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House Proposes Law to Strengthen Real Estate Industry

WASHINGTON, DC-The real estate industry is in for an extra boost, as members of the US House of Representatives introduce legislation that will bolster the industry, as well as induce economic development. The law, HR 1634, would alter the Internal Revenue Code.

By Barbra Murray | Updated on April 10, 2003

WASHINGTON, DC-Congress has brought forth legislation, HR 1634, that is designed to help shore up the real estate industry and spur economic development–a move for which the Appraisal Institute Leadership Development and Advisory Council has commended the lawmaking body. HR 1634 proposes the altering of the Internal Revenue Code in order to decrease the recovery period for the depreciation of selected leasehold improvements from 39 years to 10 years.

“Addressing the imbalance between overall building depreciation and leaseholder occupancy is a good place to start,” says Appraisal Institute vice president of public affairs Don Kelly.

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