The Building Owners and Managers (BOMA) International applauds Congress with its passage of the “Tax Relief Extension Reconciliation Act of 2005” (H.R. 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 two years, until 2010, the BOMA International-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,” said BOMA International Chairman David W. Hewett, RPA, CPM, CCIM, FMA, CFM, principal for Trammell Crow Company, 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 two-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.