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New York’s highest court issued a significant decision on March 27 regarding the governance, operation and dissolution of businesses structured as general partnerships; the value of “goodwill” that can inure to real estate assets; and the discounts that apply when valuing the stake of an investor with only a minority position in an enterprise.

On Thursday, President Trump escalated ongoing trade tensions with China by instructing U.S. trade officials to consider tariffs on an additional 100 billion dollars in imports from China, in addition to the tariffs issued earlier this week— totaling 150 billion dollars in Chinese imports across 1,300 categories of products. This action prompted a swift response from the Chinese government, with import levies on American soybeans, cars, chemicals and airplanes.

Commercial real estate activity in the Fed's 12 regional districts show mostly positive results, yet concerns about trade tariffs are widespread, according to the Federal Reserve's latest "Beige Book" report about economic conditions.

House and Senate GOP leaders signaled this week they intend to pursue legislation that would make permanent the individual tax provisions enacted as part of the Tax Cuts and Jobs Act (P.L. 115-97) enacted last December.

Legislative language that could affect the allowable heights of buildings near airports passed the House today (393-13) as part of a bill ( H.R. 4 ) extending authorization of the Federal Aviation Administration (FAA) for five years.

Real estate industry and trade association leaders gathered this week with key policymakers in Washington, D.C. for The Roundtable's 2018 Spring Meeting, where major topics of discussion included current market conditions and the economic outlook; the upcoming mid-term elections; infrastructure funding; terrorism risk insurance; immigration reform; and tax reform implementation.

House Financial Services Committee Chairwoman Maxine Waters (D-CA) released draft legislation calling for major investment in public and affordable housing before an April 30 hearing on "Assessing the Infrastructure Needs of America's Housing Stock."

A broad coalition representing rural and urban stakeholder groups submitted principles today to the Senate and House Judiciary committees on strengthening and reforming the EB-5 investment visa program, which is scheduled to expire on September 30, 2019.

U.S. Senate Finance Committee Chairman Chuck Grassley (R-IA) and Ranking Member Ron Wyden (D-OR) yesterday announced the formation of several bipartisan taskforces to examine and help permanently resolve the fate of 42 expired and expiring tax provisions.

Commercial real estate executives expressed increased optimism about real estate markets and overall economic conditions, according to this week's Real Estate Roundtable 2019 Q2 Sentiment Index.

The Roundtable's Q2 2018 Economic Sentiment Index released yesterday shows that as plentiful financing and equity continue to drive commercial real estate investment activity, industry leaders continue to see balanced market fundamentals, despite rising costs of construction and an uncertain outlook for markets in 2019.

As landmark tax reform enacted last December begins to reverberate through the economy, economists, Congress and industry experts are starting to assess its impact on economic investment and commercial real estate.

A Tax Foundation report released this week urges policymaker to correct a technical drafting error regarding cost recovery for qualified improvement property (QIP) that was included in the tax overhaul legislation enacted last year. The unintentional drafting mistake has resulted in a longer cost recovery period for qualified nonresidential interior improvements – a category that previously covered leasehold improvements, retail improvements, and new restaurant construction.

Robust international travel helps power economic growth and commercial real estate through tourism dollars directly spent at U.S. hotels, resorts, stores, home purchases, attraction, and investment properties. That is the message to policymakers from the multi-industry VisitU.S. Coalition, which aims to safely and securely welcome more overseas travelers to the U.S. – who stay an average of 18 nights and spend approximately $4,360 at hotels, stores, restaurants and attraction properties on business and leisure trips.

With Democrats now in control of the House of Representatives, key congressional committee chairs this week announced their policy agendas and appointed additional members.

The 116th Congress convened last week with Democrats in control of the House for the first time in eight years as Nancy Pelosi (D-CA) was reelected House Speaker. Among the new leadership is a fresh slate of committee chairs who will address issues of importance to real estate in the areas of tax; capital and credit; energy; infrastructure; homeland security and other policy areas.

A multi-industry travel and tourism coalition that includes The Real Estate Roundtable submitted formal comments on May 29 urging the State Department to withdraw an "enhanced vetting" proposal for visitors traveling to the U.S. – a dramatic expansion of information collection that could further reduce the downward trend of in-bound tourism and its significant economic benefits. The Roundtable is also part of the VisitUS Coalition , which expressed concerns about the proposal in April.

The Trump Administration today imposed a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports from the European Union, Canada and Mexico, sparking rebukes from congressional Republicans and foreign policymakers, who have threatened retaliatory measures.

Near-term optimism about commercial real estate market conditions are tempered by concerns over expected increases in interest rates and uncertainty about the effects of international trade tariffs, according to several recent economic and industry reports.

Congressional lawmakers and industry leaders discussed national policies affecting commercial real estate this week during The Real Estate Roundtable's 2018 Annual Meeting, where Debra A. Cafaro (Chairman & CEO, Ventas, Inc.) was elected to a three-year term as Roundtable Chair.