Media

The Treasury Department yesterday released final regulations implementing Opportunity Zones (OZ) tax incentives. The details of the 544 pages of regulations are still under review, but the highly anticipated rules appear to embrace key Roundtable recommendations aimed at spurring capital formation and economic development in low-income communities. (Roundtable comment letter, July 1, 2019)

The Washington, DC policy news publication The Hill on Dec. 12 released its annual Top Lobbyists list, with includes The Real Estate Roundtable’s President and CEO, Jeffrey DeBoer. The list recognizes several Washington industry representatives for their 2019 advocacy efforts and recognizes “the people who wielded their clout and knowledge most effectively on behalf of their clients,” according to the publication.

This week, 11 Senators sent a bipartisan letter urging Treasury Secretary Mnuchin to withdrawal section 2 of IRS Notice 2007-55, which applies U.S. capital gains tax to certain types of inbound real estate investment transactions that were previously treated as nontaxable under the Foreign Investment in Real Property Tax Act (FIRPTA). (Roundtable background on FIRPTA)

A bipartisan spending deal to fund the government before a Dec. 20 deadline has been agreed to in principle, with details and a vote expected next week, according to top congressional lawmakers.

Prospects for a year-end tax bill are uncertain as congressional leadership and the Trump Administration expect to reveal details of a nearly $1.4 trillion FY2020 spending deal next week. Meanwhile, the House Ways and Means Committee on Dec. 11 approved a temporary suspension of the $10,000 deduction cap on state and local taxes (SALT) enacted in the 2017 tax reform bill.

The White House’s Office of Management and Budget (OMB) is reviewing a set of highly anticipated final rules for the Opportunity Zones program created by the 2017 Tax Cuts and Jobs Act, according to a Dec. 6 OMB notice. The rules will address requirements of qualified opportunity funds that invest in opportunity zones (OZs).

Responding to concerns raised by The Real Estate Roundtable and others, the Internal Revenue Service (IRS) on Dec. 9 issued Notice 2019-66 modifying and postponing several proposed changes to partnership tax reporting requirements.

The Real Estate Roundtable is featured as one of the industry’s “Influencers in Marketing and Communications” in the November / December issue of Real Estate Forum magazine published this week.

The U.S. Department of Housing and Urban Development (HUD) on Nov. 22 published a Request for Information (RFI) seeking public comment on Federal, State, local, and Tribal laws, regulations, land use requirements, and administrative practices that may pose barriers to affordable housing development.

Congress faces a Dec. 20 deadline to fund the government or risk a shutdown as the impeachment process continues in the House, with a likely trial in the Senate beginning in January.

Commercial real estate executives report solid fundamentals are countering concerns about economic uncertainty and geopolitics, maintaining an optimistic outlook for market conditions in 2020, according to The Real Estate Roundtable’s 2019 Q4 Economic Sentiment Index released today.

The Roundtable submitted energy and climate policy recommendations to the House Select Committee on the Climate Crisis on Thursday, while members of the House Ways and Means Committee unveiled a draft legislative package of more than 20 energy tax incentives – including incentives to promote commercial and residential building energy efficiency.

Commercial real estate executives report solid fundamentals are countering concerns about economic uncertainty and geopolitics, maintaining an optimistic outlook for market conditions in 2020, according to The Real Estate Roundtable’s 2019 Q4 Economic Sentiment Index released today.

Congress this week passed a four-week spending bill that was by signed President Trump last night to fund the government beyond Nov. 21 and avoid a shutdown. The Continuing Resolution (CR) locks in current funding levels for government operations until Dec. 20 – including the National Flood Insurance and EB-5 investment programs.

A seven-year reauthorization of the Terrorism Risk Insurance Act (TRIA) passed the House this week (H.R. 4634) as the Senate Banking Committee advanced a similar bill (S. 2877). Both bills would reauthorize the Terrorism Risk Insurance Program (TRIP) through December 31, 2027.

Legislation to reauthorize Brand USA – the organization that promotes the U.S. globally as a travel destination – easily cleared a markup by the House Energy and Commerce Subcommittee on Consumer Protection and Commerce on Nov. 14.

As Congress strives to address the challenges of controlling the use of shell companies engaged in money laundering, tax evasion and terrorism financing, a number of legislative proposals are being considered that could impair capital formation and threaten important privacy protections for real estate. In two recent comment letters (Nov. 6 industry coalition letter and a Nov. 13 broad business coalition letter), The Roundtable and other organizations detail their concerns about the measures.

A bipartisan, seven-year TRIA reauthorization bill – the Terrorism Risk Insurance Program Reauthorization Act of 2019 (S. 2877) – was introduced in the Senate yesterday by Thom Tillis (R-NC) along with 15 original cosponsors – including Senate Banking Committee Chairman Mike Crapo (R-ID) and Ranking Member Sherrod Brown (D-OH).

In response to allegations that the Treasury Secretary improperly intervened in the designation of certain census tracts as Opportunity Zones, key Democratic lawmakers put forward proposals this week to enhance Opportunity Zone information reporting, reform aspects of the tax incentives, and formally investigate the reports of wrongdoing.

The Senate Banking, Housing, and Urban Affairs Committee on Thursday held a hearing, "Examining Bipartisan Bills to Promote Affordable Housing Access and Safety," to discuss bipartisan legislation aimed at expanding access to affordable housing generally and improving safety conditions in federally-assisted housing specifically.