The Washington, D.C.-based Building Owners and Managers Association (BOMA) Intl. applauded Congress with its passage of the Tax Relief Extension Reconciliation Act of 2005 (HR 4297) by a margin of 244-185 in the House and 54-44 in the Senate. The measure should receive the President’s signature immediately. The bill extends for 2 years, until 2010, the BOMA Intl.-supported tax cut on capital gains and dividends that are set to expire in 2008.
“The extension of the tax cuts on capital gains and dividends will continue to help supplement and bolster our already strong economy,” says BOMA Intl. Chairman David W. Hewett, principal at Trammell Crow Co., Auburn Hills, MI. “Such policy will contribute to the ability of companies to acquire and develop additional commercial properties, increase the financing or refinancing investment in those properties, and increase employment of skilled workers involved in construction, renovation, and remodeling work.”
BOMA advocated for Congress to extend this 2-year extension on capital gains and dividends as well as the extension of the 15-year depreciation schedule on leasehold improvements. Unfortunately, the leasehold improvement language, along with other important extensions such as brownfields expensing, were removed from the final conference report. BOMA will continue to advocate for these policies to be included in a second tax bill that could receive consideration before the Memorial Day recess.
This information was provided by BOMA Intl., an international federation of more than 90 local associations and affiliated organizations. BOMA’s 19,000-plus members own or manage more than 9 billion square feet of commercial properties in North America and abroad. The organization’s mission is to enhance the human, intellectual, and physical assets of the commercial real estate industry through advocacy, education, research, standards, and information. For more information, visit (www.boma.org).