Bisacquino of NAIOP issues statement on passage of tax bill

Thomas Bisacquino, president and CEO of NAIOP, the Commercial Real Estate Development Association, issued the following statement following the Senate's passage of Senate Amendment 4753 to H.R. 4853, The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. "NAIOP commends the United States Senate for today passing an important tax package that extends tax cuts for all Americans and continues tax provisions vital to the commercial real estate industry. In this time of economic recovery in our nation, it's important that Congress and the administration continue to take responsible actions that prevent tax increases. NAIOP urges the House to quickly pass their bill so that the legislation can move to President Obama's desk for signature and begin to have an immediate, positive impact on the nation's economy. For commercial real estate, this legislation brings significant value to property owners and developers - and particularly for small businesses - and their ability to depreciate certain leasehold improvements, restaurant buildings and improvements, and retail improvements over 15 years. Also included is an extension of a provision that allows for the expensing of costs associated with cleaning up hazardous brownfield sites. Both were extended for two years, through 2011, and both have been legislative priorities for NAIOP. NAIOP is particularly pleased to see an extension of the current capital gains and dividends rates for all taxpayers for an additional two years, through 2012. A healthy real estate economy is vital to a prosperous U.S. economy and produces an immense ripple effect with job creation and personal earnings that quickly roll over into increased consumer spending. A recent study by the NAIOP Research Foundation shows that total real estate construction spending in 2009 reached $900 billion — approximately 6.4 percent of the nation's Gross Domestic Product. Commercial development supports 2.4 million full-time equivalent jobs in the United States and generates personal earnings of $89.1 billion." Roberta Jordans, legislative co-chair for the Upstate New York Chapter of NAIOP covering Buffalo, Syracuse and Rochester, added the following comments: "The Upstate New York Chapter of NAIOP recognizes the need more than ever before for action on legislative issues affecting the commercial real estate industry. In conjunction with other industry partners, we will continue to inform and educate our membership regarding legislation with the potential to affect the future of our work in Upstate New York."