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 Email Share Share Other Open Social Related Coverage PepsiCo Reduces Water Use by 26% LG Electronics Recycles 24,000 Tons of Used Devices Business Recycling Rules Now Enforced in New York City Related Articles Sustainability / Resilience Path to Energy Savings in the Building Envelope Sustainability / Resilience Business Recycling Rules Now Enforced in New York City Sustainability / Resilience ASTM Unveils Standard on Recycling Roofing Materials Sustainability / Resilience 5 Ways Your Building is Wasting Energy Sustainability / Resilience How to Future-Proof Your Building Building Controls The First Steps of Adding Intelligence to Your Facility Energy Management How to Increase Productivity and Engagement in Outdoor Spaces Building Controls Fine-Tuning HVAC Controls for Maximum Efficiency HVAC Fine-Tuning HVAC Controls for Maximum Efficiency 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. Increase profitability by cleaning smarter and transforming your building into a high performing asset. Get tips from High Performance Building experts Whether it’s earning an IREM credential or increasing your job skills, any goal in property management can be accomplished with IREM education. Click here to visit our website!