BOMA Intl. Commends Congress for Passing Economic Stabilization Act

BUILDINGS - Smarter Facilities Management

Industry News

10/20/2008

BOMA Intl. Commends Congress for Passing Economic Stabilization Act

 
The Building Owners and Managers Association (BOMA) Intl., based in Washington, D.C., applauds Congress for passing the Emergency Economic Stabilization Act of 2008, signed into law by President Bush in earlier this month. In addition to the financial rescue plan, the act includes three legislative priorities for the commercial real estate industry: the 2-year extension of both the 15-year timeline for depreciating leasehold improvements and brownfields expensing, and a 5-year extension of the tax deduction for energy-efficient commercial buildings.

The 2-year extensions on brownfields expensing and leasehold depreciation are retroactive to Jan. 1, 2008, and will go through Dec. 31, 2009. The deduction of up to $1.80 per square foot for energy-efficiency improvements made to commercial buildings that achieve 50-percent reduction in energy use, compared to a base building defined by ASHRAE 90.1-2001, will now expire Dec. 31, 2013.

"We commend Congress and the Administration for passing the Emergency Economic Stabilization Act of 2008 with the provisions on leasehold depreciation, brownfields expensing, and energy-efficiency tax incentives," says BOMA Intl. Chair and CEO Richard D. Purtell. "These provisions are critical for both commercial real estate and the overall economy, as they will stimulate development, provide a more realistic depreciation schedule for tenant improvements, and promote the industry's voluntary effort to improve energy efficiency in commercial buildings."

 


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Visit our website today to learn about the design flexibility of a Morton building and the endless possibilities of partnering with our designBUILD team.


Wood construction is both cost and energy efficient. Check out Morton Buildings and our designBUILD team online today to discover all the benefits of post-frame construction.

When choosing a metal-clad building for your next construction project, consider Morton Buildings, Inc., and their designBUILD team, we’ll make your dream a reality. 

Search our Trade Pro Directory to find professionals that can help identify energy-efficient natural gas options that save energy and qualify for rebates to save you money.


 
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