BOMA Lends Support to CRE Bill

Building Owners and Managers Association (BOMA) International recently joined several commercial real estate organizations in support of legislation introduced by Reps. Devin Nunes (R-Calif.) and Shelley Berkley (D-Nev.), targeted at the equity crisis.

The bill, “The Community Recovery and Enhancement (CRE) Act,” (H.R. 1147), offers tax incentives in order to attract new private equity to commercial real estate. The legislation is a temporary and targeted plan that encourages new investment by offering 50 percent bonus depreciation on eligible new investment equity and a deduction of losses that are not subject to passive loss limits.

Supporters of H.R. 1147 hope that it will reduce the excessive debt ratios that threaten both the commercial real estate and banking sectors, as well as the broader economy.