to such plan as meeting the requirements of subparagraphs (B) and (C) of paragraph (3), and
(C)as of any date that is more than 1 year after the date on which the property installed pursuant to such plan is placed in service, certify the
energy use intensity of such building as of such date.
(3)Energy efficient building retrofit propertyFor purposes of this subsection, the term “energy efficient building retrofit property” means property—(A)with respect to which depreciation (or amortization in lieu of depreciation) is allowable,
(C)which is installed as part of—(i)the interior lighting systems,
(ii)the heating, cooling, ventilation, and hot water systems, or
(iii)the building envelope, and
(D)which is certified in accordance with paragraph (2)(B) as meeting the requirements of subparagraphs (B) and (C).
(4)Qualified buildingFor purposes of this subsection, the term “qualified building” means any building which—(A)is located in the United States, and
(B)was originally placed in service not less than 5 years before the establishment of the
qualified retrofit plan with respect to such building.
(5)Qualifying final certification (6)Baseline energy use intensity(B)Determination of adjustmentFor purposes of subparagraph (A), the adjustments described in such subparagraph shall be determined in such manner as the Secretary may provide.
(7)Other definitionsFor purposes of this subsection—(A)Energy use intensityThe term “energy use intensity” means the annualized, measured site energy use intensitydetermined in accordance with such regulations or other guidance as the Secretary may provide and measured in British thermal units.
(B)Qualified professionalThe term “qualified professional” means an individual who is a licensed architect or a licensed engineer and meets such other requirements as the Secretary may provide.
(8)Coordination with deduction otherwise allowed under subsection (a)(B)Certain rules not applicable(i)In generalExcept as provided in clause (ii), subsection (d) shall not apply for purposes of this subsection.
(ii)Allocation of deduction by certain tax-exempt entitiesRules similar to subsection (d)(3) shall apply for purposes of this subsection.
(g)Inflation adjustmentIn the case of a taxable year beginning after 2022, each dollar amount in subsection (b) shall be increased by an amount equal to—(1)such dollar amount, multiplied by
(2)the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting “calendar year 2021” for “calendar year 2016” in subparagraph (A)(ii) thereof.
Any increase determined under the preceding sentence which is not a multiple of 1 cent shall be rounded to the nearest cent.
(h)RegulationsThe Secretary shall promulgate such regulations as necessary—(1)to take into account new technologies regarding energy efficiency and renewable energy for purposes of determining energy efficiency and savings under this section, and
(2)to provide for a recapture of the deduction allowed under this section if the plan described in subsection (c)(1)(D) is not fully implemented.
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