September 2022 | Page 49

• Energy or water efficiency ;
• Indoor air quality or sustainability ;
• Zero-emission electricity generation or lowemission building materials or processes ;
• Energy storage ;
• Building electrification ; and
• Climate resilience
New Energy Efficiency Rebates
The IRA includes $ 4.3 billion for states to create programs to offer Home Owner Managing Energy Savings ( HOMES ) Rebates . A portion of these funds will be available for owners of multifamily properties to retrofit their units or buildings . A property may be eligible for $ 2,000 per unit if the project achieves at least 20 % modeled energy savings up to $ 200,000 and $ 4,000 per unit if the project achieves at least 35 % modeled energy savings up to $ 400,000 . For low- and moderate-income buildings , these figures jump to $ 4,000 and $ 8,000 per unit , respectively . States may instead use measured energy savings and a payment rate per kilowatt hour saved or equivalent measurement to offer $ 2,000 per unit for a 20 % reduction in energy use or 50 % of the project costs . This payment standard increases for low- and moderate-income buildings to $ 4,000 per unit or 80 % of the project cost and would apply to any multifamily property or portfolio of properties which achieve at least 15 % in energy savings .
The Act also includes $ 4.275 billion for states to implement a high-efficiency electric home rebate program that can be used by single-family and multifamily property owners to upgrade inefficient and non-electric water heaters , HVAC systems , appliances and clothes dryers , as well as for insulation , air sealing and installing electric load or service center panels . More guidance will be necessary from individual states and the Secretary of Energy on applicable uses for these funds and how to access them .
Extension of Excess Business Loss Limitation
The Act would extend for two years , through 2028 , a provision limiting excess business losses that was otherwise set to expire at the end of 2026 . Under current law , a non-corporate taxpayer is considered to have an excess business loss if their total business deductions exceed business income plus $ 270,000 for single filers and $ 540,000 for joint filers ( adjusted annually for inflation ). Excess business losses exceeding the limit and subject to disallowance in the current tax year are treated as a net operating loss carryforward in the succeeding year .

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