Building  Owners  and  Managers  Association  International

Building Owners and Managers Association International

BOMA Priorities a Focus of Lame-Duck Session

In less than two weeks, Congress will return for what is expected to be a fairly short, but busy, lame-duck session, and two of BOMA International’s priority issues will be a significant part of the debate.  One issue is the already-expired 15-year leasehold depreciation provision, which is included in a larger package of business tax “extenders.”  The other is the Terrorism Risk Insurance Act (TRIA), which is set to expire at the end of 2014 if Congress does not act.  Under TRIA, the federal government provides confidence to the private market that terrorism losses will not paralyze economic activity by increasing capacity and availability of private terrorism coverage for purchase by commercial real estate.  If TRIA is not renewed or Congress only passes a short-term extension, increased economic uncertainty in the marketplace could result.  BOMA is working with its partners in the Coalition to Insure Against Terrorism in asking Congress to pass a multi-year reauthorization of the program as soon as it returns in November.  The Senate already has done its part and passed a seven-year extension by an overwhelming 93-4 vote.

We urge you to visit the Legislative Action Center today and write Congress to request renewal of both of these important policies.