The COVID-19 pandemic has changed the legislative landscape dramatically over the last year. In March 2020, Congress passed the CARES Act, the first bill in a series addressing the economic fallout resulting from business closures due to the virus. This legislation also corrected the Qualified Improvement Property (QIP) error from 2017 tax reform, a major legislative win for BOMA. In December 2020, Congress extended financial support with the passage of the Consolidated Appropriations Act of 2021. This legislation also made 179D, the Energy Efficient Commercial Tax Deduction, permanent. 179D is an issue BOMA has been working diligently on for years and its permanence is a major legislative win for BOMA and the industry as a whole.
Below, you will find downloadable guides on the most important information included in these pieces of legislation for commercial real estate and related business.