(Washington, D.C.—May 7, 2008) The Building Owners and Managers Association (BOMA) International today joined a coalition of more than 100 organizations calling on the United States Senate to pass immediately legislation that would extend a set of tax provisions that either expired at the end of 2007 or will expire at the end of 2008. In a letter to the Senate, the diverse coalition of labor, business, and nonprofit organizations urged prompt passage of S. 2886 in a manner that the President will sign into law. Among the extenders in the bill are the 15-year timeline for depreciating leasehold improvements and the expensing of brownfields clean-up costs, both of which expired at the end of 2007.
“Now more than ever it’s vital that Congress extend these common-sense tax policies for the good of the commercial real estate industry as well as the economy as a whole,” said BOMA International Chairman and Chief Elected Officer Brenna S. Walraven, RPA, CPM, Executive Managing Director, National Property Management, USAA Real Estate Company.. “The sooner Congress acts to extend the 15-year timeline for depreciating leasehold improvements and the expensing of brownfields clean-up costs, the better equipped the commercial real estate industry will be to do its part to keep the economy moving in the right direction by creating more jobs and revitalizing neglected communities.”
S. 2886 would retroactively extend both commercial real estate provisions to the beginning of 2008 through 2009. BOMA International urges Congress to act expeditiously and implement these crucial tax policies.
About BOMA International
Founded in 1907, the Building Owners and Managers Association (BOMA) International is an international federation of more than 100 local associations and affiliated organizations. The 17,000-plus members of BOMA International own or manage more than 9 billion square feet of commercial properties in North America and abroad. BOMA’s mission is to enhance the human, intellectual and physical assets of the commercial real estate industry through advocacy, education, research, standards and information. On the Web at www.boam.org
CONTACTS
Laura Horsley
Director of Communications
BOMA International
(202) 326-6315 or lhorsley@boma.org