Schneider Introduces Bipartisan Legislation to Promote Green Infrastructure, Fight Climate Change
WASHINGTON— Congressman Brad Schneider (IL-10) and Congressman Tom Rice (SC-07) introduced bipartisan legislation to help modernize our aging building infrastructure and spur more energy efficient investments.
The Energy Efficient Qualified Improvement Property, or E-QUIP, Act will create an elective 10-year, straight line cost recovery period for a new category of E-QUIP expenditures. The benefit would apply to improvements in both commercial buildings and multifamily units and covers components and controls for the main systems that most impact energy consumption, including heating and cooling, lighting, and envelope. In order to use this benefit, installed systems must meet strict high-performance standards that represent the highest energy efficient equipment out there.
“Taking on climate change is a top priority for me and the E-QUIP Act will help make both our buildings and our planet healthier, while at the same time modernizing and improving the tax code. The use of this new benefit will not only improve our nation’s infrastructure, but it will also reduce energy consumption and lower harmful emissions, leading to a cleaner and greener environment. E-QUIP will save businesses money, create jobs, and reduce emissions to combat climate change.” said Congressman Brad Schneider.
“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. The bill will lead to lower energy costs and reduced greenhouse gas emissions while also spurring construction, design, and maintenance jobs,” said Congressman Tom Rice “This keeps the United States competitive on the global stage and enables us to reach our full energy potential. I am grateful to Congressman Brad Schneider for working with me on this important, bipartisan legislation,"
“The E-QUIP Act checks all of the boxes for smart energy, climate, and economic policy,” said Jeffrey D. DeBoer, President and CEO of The Real Estate Roundtable. “Installation of high performance HVAC, lights, windows, and other building components will modernize aging buildings, save businesses billions of dollars on their energy bills, create tens of thousands of jobs, and avoid carbon emissions equal to taking 22 million cars off the road for a year. The E-QUIP Act can also encourage state-of-the-art retrofits that enhance outdoor air ventilation rates — a key practice to improve a building’s health and indoor air quality, according to the best available science.”