The 117th United States Congress recently passed the Inflation Reduction Act (IRA) in August of 2022. The Inflation Reduction Act includes an Investment Tax Credit (ITC) for Electrochromic Film.
This legislative development is sure to spur more widespread usage of this state-of-the art technology in construction projects across America, and lead to mainstream adoption over time.
As part of the Inflation Reduction Act, the Dynamic Glass Act introduces an amendment to the Internal Revenue Code of 1986 that could potentially provide businesses with a 30% tax credit. This is similar to incentives given out for other environmentally-friendly products like solar panels and wind turbines – offering an immediate return on investment when opting to use this type of renewable energy.
It’s hoped that such action will support efforts to reduce climate change, through a combination of decreased heating/cooling costs and lower greenhouse gas emissions. Construction projects that are initiated before January 1, 2024 are eligible under this new legislation, and tax credits can be claimed in taxable years from 2023 onward after its enactment into law.
Smart glass is defined in the Dynamic Glass Act as “glass which uses electricity to change its light transmittance properties in order to heat or cool a structure.” This explanation is consistent with how Smart Tint’s advanced technology operates, meaning that those who employ our revolutionary product may be eligible for taxation incentives under this breakthrough new law.
As a globally-recognized company, Smart Tint has been a pioneer in the field of electrochromic film for decades. We are proud to say that our proprietary technology remains unrivaled by any other brand on the market, as we are the sole developer of Smart Tint, Smart Film, and Switchable Film. Our products make use of a low-voltage electrical charge, so that you can determine precisely how much light passes through your windows.
We remain at the forefront of privacy control, and are excited about what the future holds with the introduction of this new act.