Financial Incentives to Install
CS Roofing Systems High Solids Silicone Cool Roof
Your business may be able to save money on more than your energy bills when you install a CS High Solids Silicone cool roof. Various Energy Service Providers offer rebates, service rate reductions and grants that can help you save money on a energy-efficient roof. Air conditioning equipment will operate less and more efficient with less maintenance.
Tax Deductions for Building Maintenance
There are numerous ways of putting on a new CS High Solids Silicone cool roof can save your business money and improve overall operations. Doing this type of improvement to your commercial building can qualify you for a full federal tax deduction for your CS High Solids Silicone roof improvement. This deduction is called Section 179, and it can allow you to deduct up to the entire cost of your new roof from your taxes.
As of January 1, 2019, Section 179 includes, “tangible personal property such as machinery and equipment purchased for use in a trade or business, and if the taxpayer elects, qualified real property. The TCJA amended the definition of qualified real property to mean qualified improvement property and some improvements to nonresidential real property, such as roofs; heating, ventilation, and air-conditioning property; fire protection and alarm systems; and security systems. Revenue Procedure 2019-08 explains how taxpayers can elect to treat qualified real property as Section 179 property.”
In the past, you would have to let your roof improvement cost depreciate over thirty-nine years with the Section 179 tax deduction, meaning you could deduct 1/39th of your roofing cost each year. But in 2018, the rules changed, allowing you to deduct the full cost the year the CS High Solids Silicone roof is installed instead. The limit on the expense deduction also increased from $500,000 to $1 million, and the phase-out limit increased from $2 million to $2.5 million.
A phase-out limit is the amount of money you can spend while still qualifying for certain amounts of tax credits. The higher your spending, the less credit you are eligible for; the lower your spending, the more credit you are eligible for. The changes mean your business can now place as much as $2.5 million of Section 179 property into service before that tax credit changes.
What Qualifies
A variety of commercial buildings can qualify for the Section 179 deduction, including retail buildings, office buildings, industrial buildings, apartment buildings that are at least four stories high, and warehouses or other industrial spaces. The HS Silicone roof must be purchased and installed in the year you are claiming the tax for, so if you replace the roof in 2020, you will need to wait until the 2021 tax season to claim the credit.
You don’t have to pay in full this year for your new roof in order to qualify for Section 179. In fact, taking advantage of Section 179 financing can help you save even more money. In simple terms, you can deduct the full amount of the new roofing cost from your taxes this year without having to pay the full amount this year.
The amount you save in taxes on the Section 179 deduction may be more than the amount you make in payments. You will not be able to deduct those payments in later years, but you can use the money you get back on those taxes to pay down your loan. This can leave you with even more money in your pocket at the end of the day.
Get a Tax-Deductible Roof
Installing a CS High Solid Silicone Roof is a great investment. Tax deductions like Section 179, Energy provider grants and rebates, saved money on electric bills and equipment operating more efficiently can make this improvement beneficial in all aspects.
We at CS Roofing Systems would appreciate the opportunity to get started installing your tax-deductible roof today, reach out to us at CSRoofingSystems.com and we will contact you. CS Roofing Systems will provide you with information and answer any question you may have. Contact us today to request a quote for your new CS High Solid Silicone cool roof for your facility.
MATERIALS SUPPLIERS ARE CERTIFICATION COMPLIANT
