(To read more on the debt and equity markets, click here.)

WASHINGTON, DC-Two key issues pending in Congress of key importance to the real estate community--the extension of a 15-year leasehold improvement depreciation and immediate deductibility for brownfields cleanup costs--appear likely to be headed for successful conclusion by the Memorial Day weekend, and perhaps as soon as this week. According to Stephen M. Renna, senior vice president and counsel of the Real Estate Roundtable, these measures, originally part of a $70-billion tax reconciliation package, are likely going to be part of a separate House-Senate conference committee on pension reform legislation.

"There is no controversy about the provisions," Renna says. "The only controversy, and that is being resolved, is the process on how to get them passed. " It could be done as early as this week."

These so-called tax extender provisions, which the Real Estate Roundtable has been tracking since last year, were part of the original House and Senate tax reconciliation bills passed in 2005 and carried over this year, the organization reports. They expired at the end of 2005; once passed in conference they will be reinstated retroactively to Jan. 1, 2006.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.