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Obama proposes new tax incentive for commercial building retrofits

February 03, 2011 04:14PM

President Barack Obama is pushing Congress to rework an existing tax deduction for landlords who retrofit their commercial properties to create better incentives for promoting energy efficiency, NBC News reported. The plan, revealed today during a speech at Pennsylvania State University, is part of Obama’s post-State of the Union address tour, piggybacking on his call during the Jan. 25 speech to reduce the nation’s dependence on oil. Today, Obama set a goal of reducing energy use in U.S. commercial properties by 20 percent by the year 2020. “Making our buildings more energy efficient is one of the fastest, easiest and cheapest ways to save money and combat pollution and create jobs right here in the United States of America. And that’s what we’re going to do,” Obama said. The proposed tax incentive would be paid for by eliminating subsidies for oil companies; more details are expected in the administration’s budget, when it’s released Feb. 14. [NBC]