20 reviews of Benchmark Home Construction Jason was a wonderful help with. “Depending on the project, depending on the size and depending on the components, you could evaluate how much the additional tax deduction would be, versus your additional labor expense,” Ross said. Benchmark Construction is a general contractor based out of Kailua Kona in West Hawaii Set up to handle needs of all shapes and sizes, we do new construction, remodeling, additions, and fire, water, and wind restoration, in both residential and commercial settings. COVID update: Benchmark Home Construction has updated their hours and services. The key in that situation is to calculate the best combination of tax savings and increased wage costs on a project to come out ahead as a contractor, according to Ross. “If you're a contractor, architect or engineer, and you're working on a government or not-for-profit building, they're really encouraging you to pay prevailing wages to qualify for this maximum benefit,” Ross said. This bonus deduction starts at $2.50 per square foot at the 25% threshold, and increases 10 cents per square foot beyond that, up to the $5 maximum. The base deduction now starts at 50 cents per square foot for the 25% energy savings threshold, and increases by 2 cents per square foot for each percentage point above that, up to $1 per square foot, Ross said.īut contractors can earn an additional “bonus” deduction if they pay prevailing wages and meet apprenticeship requirements on these jobs.
Benchmark construction full#
tax code, the devil of achieving the full deduction is in the details. Now, the starting point is half that - a 25% savings - which means even buildings that are just somewhat more efficient also qualify. Under the old law, a building had to show a 50% energy savings over a benchmark structure. In this role, he leads his department in discovering cutting. The changes also lower the threshold for energy improvements needed to qualify. Beltz joined Benchmark in 2009 and most recently was the Virtual Design & Construction Manager. “It’s really more of an art to negotiate that allocation letter in the beginning to be able to get this benefit,” Ross said. We specialize in Masonry, plaster, demolition, land clearing. The main thing to know, Ross said, is to make sure the government owner or tax-exempt entity assigns the deduction to the contractor up front, which they need to do for contractors to get the perk. BM Benchmark Construction LLC is a general construction company located out of McAllen, TX. That increases the number and types of projects contractors can work on and get the deduction. Now, designers of lighting, HVAC or building envelope systems in structures owned by other tax-exempt entities such as nonprofits, religious groups and educational institutions can also qualify. Previously, only commercial building owners or the designers of energy efficient systems in government-owned buildings qualified.
The expanded tax benefits come from changes to the 179D energy efficiency deduction, which has been in place since 2006, included in the IRA.
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