Bright Horizons Skilled Nursing Facility, an investor-owned company, constructed a new building to replace its outdated facility. The new building was completed on January 1, 2020, and Bright Horizons began recording depreciation immediately. The total cost of the new facility was $17.3 million, comprising $14.4 million in construction costs and the remainder for the land. Bright Horizons estimated that the new facility would have a useful life of 17 years. The salvage value of the building at the end of its useful life was estimated to be $1.6.

Assuming a 35 percent income tax rate, how much did Bright Horizons save in income taxes for the year ended December 31, 2020, as a result of the depreciation recorded on the new facility (i.e., what was the depreciation shield)?