Rep Rice Introduces Bipartisan E-QUIP Act

Press Release

Congressman Tom Rice (R-SC) and Congressman Brad Schneider (D-IL) introduced the Energy Efficient Qualified Improvement Property (E-QUIP) Act today.

"The E-QUIP Act is an important step to further simplifying the tax code for real estate owners and incentivizing investment in more efficient energy technology. E-QUIP installations will lead to lower energy costs and reduced greenhouse gas emissions while also spurring construction, design, and maintenance jobs."

"This will help our country compete, drive down energy prices, and remove barriers so that our country can reach its full energy potential. Most importantly, it will be a positive change that will benefit thousands of South Carolinians. I am grateful to Congressman Brad Schneider for working with me on this important, bipartisan legislation," said Congressman Tom Rice.

Background:

The E-QUIP Act creates a new tax code category applying to improvements in commercial buildings and multifamily buildings. It would streamline the existing cost recovery patchwork by offering a uniform, straight-line 10-year cost recovery period for "high performance" building systems and equipment.

Source