Standalone Leasehold Improvements Legislation Introduced 06/20/2007 | Members from the Institute of Real Estate Management and CCIM Institute (both located in Chicago) lobbied in support of H.R. 1591, an appropriations bill that included a leasehold improvement provision, on April 25, the Capitol Hill Visit Day. That evening, the House agreed to the conference report by a vote of 218 to 208. Unfortunately, H.R. 1591 was vetoed by the President on May 1, 2007. The House voted 222 to 203 to override the veto, but fell short of the 2/3 vote, or 290 votes, required.During their meetings, IREM and CCIM Institute members asked their legislators to sponsor legislation that included a leasehold improvement provision or standalone legislation. Senator Conrad of North Dakota and Senator Kyl of Arizona introduced legislation (S. 1361) on May 10 that would permanently extend the 15-year recovery period for the depreciation of certain leasehold improvements. Prior to the introduction of S. 1361, IREM and CCIM Institute members lobbied Senator Kyl's staff on April 25 requesting that he sponsor an extension of leasehold improvements. The Senate Finance Committee was assigned S. 1361. The companion bill in the House - H.R. 2014 - is sponsored by Representatives Crowley (NY) and Weller (IL). This information was excerpted from the June 2007 issue of IREM's Legislative Updates e-newsletter. To find out more about IREM, visit (http://www.irem.org/). Previous ArticleNext ArticleENERGY STAR Announces 2013 Upgrade of Portfolio Manager Twitter Facebook LinkedIn RSS Email to a Friend * required fields From* To * Message cancel Email Print Print Related Coverage 3 Money-Saving Tips for Relamping University of Colorado Scores Big with Zero-Waste Goals ADDITIONAL FM TOPICS Sustainability / Resilience Sustainable Solutions for Aging Building Infrastructure Sustainability / Resilience 5 Ways Your Building is Wasting Energy Sustainability / Resilience Microsoft HQ Achieves Zero Waste Certification Sustainability / Resilience Montreal Protocol Phases Out Hydrofluorocarbons Project Management The Key to Project Success: Collaboration Roofing The Vital Role of Insulation in Roofing Systems HVAC Portable Air Conditioners Taming Hot Summer Temperatures: Keeping People & Networks Safe Security A New Approach to Vendor Risk Management HVAC Maximize Your Return from HVAC Maintenance Plans Sponsored Links Smart roof systems improve building energy efficiency! Polyglass’ Polyfresko cap sheets with CURE Technology saves on energy. Engineered to perform, Polyfresko has superior granule adhesion and excellent puncture, stain and UV resistance.