2870 -- Real Estate Investment and Jobs Act of 2013 | Poliscope

Real Estate Investment and Jobs Act of 2013

2870

113th Congress

Taxation

In Committee

Legislative Progress

✓

Introduced

Committee

Floor Vote

Other Chamber

Enacted

Introduced

July 31, 2013

Latest Action

July 31, 2013

Primary Sponsor

Kevin BradyRepublican(TX)

Momentum (last 30 days)

score

0 actions · 0 new cosponsors · 0 votes

Speed vs cohort

0pct

0d open

vs 5,821 other HR bills in the 113th — cohort avg 49d

Summary

No CRS summary is available for this bill yet. The source title, actions, sponsors, and text versions below come from Congress.gov.

Lobbying filings that explicitly cite this bill (50)

These links require the bill number to appear in the filing's source-reported specific issue text. Client expenses and lobbying-firm income are separate disclosure fields.

Filing registrants (13)

CAPITOL COUNSEL LLC (26)INVARIANT LLC (11)BROWNSTEIN HYATT FARBER SCHRECK, LLP (6)BOCKORNY GROUP, INC. (6)MISSY EDWARDS STRATEGIES, LLC (18)NATIONAL ELECTRICAL CONTRACTORS ASSOCIATION, INC. (5)BUILDING OWNERS & MANAGERS ASSOCIATION INTERNATIONAL (6)INTERNATIONAL UNION OF PAINTERS AND ALLIED TRADES (6)NAREIT (7)NATIONAL ASSOCIATION OF REALTORS (3)

Show 3 more registrants

NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.

Cosponsors (68)

Name	Party	State
Aaron Schock	Republican	IL
Adam Kinzinger	Republican	IL
Adrian Smith	Republican	NE

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Sources: Congress.gov

THE INVEST IN AMERICA COALITIONclient→CAPITOL COUNSEL LLC

2015 · fourth_quarter · Real Estate/Land Use/Conservation

Open original LDA filing ↗

Cited source text, amounts, lobbyists, and targets

Issues related to Foreign Investment in Real Property Tax Act; HR 2870 & S. 1181, The Real Estate Investment and Jobs Act.

Client expense: Not reported · Firm income: Not reported

HR 2870

mr RICHARD SULLIVAN

Government targets: HOUSE OF REPRESENTATIVES, SENATE

THE INVEST IN AMERICA COALITIONclient→CAPITOL COUNSEL LLC

2015 · fourth_quarter · Taxation/Internal Revenue Code

Open original LDA filing ↗

Cited source text, amounts, lobbyists, and targets

Issues related to Foreign Investment in Real Property Tax Act; HR 2870 & S. 1181, The Real Estate Investment and Jobs Act.

Client expense: Not reported · Firm income: Not reported

HR 2870

mr RICHARD SULLIVAN

Government targets: HOUSE OF REPRESENTATIVES, SENATE

THE INVEST IN AMERICA COALITIONclient→CAPITOL COUNSEL LLC

2015 · third_quarter · Real Estate/Land Use/Conservation

Open original LDA filing ↗

Cited source text, amounts, lobbyists, and targets

Issues related to Foreign Investment in Real Property Tax Act; HR 2870 & S. 1181, The Real Estate Investment and Jobs Act.

Client expense: Not reported · Firm income: Not reported

HR 2870

mr RICHARD SULLIVAN

Government targets: HOUSE OF REPRESENTATIVES, SENATE

THE INVEST IN AMERICA COALITIONclient→CAPITOL COUNSEL LLC

2015 · third_quarter · Taxation/Internal Revenue Code

Open original LDA filing ↗

Cited source text, amounts, lobbyists, and targets

Issues related to Foreign Investment in Real Property Tax Act; HR 2870 & S. 1181, The Real Estate Investment and Jobs Act.

Client expense: Not reported · Firm income: Not reported

HR 2870

mr RICHARD SULLIVAN

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Show 46 more cited filings

WESTFIELD LLCclient→CAPITOL COUNSEL LLC

2015 · second_quarter · Taxation/Internal Revenue Code

Open original LDA filing ↗

Cited source text, amounts, lobbyists, and targets

Legislation relating to Terrorism Risk Insurance Revisions and Extensions; S. 1181 and HR 2870, The Real Estate Investment and Jobs Act; HR 508 - Terrorism Risk Insurance Act of 2002 Reauthorization Act of 2013; and Internet Sales Tax.

Client expense: Not reported · Firm income: $140,000

HR 2870

DAVID JONES DENISE HENRY MORRISEY JOHN RAFFAELLI SHANNON FINLEY mr RICHARD SULLIVAN

Government targets: HOUSE OF REPRESENTATIVES, SENATE

NATIONAL ASSOCIATION OF REALTORSclient→NATIONAL ASSOCIATION OF REALTORS

2014 · fourth_quarter · Taxation/Internal Revenue Code

Open original LDA filing ↗

Cited source text, amounts, lobbyists, and targets

Carried Interest Tax Treatment S268 - Cut Unjustified Tax Loopholes ActState and Local Use Tax Laws for Remote Sellers S336 - Marketplace Fairness Act S743 - Marketplace Fairness Act HR684 - Marketplace Fairness Act Tax Relief for Forgiven Mortgage Debt HR2788 - Mortgage Forgiveness Tax Relief Act HR2994 - Mortgage Forgiveness Tax Relief Act of 2013 S1187 - Mortgage Forgiveness Tax Relief Act of 2013 Tax Incentives for Safety Upgrades in Commercial Buildings S1163 - Fire Sprinkler Incentive Act Foreign Investment In Real Property Tax Relief Act Modifications HR2870 - Real Estate Investment and Jobs Act of 2013 S1181- Real Estate Investment and Jobs Act of 2013 Commercial Building Energy Deductions HR2189 - Energy Efficiency Tax Incentives Act S2260 - The EXPIRE Act of 2014 Internet Tax Freedom HR3086 - The Permanent Internet Tax Freedom Act Tax Relief for Small Businesses HR4457 - America's Small Business Tax Relief Act of 2014 Discussions with the Department of the Treasury on IRC Section 1031 Like-Kind Exchanges.

Client expense: $13,400,000 · Firm income: Not reported

HR2870

COLIN ALLEN DAN BLAIR HELEN DEVLIN JAMES GREGORY JERRY GIOVANIELLO KEN WINGERT KEVIN DONNELLY STEPHANIE SPEAR VIJAY YADLAPATI mr EVAN LIDDIARD ms ERIN STACKLEY

Government targets: Agriculture, Dept of (USDA), Army, Dept of (Corps of Engineers), Environmental Protection Agency (EPA), Federal Aviation Administration (FAA), Federal Communications Commission (FCC), Federal Emergency Management Agency (FEMA), HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Interior, Dept of (DOI), Natl Economic Council (NEC), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Transportation, Dept of (DOT), Treasury, Dept of, Veterans Affairs, Dept of (VA)

NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.client→NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.

2014 · fourth_quarter · Taxation/Internal Revenue Code

Open original LDA filing ↗

Cited source text, amounts, lobbyists, and targets

Tax Reform Promoted comprehensive approach to tax reform that avoids enacting reform for C corporations at the expense of flow-through entities. Support maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds; (4) the permanent estate tax rules enacted in January 2013; (5) Section 1031 like-kind exchanges; (6) the 27.5-year depreciation period for multifamily buildings; (7) depreciation recapture; and (8) the deductibility of state and local real estate taxes. Finally, we favor: (1) loosening FIRPTA rules to incent foreign investment in U.S. real estate; and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). H.R. 1, Tax Reform Act of 2014. Section 1001: Simplification of individual income tax rates. Section 1002: Deduction for adjusted net capital gain. Section 1405: Repeal of deduction for taxes not paid or accrued in a trade or business. Section 1502: Determination of net earnings from self employment. Section 3104: Reform of accelerated cost recovery system. Section 3113: Repeal of deduction for energy efficient commercial buildings. Section 3133: Repeal of like-kind exchanges. Section 3139: Depreciation recapture on gain from disposition of certain depreciable realty. Section 3204: Low-income housing tax credit. Section 3217: Repeal of new energy efficient home credit. Section 3431: Termination of private activity bonds. Section 3621: Ordinary income treatment in the case of partnership interest held in connection with performance of services. Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Business Provisions. Section 2: Repeal of Certain Specialized Expensing Provisions (i.e., Section 179D). Section 11: Pooled Asset Cost Recovery System and Depreciation of Real Property. Section 12: Rules Related to Treatment of Gains from Depreciable Property. Section 15: Repeal of Like-Kind Exchanges. Obama Administration's Fiscal Year 2015 Budget Revenue Proposal to Modify Like-Kind Exchange Rules for Real Property. Also, asked that the Obama Administration not include this proposal in its forthcoming FY 2016 Budget. Expiring Tax Provisions H.R. 5771, Tax Increase Prevention Act of 2014. Section 112: Extension of temporary minimum low-income housing tax credit rate for non-Federally subsidized buildings. Section 113: Extension of military housing allowance exclusion for determining whether a tenant in certain counties is low-income. Section 115: Extension of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension of increased expensing limitations and treatment of certain real property as section 179 property. Section 156: Extension of Credit for Energy Efficient New Homes. Section 158: Extension of Energy Efficient Commercial Buildings deduction. S. 2260, Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. Carried Interest S. 268, Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole (Section 601: Short Title. Section 602: Partnership Interests Transferred in Connection with Performance of Services. Section 603: Special rules for Partners Providing Investment Management Services to Partnerships.) Low-Income Housing Tax Credit (LIHTC) H.R. 4717, to make permanent and expand the minimum rate for the LIHTC, all provisions. S. 1442, Improving the Low Income Housing Tax Credit Rate Act, to amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings, all provisions. Obama Administration's Fiscal Year 2015 Budget Revenue Proposal to Encourage Mixed Income Occupancy by Allowing Low-Income Housing Tax Credit-Supported Projects to Elect a Criterion Employing a Restriction on Average Income We also considered proposals to expand the credit, such as ones to increase the program by 50% or convert private activity bonds into Low-Income Housing Tax Credits. Energy Tax Incentives S. 2189, the Energy Efficiency Tax Incentives Act. Section 101: Extension and modification of deduction for energy-efficient commercial buildings. Section 102. Deduction for retrofits of existing commercial and multifamily buildings. Foreign Investment in Real Property Tax Act (FIRPTA) H.R. 2870, Real Estate Investment and Jobs Act of 2013, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. S. 1181, Real Estate Investment and Jobs Act of 2013, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. Amendment filed by Senators Menendez and Enzi to draft legislation before the Senate Finance Committee, Preserving Americas Transit and Highways Act, which would remove the tax penalty FIRPTA imposes on foreign pension funds investing in U.S. real estate and increase the ownership stake a foreign investor can take in a publicly traded company whose assets consist largely of U.S. real property without triggering FIRPTA. H.R. 5487, Real Estate Investment and Jobs Act of 2014, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property interests, all provisions. Treasury Regulations REG-119305-11: This document contains proposed regulations under section 707 of the Internal Revenue Code relating to disguised sales of property to, or by, a partnership and under section 752 relating to the treatment of partnership liabilities.

Client expense: $430,500 · Firm income: Not reported

H.R. 2870

CYNTHIA CHETTI EILEEN LEE LISA BLACKWELL MATTHEW BERGER PAULA CINO ms JEANNE MCGLYNN

Government targets: Army, Dept of (Corps of Engineers), Energy, Dept of, Environmental Protection Agency (EPA), Equal Employment Opportunity Commission (EEOC), Federal Communications Commission (FCC), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Internal Revenue Service (IRS), Labor, Dept of (DOL), Natl Economic Council (NEC), Office of Management & Budget (OMB), President of the U.S., SENATE, Small Business Administration (SBA), Social Security Administration (SSA), Treasury, Dept of, U.S. Postal Service (USPS)

BUILDING OWNERS & MANAGERS ASSOCIATION INTERNATIONALclient→BUILDING OWNERS & MANAGERS ASSOCIATION INTERNATIONAL

2014 · fourth_quarter · Taxation/Internal Revenue Code

Open original LDA filing ↗

Cited source text, amounts, lobbyists, and targets

H.R. 4212/S. 749, BOMA supports this legislation that would permanently reduce the timeline to 15 years for depreciating leasehold improvements. H.R. 4740- BOMA supports a permanent 20-year depreciation on roofs. H.R. 1- Tax Reform Act of 2014. BOMA International supports comprehensive tax reform policies that do not penalize capital investment in commercial real estate, do not discriminate against real estate as an investment class, do not retroactively tax imbedded investments, revise depreciation schedules to more closely reflect market reality for building components, treat leasehold improvements fairly as a permanent policy - allows depreciation over no longer than a 15 year period, maintain a low tax rate on capital gains, and provide long term certainty and stability. BOMA supports maintaining Section 1031 of the tax code, "Like-Kind Exchanges", in it's current form. Section 1031 has been an effective economic development tool, stimulating job creation and investment. The policy does not free a taxpayer from any obligations to pay taxes but merely aligns the payment with when the property is sold. S. 1163, Fire Sprinkler Incentive Act, BOMA supports legislation to amend the Internal Revenue Code to allow: (1)100% expensing in a current taxable year of the cost of an automated fire sprinkler system, as defined by this Act; and (2)accelerated depreciation (i.e. a 15-year recovery period) of such an automated fire sprinkler system that is installed in a building where the floor of any occupiable story is greater than 75 feet above the lowest level of fire department vehicle access. H.R.2870/S.1181- Real Estate Investment and Jobs Act of 2013, FIRPTA- BOMA supports legislation to amend the Internal Revenue Code of 1986 to exempt certain stock of real estate investment trusts from tax on foreign investments in United States property interests.

Client expense: $62,743 · Firm income: Not reported

H.R.2870

EMILY NADEN JASON TODD KAREN PENAFIEL

Government targets: Army, Dept of (Corps of Engineers), Energy, Dept of, Environmental Protection Agency (EPA), Federal Aviation Administration (FAA), HOUSE OF REPRESENTATIVES, Patent & Trademark Office (PTO), SENATE

NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.client→NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.

2014 · third_quarter · Taxation/Internal Revenue Code

Open original LDA filing ↗

Cited source text, amounts, lobbyists, and targets

Tax Reform Promoted comprehensive approach to tax reform that avoids enacting reform for C corporations at the expense of flow-through entities. Support maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds; (4) the permanent estate tax rules enacted in January 2013; (5) Section 1031 like-kind exchanges; (6) the 27.5-year depreciation period for multifamily buildings; (7) depreciation recapture; and (8) the deductibility of state and local real estate taxes. Finally, we favor: (1) loosening FIRPTA rules to incent foreign investment in U.S. real estate; and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). House Ways and Means and Committee Chairman's Discussion Draft on Tax Reform: Tax Reform Act of 2014. Section 1001: Simplification of individual income tax rates. Section 1002: Deduction for adjusted net capital gain. Section 1405: Repeal of deduction for taxes not paid or accrued in a trade or business. Section 1502: Determination of net earnings from self employment. Section 3104: Reform of accelerated cost recovery system. Section 3113: Repeal of deduction for energy efficient commercial buildings. Section 3133: Repeal of like-kind exchanges. Section 3139: Depreciation recapture on gain from disposition of certain depreciable realty. Section 3204: Low-income housing tax credit. Section 3217: Repeal of new energy efficient home credit. Section 3431: Termination of private activity bonds. Section 3621: Ordinary income treatment in the case of partnership interest held in connection with performance of services. Senate Committee on Finance Chairman's Staff Discussion Draft on Provisions to Reform International Business Taxation. Section 93: Modification to Tax on Foreign Investments in United States Real Property Interests. Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Business Provisions. Section 2: Repeal of Certain Specialized Expensing Provisions (i.e., Section 179D). Section 11: Pooled Asset Cost Recovery System and Depreciation of Real Property. Section 12: Rules Related to Treatment of Gains from Depreciable Property. Section 15: Repeal of Like-Kind Exchanges. Obama Administration's Fiscal Year 2015 Budget Revenue Proposal to Modify Like-Kind Exchange Rules for Real Property. Expiring Tax Provisions S. 2260, Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. H.R. 4457, America's Small Business Tax Relief Act of 2014. Section 2: Expensing certain depreciable assets for small business. H.R.4718, to amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation, all provisions. Carried Interest S. 268, Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole (Section 601: Short Title. Section 602: Partnership Interests Transferred in Connection with Performance of Services. Section 603: Special rules for Partners Providing Investment Management Services to Partnerships Low-Income Housing Tax Credit (LIHTC) H.R. 4717, to make permanent and expand the minimum rate for the LIHTC, all provisions. S. 1442, Improving the Low Income Housing Tax Credit Rate Act, to amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings, all provisions. We also (1) support making the LIHTC more flexible by allowing developments to qualify if 40 percent of units go to families with incomes that average no more than 60 percent of area median income; and (2) considered proposals to expand the credit, such ones to increase the program by 50% or convert private activity bonds into Low-Income Housing Tax Credits. Energy Tax Incentives S. 2189, the Energy Efficiency Tax Incentives Act. Section 101: Extension and modification of deduction for energy-efficient commercial buildings. Section 102. Deduction for retrofits of existing commercial and multifamily buildings. S. 2388, Energy-Efficient Cool Roofs Act, to modify the depreciation period for energy-efficient cool roofs, all provisions. H.R. 4740, Roofing Efficiency Jobs Act of 2014, to modify the depreciation period for energy-efficient cool roof systems, all provisions. Foreign Investment in Real Property Tax Act (FIRPTA) H.R. 2870, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. S. 1181, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. Draft legislation before the Senate Finance Committee: Preserving America's Transit and Highways Act of 2014, provisions regarding mortgage reporting and FIRPTA. Treasury Regulations REG-119305-11: This document contains proposed regulations under section 707 of the Internal Revenue Code relating to disguised sales of property to, or by, a partnership and under section 752 relating to the treatment of partnership liabilities.

Client expense: $440,000 · Firm income: Not reported

H.R. 2870

CYNTHIA CHETTI EILEEN LEE LISA BLACKWELL MATTHEW BERGER PAULA CINO ms JEANNE MCGLYNN

Government targets: Army, Dept of (Corps of Engineers), Energy, Dept of, Environmental Protection Agency (EPA), Equal Employment Opportunity Commission (EEOC), Federal Communications Commission (FCC), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Internal Revenue Service (IRS), Labor, Dept of (DOL), Natl Economic Council (NEC), Office of Management & Budget (OMB), SENATE, Small Business Administration (SBA), Social Security Administration (SSA), Treasury, Dept of, U.S. Postal Service (USPS), White House Office

NATIONAL ASSOCIATION OF REALTORSclient→NATIONAL ASSOCIATION OF REALTORS

2014 · third_quarter · Taxation/Internal Revenue Code

Open original LDA filing ↗

Cited source text, amounts, lobbyists, and targets

Carried Interest Tax Treatment S268 - Cut Unjustified Tax Loopholes ActState and Local Use Tax Laws for Remote Sellers S336 - Marketplace Fairness Act S743 - Marketplace Fairness Act HR684 - Marketplace Fairness Act Tax Relief for Forgiven Mortgage Debt HR2788 - Mortgage Forgiveness Tax Relief Act HR2994 - Mortgage Forgiveness Tax Relief Act of 2013 S1187 - Mortgage Forgiveness Tax Relief Act of 2013 Tax Incentives for Safety Upgrades in Commercial Buildings S1163 - Fire Sprinkler Incentive Act Foreign Investment In Real Property Tax Relief Act Modifications HR2870 - Real Estate Investment and Jobs Act of 2013 S1181- Real Estate Investment and Jobs Act of 2013 Commercial Building Energy Deductions HR2189 - Energy Efficiency Tax Incentives Act S2260 - The EXPIRE Act of 2014 Internet Tax Freedom HR3086 - The Permanent Internet Tax Freedom Act Tax Relief for Small Businesses HR4457 - America's Small Business Tax Relief Act of 2014 Discussions with the Department of the Treasury on cancellation of mortgage debt tax relief.

Client expense: $17,980,000 · Firm income: Not reported

HR2870

COLIN ALLEN DAN BLAIR HELEN DEVLIN JAMES GREGORY JERRY GIOVANIELLO KEN WINGERT KEVIN DONNELLY STEPHANIE SPEAR VIJAY YADLAPATI mr EVAN LIDDIARD ms ERIN STACKLEY

Government targets: Agriculture, Dept of (USDA), Army, Dept of (Corps of Engineers), Environmental Protection Agency (EPA), Federal Aviation Administration (FAA), Federal Communications Commission (FCC), Federal Emergency Management Agency (FEMA), Federal Trade Commission (FTC), General Services Administration (GSA), HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Natl Economic Council (NEC), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Treasury, Dept of

NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.client→NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.

2014 · second_quarter · Taxation/Internal Revenue Code

Open original LDA filing ↗

Cited source text, amounts, lobbyists, and targets

Tax Reform Promoted comprehensive approach to tax reform that avoids enacting reform for C corporations at the expense of flow-through entities. Support maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds; (4) the permanent estate tax rules enacted in January 2013; (5) Section 1031 like-kind exchanges; (7) the 27.5-year depreciation period for multifamily buildings; (7) depreciation recapture; and (8) the deductibility of state and local real estate taxes. Finally, we favor: (1) loosening FIRPTA rules to incent foreign investment in U.S. real estate and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). House Ways and Means and Committee Chairman's Discussion Draft on Tax Reform: Tax Reform Act of 2014. Section 1001: Simplification of individual income tax rates. Section 1002: Deduction for adjusted net capital gain. Section 1405: Repeal of deduction for taxes not paid or accrued in a trade or business. Section 1502: Determination of net earnings from self employment. Section 3104: Reform of accelerated cost recovery system. Section 3113: Repeal of deduction for energy efficient commercial buildings. Section 3133: Repeal of like-kind exchanges. Section 3139: Depreciation recapture on gain from disposition of certain depreciable realty. Section 3204: Low-income housing tax credit. Section 3217: Repeal of new energy efficient home credit. Section 3431: Termination of private activity bonds. Section 3621: Ordinary income treatment in the case of partnership interest held in connection with performance of services. Senate Committee on Finance Chairman's Staff Discussion Draft on Provisions to Reform International Business Taxation. Section 93: Modification to Tax on Foreign Investments in United States Real Property Interests. Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Business Provisions. Section 2: Repeal of Certain Specialized Expensing Provisions (i.e., Section 179D). Section 11: Pooled Asset Cost Recovery System and Depreciation of Real Property. Section 12: Rules Related to Treatment of Gains from Depreciable Property. Section 15: Repeal of Like-Kind Exchanges. Expiring Tax Provisions S. 2260, Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. S. Amdt. 3060 to H.R. 3474, Expiring Provisions Improvement, Reform, and Efficiency (EXPIRE) Act of 2014. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. H.R. 4457, America's Small Business Tax Relief Act of 2014. Section 2: Expensing certain depreciable assets for small business. H.R.4718, to amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation, all provisions. Carried Interest S. 268, Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole (Section 601: Short Title. Section 602: Partnership Interests Transferred in Connection with Performance of Services. Section 603: Special rules for Partners Providing Investment Management Services to Partnerships Low-Income Housing Tax Credit & Renter Tax Credit H.R. 4479, to amend the Internal Revenue Code of 1986 to provide a renter's tax credit, all provisions. H.R. 4717, to make permanent and expand the minimum rate for the LIHTC, all provisions. S. 1442, Improving the Low Income Housing Tax Credit Rate Act, to amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings, all provisions. We also (1) support making the LIHTC more flexible by allowing developments to qualify if 40 percent of units go to families with incomes that average no more than 60 percent of area median income; and (2) considered proposals to expand the credit, such ones to increase the program by 50% or convert private activity bonds into Low-Income Housing Tax Credits. Energy Tax Incentives S. 2189, the Energy Efficiency Tax Incentives Act. Section 101: Extension and modification of deduction for energy-efficient commercial buildings. Section 102. Deduction for retrofits of existing commercial and multifamily buildings. FIRPTA H.R. 2870, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. S. 1181, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. Draft legislation before the Senate Finance Committee: Preserving America's Transit and Highways Act of 2014, provisions regarding mortgage reporting and FIRPTA Treasury Regulations REG-119305-11: This document contains proposed regulations under section 707 of the Internal Revenue Code (Code) relating to disguised sales of property to, or by a partnership and under section 752 relating to the treatment of partnership liabilities.

Client expense: $860,000 · Firm income: Not reported

H.R. 2870

CYNTHIA CHETTI DAVID CARDWELL EILEEN LEE LISA BLACKWELL MATTHEW BERGER PAULA CINO ms JEANNE MCGLYNN

Government targets: Army, Dept of (Corps of Engineers), Energy, Dept of, Environmental Protection Agency (EPA), Equal Employment Opportunity Commission (EEOC), Federal Communications Commission (FCC), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Internal Revenue Service (IRS), Labor, Dept of (DOL), Office of Management & Budget (OMB), SENATE, Small Business Administration (SBA), Social Security Administration (SSA), Treasury, Dept of, U.S. Postal Service (USPS)