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Tax Credit

A direct reduction in the amount of income tax owed. Unlike a deduction, which reduces taxable income, a credit directly lowers the tax bill dollar for dollar.

Internal Revenue Code of 1986

The official body of U.S. federal tax laws.

HVAC

An acronym that stands for Heating, Ventilation, and Air Conditioning. It refers to the systems that control the climate and air quality inside buildings.

ASHRAE Standard 62.1-2022 or Standard 241-2023

Technical guidelines developed by the American Society of Heating, Refrigerating and Air-Conditioning Engineers for ventilation and acceptable indoor air quality.

Prevailing Wage

The hourly wage, including benefits, that is most frequently paid to workers in a specific occupation within a particular geographic area, often set by government agencies for public projects.

Apprenticeship Requirements

Rules that require a certain percentage of total labor hours on a project to be performed by qualified apprentices, who are workers learning a skilled trade under supervision.

Qualifying Property

Commercial property (like businesses), public property (like schools or government buildings), or property owned by tax-exempt non-profit organizations.