Comment Letters & Testimony
COMMENT LETTERS Housing Legislation Roundtable letter to congressional leadership in support of measures proposed recently by the Treasury Department and the Federal Reserve intended to help ensure that Fannie Mae and Freddie Mac can continue to play central roles in the U.S. housing and multifamily mortgage markets.
Roundtable letter in support of current bi-partisan efforts to enact important legislation – Foreclosure Prevention Act of 2008 (H.R. 3221) – to help stabilize the nation's housing sector and restore liquidity to mortgage markets. Letter from Roundtable President and CEO Jeffrey D. DeBoer sent to Senate and House leaders, as well as Senate Banking Committee and House Financial Services Committee leadership. The attached letter is addresed to Carried Interest Letter from The Roundtable and 16 other national real estate organizations to all members of the House of Representatives urging them not to pass the AMT relief bill (H.R. 6275) with a carried interest tax revenue pay-for, which would increase the tax on a partnership carried interest by 150 percent. The letter lists the negative economic ramifications of the proposal, emphasizing how real estate partnerships and the industry would be affected. The letter states:
Carried Interest June 17, 2008 Letter from The Roundtable and 13 other national real estate organizations to House Leadership, Ways and Means Chairman Charles Rangel (D-NY) and all members of the committee urging them not to pursue a legislative proposal that would change the taxation treatment of carried interest as part of an Alternative Minimum Taxation (AMT) relief package. Carried Interest Letter from The Roundtable and several real estate groups to the House Blue Dog Coalition and Democratic leaders urging them to reject the use of carried interest to pay for supplemental spending legislation.
Tax "Extenders" Legislation May 7, 2008 Coalition letters urging policymakers to pass legislation that would extend tax provisions that expired at the end of 2007 and that will expire at the end of 2008. A number of important tax provisions – such as the R&D tax credit, expensing of costs for cleaning up “brownfields” and 15-year leasehold improvement depreciation – have already expired. Others – such as the active financing provision and the New Markets Tax Credit – expire at the end of this year. Letters to:
Natural Catastrophe Insurance Coalition letter from the Natural Catastrophe Policyholders Coalition (NCPC), an alliance of groups joined together to address issues related to the availability and affordability of catastrophe insurance, to all U.S. Senators to urge the reauthorization and strengthening of the National Flood Insurance Program (NFIP). The NFIP provides property owners with needed insurance to protect their homes and businesses from losses due to flooding. As the September 30, 2008 program expiration date quickly approaches, it is critical that Congress take action now to reauthorize this program. White House Statement of Administration Policy on S. 2284 – Flood Insurance Reform and Modernization Act of 2007
Credit Ratings for Structured Finance Products Letter to Senate Banking Committee Chairman Christopher Dodd (D-CT) and Ranking Member Richard Shelby (R-AL) opposing proposals to differentiate between ratings for structured finance products and ratings for other asset classes, such as corporate and municipal bonds. Submitted by The Real Estate Roundtable, Mortgage Bankers Association, Commercial Mortgage Securities Association and the National Association of Realtors.
Energy Efficiency Tax Provisions Letter to Senators in support for The Clean Tax Stimulus Act of 2008 (S. 2821), sponsored by Senators Maria Cantwell (D-WA) and John Ensign (R-NV), that extends essential energy tax provisions facing expiration. See coverage in Roundtable Weekly, April 11.
Energy Efficiency Tax Provisions April 3, 2008 Coalition letter to Senators supporting bipartisan legislation to extend federal tax incentives for energy efficiency and renewable energy technologies. The coalition includes businesses, environmental organizations, investors, labor, nongovernmental organizations, public health organizations, states, trade associations and utilities. See complete coverage in Roundtable Weekly, April 4. Liquidity Crisis Letters to Sen. Chris Dodd (D-CT) and Rep. Barney Frank (D-NY) detailing a proposal aimed at easing problems in U.S. credit markets, particularly the market for commercial mortgage-backed securities (CMBS). See complete coverage in Roundtable Weekly, March 7.
Energy Efficiency Tax Legislation In a letter to House lawmakers, a coalition of environmental groups, renewable energy manufacturers, utilities, and real estate trade groups warned that expiration of the incentives would jeopardize the economy, potentially billions of dollars in investment (including investment in high-performance "green buildings"), consumers, and the budding market for "green collar" jobs. See complete coverage in Roundtable Weekly, Feb. 29. TESTIMONY Liquidity Crisis Timothy H. Callahan, CEO of Callahan Capital Partners before the Senate Finance Committee on behalf of The Real Estate Roundtable: "The Real Estate Market: Building a Strong Economy" See complete coverage of the hearing from Roundtable Weekly, Feb. 29
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