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 GRBOR Market Brief
The Greater Rome Board of REALTORS® (GRBOR) Market Brief is compiled by Georgia Multiple Listing Service (GAMLS).For more information on details of this month's report, please contact the Board at 404.845.4025.
*Each month, the numbers reported for the previous month are updated to reflect additional recordings.
About the Greater Rome Board of REALTORS®
The Greater Rome Board of REALTORS® (GRBOR) has been an instrumental factor in the growth of real estate in Floyd County, Georgia for more than a decade. GRBOR 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 Georgia Multiple Listing Service
Since 1962 Georgia MLS has been providing real estate professionals with exceptional service, proven technology solutions, and unmatched value. With a laser-sharp focus on making the day-to-day tasks of our MLS subscribers more functional, more productive, and more profitable, we continue to implement the service blueprint that has led to our continued growth. For additional information or to start a discussion about how to partner with GAMLS please contact georgiamls@gamls.com.