Commercial Building Modernization Act- Amends the Internal Revenue Code, with respect to the tax deduction for energy-efficient commercial buildings, to: (1) extend such deduction through 2016; (2) include within the definition of "property" for purposes of such deduction a commercial building and a multifamily building (a structure of five or more dwelling units used as residential housing); (3) increase the maximum amount of such deduction; and (4) adopt the updated standard of the American Society of Heating, Refrigerating, and Air Conditioning Engineers and the Illuminating Engineering Society of North America applicable to property eligible for such deduction.
Allows through 2016 a new tax deduction for the cost of retrofitting existing commercial and multifamily buildings.
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