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CARES ACT
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is meant to address economic impacts of, and response to the COVID-19 outbreak. CARES-Act states that the cost of all equipment and components of the HVAC system, along with other QIP items, qualify for a full tax deduction in the first year.
CARES ACT FUNDING AVAILABILITY
The CARES Act has allocated $908 Billion aimed to keep workers paid and employed, health care system enhanced, and stabilize the economy by allocating to:
- $288 billion for small businesses
- $160 billion for state, local and tribal governments
- $82 billion for education
- $10 billion for child care
- $4 billion for student loans
- $35 billion for healthcare provider relief fund
- $180 billion in additional unemployment insurance
- $45 billion for transportation (Airlines, Airports, Buses, Transit, Amtrak)
- $26 billion for nutrition/agriculture
- $25 billion for rental housing assistance
- $16 billion for vaccine development and distribution & testing and tracing
- $12 billion for CDFI/MDI community lender support
- $10 billion for U.S. Postal Service
- $10 billion for broadband
- $5 billion for opioid treatment
AM I ELIGIBLE FOR CARES ACT FUNDING?
The CARES Act includes a tax savings measure for non-residential property owners who invest in certain improvements to their property including:- Hospitals, Nursing Facilities and Healthcare Facilities
- Office Buildings
- Factories and Power Plants
- Logistics Facilities
- Schools (K-12 Schools)
- Other Non-Residential Properties
APPLYING FOR CARES ACT FUNDING
What this means for you is that right now is an excellent time to consider making non-residential facility upgrades, repairs and improvements.
Virus Fan can help you take advantage of this opportunity by installing a new Air Guardian system. The bonus depreciation is available for qualifying systems acquired and placed in service before January 1, 2023. Whether the law’s end date will be extended is unknown, so to ensure your new system qualifies, the best time to act is now.
Instruction and Application Forms:
Please contact Virus Fan for more information.