The U.S. Government just signed the new $750 billion Inflation Reduction Act, which includes the Dynamic Glass Act, and incorporates legislation that could offer tax credits to those who use active types of smart glass technology in their construction projects starting in January 2024.
The Dynamic Glass Act, part of the wider Inflation Reduction Act, includes a crucial amendment to the Internal Revenue Code of 1986 that looks to make certain types of active smart glass qualify for a 30% tax credit, providing businesses immediate ROI on specifying the technology. It means that in certain situations smart glass could be eligible for rebates similar to those of solar panels, wind turbines and other types of renewable energies.
According to the Dynamic Glass Act, projects that begin construction before January 1 2024 will qualify under the legislation. Tax credits will be available for the taxable years following the enactment of the act, which at this stage looks to be from 2023 onward.
The announcement marks a momentous milestone for the smart glass industry as the legislation is expected to continue the mainstream and widespread adoption of smart glass technology across the built environment in an effort to combat climate change associated with the building industry.
The smart film and smart glass produced by Filmbase are widely used in many intelligent building glass around the world. They have the functions of heat insulation, UV and IR blocking, etc., which help to reduce the cooling cost and energy consumption in the building, reduce the utilization rate of air conditioners, and increase the green environmental protection, low carbon emission reduction and so on. It can significantly improve living conditions and improve the quality of people's living environment. FILMBASE has launched global agent recruitment, welcome to contact us.
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