Local Issues
Green Building Incentives Still Not Implemented
August 20, 2023
The Inflation Reduction Act passed Aug. 16, 2022, and which multiplied benefits for developers and property owners incorporating sustainable elements into their buildings is stalled in the federal rulemaking process. The intent of the act was to reduce carbon emissions by 40% by 2030 and increase sustainable energy production and manufacturing.
It is believed that many of those in real estate who would have made use of these provisions are waiting for rulemaking to be completed before beginning projects. The current real estate economy has further slowed the process.
According to a recent Biznow article, one of the Act’s key provision for real estate includes an increase in a tax deduction for the construction of energy-efficient commercial and multifamily buildings to as much as $5.36 per SF. The increase to a deduction originally codified in 2006 was seen as an opportunity for developers to offset the growing costs of building, especially with green elements.
About the PBOR Market Brief
The Paulding Board of REALTORS® (PBOR) Market Brief is compiled by First Multiple Listing Service (FMLS). For more information on details of this month's report, please contact the Board at 770.866.1397.
*Each month, the numbers reported for the previous month are updated to reflect additional recordings.
About the Paulding Board of REALTORS®
The Paulding Board of REALTORS® (PBOR) has been an instrumental factor in the growth of real estate in Paulding County, Georgia for more than a decade. PBOR serves as a central source of information for its members, with mainly focusing on real estate education, the promotion of professionalism in the industry and representing REALTORS® members with legislative initiatives to create positive change for the real estate community.
About First Multiple Listing Service
First Multiple Listing Service (FMLS) is the premier data services provider for real estate professionals in Georgia. FMLS was founded in 1957 by a group of Brokers who wanted to share their listings and connect buyers and sellers. Today FMLS is the largest MLS in Georgia & the 4th largest MLS in the United States, serving nearly 54,000 real estate Agents & Brokers. For additional information or to start a discussion about how to partner with FMLS please contact join@fmls.com.