Legislative Hill Visit Report

by H. Frank Harren, JD, TRLP, CNE

Thursday, May 29, 2014 -

On April 8 and 9, 2014, Frank Harren attended the annual IREM/CCIM Hill Visit in Washington, D.C. on behalf of the CCIM Central Texas Chapter. He was able to meet with the staffs of both Senator John Cornyn and Senator Ted Cruz, as well as the staffs of U.S. Representatives Lloyd Doggett and Lamar Smith. The issues discussed included the extension of the Terrorism Risk Insurance Act (TRIA), the funding of federally assisted housing programs, and the following three tax issues: retention of provisions relating to 1031 exchanges, opposition to lengthening of cost recovery periods for both residential and non-residential properties, and support for retaining the treatment of depreciation recapture at the current capital gains rate. Proposals from both the house and the senate, but primarily the proposal by House Ways and Means Committee chairman Dave Camp, would potentially negatively impact commercial real estate owners on all three of these issues. Representative Camp has circulated a discussion draft on tax reform that includes those negative changes. While very few people expect any action on that draft during this calendar year, something could gain traction in 2015, and it is therefore important to continue to press our position on these issues in Washington.

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