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Congress Explores Real Estate Issues

WASHINGTON, DC-Pending tax-extender bills of key interest to the real estate community are likely to move forward this month. The bills involve the extension of a 15-year leasehold improvement depreciation as well as an immediate deductibility for brownfields cleanup costs.

By Erika Morphy | Updated on May 09, 2006

(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.”

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