Weller is the first recipient of the Martin Katz National Service Award from the Real Estate Investment Association and Society of Industrial & Office Realtors. He was honored Thursday by the two groups for his work on trying to eliminate the marriage tax penalty and increasing allocations for the Low Income Housing Tax Credit program.

Weller said the Internal Revenue Service's depreciation schedules should be revisited to reflect changes in the life expectancy not only of commercial real estate, but technology. In addition to cutting the capital gains tax rate from 20% to 15%, Weller said depreciation recapture rules also should be revisited. In addition, Weller said too many middle-income families have become subject to the higher AMT.

"Real estate, in this Congress, has enjoyed some real victories," Weller said. He pointed to an increase of 27,000 units nationwide allocated under the LIHTC incentives, as well as any extra $75 million in private activity bonds for more affordable housing. Weller also authored brownfield legislation that allows owners of industrial properties to write off the entire amount of cleanup costs in the year they occur. There are 2,000 brownfields identified in the Chicago area, with an average of $500,000 needed to clean up a property.

Katz, who died in May 2000 after a year-long bout against cancer, was a real estate property tax attorney who helped found the American Property Tax Council in 1993.