BOMA Makes Big Progress on Key Issues in U.S. Congress
BOMA International’s advocacy team worked tirelessly throughout 2019 to advance our legislative priorities: correcting the qualified improvement property (QIP) tax error; extending or making permanent the Commercial Buildings Energy-Efficient Tax Deduction (179D); and renewing the Terrorism Risk Insurance Program. All of these agenda items made significant progress towards the finish line this past year thanks to directly lobbying on Capitol Hill, working with our coalition partners and grassroots efforts by BOMA members.
BOMA secured an extension of 179D through 2020 (and retroactive to 2017) and ensured it would be an important component of current and future energy packages in the hopes of making it permanent in the coming year. After BOMA testified in front of the Senate Committee on Finance staff, the panel released a bipartisan report identifying 179D as a provision that should be made permanent. We have also identified champions in the House to introduce a permanent bill next year.
A bill to correct the error for QIP, formerly referred to as leasehold depreciation, was introduced in both chambers of Congress and gained broad bipartisan support. Additionally, reauthorization of the Terrorism Risk Insurance Program (TRIA) sailed through the House and is expected to be included in a year-end spending deal along with an extension of the National Flood Insurance Program (NFIP) through 2020.
Next year will be a busy one on Capitol Hill, and our efforts in 2019 laid the groundwork for success thanks to the hard work of BOMA’s advocacy team and its engaged membership.