NAIOP Issues Midterm Election Statement
NAIOP’s Legislative Agenda for the Remainder of 2014
November 05, 2014 – Yesterday’s midterm election set the clock running for the lame duck session. Republicans took control of the Senate and retained control of the House, which means that more legislation is likely to make it to the president’s desk and not be held up in the Senate. This creates opportunities for negotiation and compromise.
For commercial real estate, our work carries on. No matter the outcome of the election, NAIOP remains focused on two critical issues that we expect to be addressed before Congress adjourns in December.
- Terrorism risk insurance (TRIA). Renewal of this federal program is critical to ensuring that coverage for property losses from acts of terrorism will be included in insurance policies – something required by most lenders, especially for buildings or structures in major cities. Delaying action on extending TRIA is an unnecessary disruption to the industry’s capacity to grow, and NAIOP calls on Congress to pass a long-term extension of the program.
- Tax legislation. Included among the 55 expiring or expired tax provisions is the reduction of leasehold improvement deprecation to 15 years. The current depreciation period of 39 years is counter to the reality of the marketplace and is an inequitable tax on the industry. NAIOP advocates for the provision to be extended or made permanent.
Congress returns to D.C. next week, and NAIOP will be working to accomplish these important pieces of legislation. We are committed to advocating on your behalf and will keep you well-informed of our progress during the remainder of the year. As always, thank you for your support of NAIOP and our legislative efforts.
Thomas J. Bisacquino
President and CEO | NAIOP