Public and private building markets, many of which are reeling from pandemic impacts, will find some respite through AGC’s success in landing significant development tax policies in the year-end COVID-relief and government funding bill enacted on December 27, 2020. These tax policies include $25 billion in tax incentives for community buildings development through the extension of the New Markets Tax Credit for five years; expanding tax credits for constructing more than 550,000 multifamily housing units via the Low-Income Housing Tax Credit; and makes permanent, with updated ASHRAE standards, the commercial building energy efficiency tax deduction (Section 179D), which encourages private development. In addition, AGC was able to ensure that some of the $82 billion for public and private K-12 schools and higher education in COVID-relief is eligible for construction/renovation projects related to pandemic needs. For a detailed analysis of what was included in the year-end bill from a construction industry perspective, click here.
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