REHAB Act of 2020

Issues related to housing; H.R. 4307, Build More Housing Near Transit Act; H.R. 4351/S. 1919, Yes In My Backyard Act; H.R. 3077/S. 1703, Affordable Housing Credit Improvement Act of 2019; H.R. 3211/S. 1772, Task Force on the Impact of the Affordable Housing Crisis Act of 2019; H.R. 3316, Neighborhood Homes Investment Act; H.R. 5187S. 2951, Housing is Infrastructure Act of 2019; H.R. 5599, Fulfilling the Promise of the Housing Trust Fund Act; S. 3548, CARES Act; H.R. 6314, Emergency Rental Assistance Act of 2020; H.R. 2, Moving Forward Act; H.R. 5255, Maximizing Our Redevelopment and Efficiency for Transit Oriented Development (MORE TOD) Act; H.R. 5783, Equitable Transit Oriented Development Support Act; H.R. 6175, Revitalizing Economies, Housing, And Businesses (REHAB) Act of 2020; H.R. 6820/S. 3685, Emergency Rental Assistance and Rental Market Stabilization Act of 2020

Client expense: $40,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Infrastructure HR2 - INVEST in America Act HR7616 - Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2021 S2302 - America's Transportation Infrastructure Act of 2019 Discussions with the House and Senate on a comprehensive infrastructure package. Transportation and Housing HR4307 - Build More Housing Near Transit Act HR4351 - Yes In My Backyard Act HR6175 - REHAB Act of 2020 HR7616 - Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2021 S1919 - Yes In My Backyard Act

Client expense: $33,420,000 · Firm income: Not reported

Historic Tax Credit Growth and Opportunity Act (HR 2825/S. 2615) Revitalizing Economies, Housing, And Businesses (REHAB) Act of 2019 (HR 6175)

Client expense: $48,726 · Firm income: Not reported

Government targets: Advisory Council on Historic Preservation (ACHP), Bureau of Land Management (BLM), Commerce, Dept of (DOC), General Services Administration (GSA), HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Interior, Dept of (DOI), Natl Endowment for the Arts, Natl Foundation on the Arts & Humanities, Natl Park Service (NPS), Navy, Dept of, Office of the Comptroller of the Currency (OCC), SENATE, Transportation, Dept of (DOT), Treasury, Dept of, U.S. Coast Guard (USCG), Veterans Affairs, Dept of (VA)

Historic Tax Credit Growth and Opportunity Act (HR 2825/S. 2615) Revitalizing Economies, Housing, And Businesses (REHAB) Act of 2019 (HR 6175)

Client expense: $55,700 · Firm income: Not reported

Government targets: Advisory Council on Historic Preservation (ACHP), Bureau of Land Management (BLM), Commerce, Dept of (DOC), General Services Administration (GSA), HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Interior, Dept of (DOI), Natl Endowment for the Arts, Natl Foundation on the Arts & Humanities, Natl Park Service (NPS), Navy, Dept of, Office of the Comptroller of the Currency (OCC), SENATE, Transportation, Dept of (DOT), Treasury, Dept of, U.S. Coast Guard (USCG), Veterans Affairs, Dept of (VA)

REHAB Act (H.R. 6175)

Client expense: Not reported · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Natl Economic Council (NEC), SENATE

Infrastructure HR2 - INVEST in America Act S2302 - America's Transportation Infrastructure Act of 2019 Discussions with the House and Senate on a comprehensive infrastructure package. Transportation and Housing HR4307 - Build More Housing Near Transit Act HR4351 - Yes In My Backyard Act HR6175 - REHAB Act of 2020 S1919 - Yes In My Backyard Act

Client expense: $11,680,000 · Firm income: Not reported

Issues related to housing; H.R. 4307, Build More Housing Near Transit Act; H.R. 4351/S. 1919, Yes In My Backyard Act; H.R. 3077/S. 1703, Affordable Housing Credit Improvement Act of 2019; H.R. 3211/S. 1772, Task Force on the Impact of the Affordable Housing Crisis Act of 2019; H.R. 3316, Neighborhood Homes Investment Act; H.R. 5187S. 2951, Housing is Infrastructure Act of 2019; H.R. 5599, Fulfilling the Promise of the Housing Trust Fund Act; S. 3548, CARES Act; H.R. 6314, Emergency Rental Assistance Act of 2020; H.R. 2, Moving Forward Act; H.R. 5255, Maximizing Our Redevelopment and Efficiency for Transit Oriented Development (MORE TOD) Act; H.R. 5783, Equitable Transit Oriented Development Support Act; H.R. 6175, Revitalizing Economies, Housing, And Businesses (REHAB) Act of 2020; H.R. 6820/S. 3685, Emergency Rental Assistance and Rental Market Stabilization Act of 2020

Client expense: $110,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), SENATE

COVID-19 Tax Relief H.R. 6800, Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, Division B -- Revenue Provisions: Title I Economic Stimulus: Section 20101: Dependents taken into account in determining credit and rebates; Section 20111: Additional recovery rebates to individuals; and Section 20131: Child Tax Credit improvements for 2020. Title II -- Additional Relief for Workers: Section 20211: Improvements to Employee Retention Credit; Section 20212: Payroll credit for certain fixed expenses of employers subject to closure by reason of COVID-19; Section 20221: Extension of Credits; Section 20222: Repeal of reduced credit for certain leave; Section 20223: Increase in limitation on credit for paid family leave; Section 20231: Payroll tax deferral for recipients of certain loan forgiveness; and Section 20235: Clarification of treatment of expenses paid or incurred with proceeds from certain loans and grants. Title III: Net Operating Losses: Section 20301: Limitation on excess business losses of non-corporate taxpayers restored and made permanent; and Section 20302: Certain taxpayers allowed carryback of net operating losses arising in 2019 and 2020. Division E -- Continued assistance to unemployed workers, all provisions. Supported the following legislative tax proposals for any further Coronavirus relief package: Clarify that a 30-year depreciation period applies to multifamily buildings placed in service prior to 2018 for taxpayers electing out of limits on interest deductibility (H.R. 5313 / S. 2984): expand the Low-Income Housing Tax Credit; enact the Middle-Income Housing Tax Credit; reduce the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes; repeal the Foreign Investment in Real Property Tax Act; extend the IRC Section 45L New Energy Efficient Home Credit; extend and modify the IRC Section 179D Energy Efficient Commercial Buildings Deduction to facilitate investments in improving the utility performance of existing properties; and provide a rehabilitation tax credit for rehabilitating multifamily housing near transit. With respect to expanding the Low-Income Housing Tax Credit, we requested Congress enact COVID-19 response legislation that would: Enact a minimum 4 percent Low-Income Housing Tax Credit rate; lower the 50 percent bond financing threshold for 4 percent Low-Income Housing Tax Credit developments; increase the annual Low-Income Housing Tax Credit by 50 percent; and provide additional basis boots for vulnerable properties impacted by COVID-19. Requested that Treasury Department and Internal Revenue Service take immediate action to provide deadline extensions and other necessary accommodations for the Low-Income Housing Tax Credit program in light of the severe disruptions the COVID-19 pandemic is having on development and construction activities and the ongoing operations of existing Housing Credit properties. With respect to Opportunity Zones, we also supported legislative proposals to: allow opportunity funds to raise capital from all sources, not just gain rolled over from a recently disposed investment; spur productive real estate investment in low-income communities by providing that a 50 percent increase in the basis of a building constitutes a substantial improvement of the property; provide certainty to potential Opportunity Zone investors by codifying the tax rate on deferred gain and extending current deadlines for the basis increase and recognition of deferred gain; and preserve the economic incentives of the original Opportunity Zone provisions by extending for two years the recognition date for deferred gain, and consequently, the deadlines that must be met in order to qualify for the increase in basis for gain rolled into an opportunity fund. Requested Treasury and Internal Revenue Service extend the deadlines to identify replacement property and / or complete like-kind exchanges per the relief described in Rev. Proc. 2018-58 and authorized under Internal Revenue Code Section 7508A. Department of the Treasury and Internal Revenue Service, Notice 2020-23, 26 CFR 601.601, Update to Notice 2020-18, Additional Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic, Provisions related to extending the 45-day identification period and 180-day closing period for Like-Kind Exchanges. Specifically, we sought clarification that with respect to like-kind exchanges described in Section 1031 that Section 17 of Rev. Proc. 2018-58 applies. We also requested that March 13, 2020, be deemed to be the beginning date of disaster relief under Section 17, that each day of the disaster period from March 13 to July 15, 2020 be treated as the date of the federally declared disaster, and that taxpayers with one like-kind exchange deadline falling within the Notice 2020-23 disaster period be permitted to an extension of both deadlines. Internal Revenue Service Notice 2020-32 regarding tax deductibility of expenses related to Paycheck Protection Program loans H.R. 6821, Small Business Expense Protection Act of 2020, to clarify for purposes of the Internal Revenue Code of 1986 that receipt of coronavirus assistance does not affect the tax treatment of ordinary business expenses, all provisions. S. 3612, Small Business Expense Protection Act of 2020, to clarify for purposes of the Internal Revenue Code of 1986 that receipt of coronavirus assistance does not affect the tax treatment of ordinary business expenses, all provisions. Coronavirus Aid, Relief, and Economic Security (CARES) Act (Public Law 116-136), Section 2303: Modifications for net operating losses; and Section 2304: Modification of limitation on losses for taxpayers other than corporations. Draft legislative proposal to amend the Internal Revenue Code of 1986 to provide a special allowance for certain real property placed in service during the COVID-19 pandemic. Considered legislative proposal to provide charitable tax deduction for real estate owners providing housing to COVID-19 first responders. Considered legislative proposals regarding additional carryback of General Business Credit Depreciation Rules H.R. 5313, Multifamily Depreciation Parity Act of 2019, to amend the Internal Revenue Code of 1986 to allow for certain residential rental property to be depreciated over a 30-year period, all provisions. S. 2984, Multifamily Depreciation Parity Act of 2019, to amend the Internal Revenue Code of 1986 to allow for certain residential rental property to be depreciated over a 30-year period, all provisions. Infrastructure Development H.R. 2, The Moving Forward Act, Division M -- Revenue Provisions: Title IV -- Green Energy, Subtitle C -- Green Energy and Efficiency Incentives for Individuals, Section 90423: Energy efficient commercial buildings deduction and Section 90424: Extension, increase, and modifications of new energy efficient home credit; Title VI -- Housing, Subtitle A -- Low-income Housing Tax Credit Improvements, all provisions. H.R. 6175, Revitalizing Economies, Housing, and Businesses Act of 2020 or the REHAB Act of 2020, to amend the Internal Revenue Code of 1986 to modify the rehabilitation credit, all provisions. Supported infrastructure tax incentives to: expand the Low-Income Housing Tax Credit; enact the Middle-Income Housing Tax Credit; reduce the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes; repeal the Foreign Investment in Real Property Tax Act; extend the IRC Section 45L New Energy Efficient Home Credit; extending and modify the IRC Section 179D Energy Efficient Commercial Buildings Deduction to facilitate investments in improving the utility performance of existing properties; and provide a rehabilitation tax credit for rehabilitating multifamily housing near transit. Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit S. 4078, Emergency Affordable Housing Act, to amend the Internal Revenue Code of 1986 to improve the low-income housing credit and provide relief relating to the coronavirus emergency, and for other purposes, all provisions. H.R. 3077, Affordable Housing Credit Improvement Act of 2019, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. S. 1703, Affordable Housing Credit Improvement Act of 2019, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. S. 3365 (115th Congress), Middle-Income Housing Tax Credit Act of 2018, to provide a credit for middle-income housing, and for other purposes, all provisions. Energy We support extending the IRC Section 45L New Energy Efficient Home Credit and extending and modifying the IRC Section 179D Energy Efficient Commercial Buildings Deduction to facilitate investments in improving the utility performance of existing properties H.R. 4646, New Home Energy Efficiency Act, to amend the Internal Revenue Code of 1986 to extend and update the new energy efficient home credit, all provisions. S. 2595, New Home Energy Efficiency Act, to amend the Internal Revenue Code of 1986 to extend and update the new energy efficient home credit, all provisions. Draft legislation, Growing Renewable Energy and Efficiency Now Act of 2019, or the GREEN Act of 2019, to amend the Internal Revenue Code to promote green energy, Section 303: Energy efficient commercial buildings deduction and Section 304: Extension, increase, and modifications of new energy efficient home credit. Draft legislation, Energy Efficient Qualified Improvement Property Act of 2019, or the E-QuIP Act, to amend the Internal Revenue Code to allow 10-year straight line depreciation for energy efficient qualified improvement property, and for other purposes, all provisions. Like-Kind Exchanges Support maintaining current tax law relative to the tax treatment of 1031 Like-Kind Exchanges. Department of the Treasury and Internal Revenue Service, REG 117589-18, RIN 1545-BP02, 26 CFR Part 1, Statutory Limitations on Like-Kind Exchanges Foreign Investment in Real Property Tax Act (FIRPTA) H.R. 2210, Invest in America Act, to amend the Internal Revenue Code of 1986 to repeal certain provisions applicable to foreign investment in United States real property, all provisions.

COVID-19 Tax Relief H.R. 6800, Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, Division B -- Revenue Provisions: Title I Economic Stimulus: Section 20101: Dependents taken into account in determining credit and rebates; Section 20111: Additional recovery rebates to individuals; and Section 20131: Child Tax Credit improvements for 2020. Title II -- Additional Relief for Workers: Section 20211: Improvements to Employee Retention Credit; Section 20212: Payroll credit for certain fixed expenses of employers subject to closure by reason of COVID-19; Section 20221: Extension of Credits; Section 20222: Repeal of reduced credit for certain leave; Section 20223: Increase in limitation on credit for paid family leave; Section 20231: Payroll tax deferral for recipients of certain loan forgiveness; and Section 20235: Clarification of treatment of expenses paid or incurred with proceeds from certain loans and grants. Title III: Net Operating Losses: Section 20301: Limitation on excess business losses of non-corporate taxpayers restored and made permanent; and Section 20302: Certain taxpayers allowed carryback of net operating losses arising in 2019 and 2020. Division E -- Continued assistance to unemployed workers, all provisions. Supported the following legislative tax proposals for any further Coronavirus relief package: Clarify that a 30-year depreciation period applies to multifamily buildings placed in service prior to 2018 for taxpayers electing out of limits on interest deductibility (H.R. 5313 / S. 2984): expand the Low-Income Housing Tax Credit; enact the Middle-Income Housing Tax Credit; reduce the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes; repeal the Foreign Investment in Real Property Tax Act; extend the IRC Section 45L New Energy Efficient Home Credit; extend and modify the IRC Section 179D Energy Efficient Commercial Buildings Deduction to facilitate investments in improving the utility performance of existing properties; and provide a rehabilitation tax credit for rehabilitating multifamily housing near transit. With respect to expanding the Low-Income Housing Tax Credit, we requested Congress enact COVID-19 response legislation that would: Enact a minimum 4 percent Low-Income Housing Tax Credit rate; lower the 50 percent bond financing threshold for 4 percent Low-Income Housing Tax Credit developments; increase the annual Low-Income Housing Tax Credit by 50 percent; and provide additional basis boots for vulnerable properties impacted by COVID-19. Requested that Treasury Department and Internal Revenue Service take immediate action to provide deadline extensions and other necessary accommodations for the Low-Income Housing Tax Credit program in light of the severe disruptions the COVID-19 pandemic is having on development and construction activities and the ongoing operations of existing Housing Credit properties. With respect to Opportunity Zones, we also supported legislative proposals to: allow opportunity funds to raise capital from all sources, not just gain rolled over from a recently disposed investment; spur productive real estate investment in low-income communities by providing that a 50 percent increase in the basis of a building constitutes a substantial improvement of the property; provide certainty to potential Opportunity Zone investors by codifying the tax rate on deferred gain and extending current deadlines for the basis increase and recognition of deferred gain; and preserve the economic incentives of the original Opportunity Zone provisions by extending for two years the recognition date for deferred gain, and consequently, the deadlines that must be met in order to qualify for the increase in basis for gain rolled into an opportunity fund. Requested Treasury and Internal Revenue Service extend the deadlines to identify replacement property and / or complete like-kind exchanges per the relief described in Rev. Proc. 2018-58 and authorized under Internal Revenue Code Section 7508A. Department of the Treasury and Internal Revenue Service, Notice 2020-23, 26 CFR 601.601, Update to Notice 2020-18, Additional Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic, Provisions related to extending the 45-day identification period and 180-day closing period for Like-Kind Exchanges. Specifically, we sought clarification that with respect to like-kind exchanges described in Section 1031 that Section 17 of Rev. Proc. 2018-58 applies. We also requested that March 13, 2020, be deemed to be the beginning date of disaster relief under Section 17, that each day of the disaster period from March 13 to July 15, 2020 be treated as the date of the federally declared disaster, and that taxpayers with one like-kind exchange deadline falling within the Notice 2020-23 disaster period be permitted to an extension of both deadlines. Internal Revenue Service Notice 2020-32 regarding tax deductibility of expenses related to Paycheck Protection Program loans H.R. 6821, Small Business Expense Protection Act of 2020, to clarify for purposes of the Internal Revenue Code of 1986 that receipt of coronavirus assistance does not affect the tax treatment of ordinary business expenses, all provisions. S. 3612, Small Business Expense Protection Act of 2020, to clarify for purposes of the Internal Revenue Code of 1986 that receipt of coronavirus assistance does not affect the tax treatment of ordinary business expenses, all provisions. Coronavirus Aid, Relief, and Economic Security (CARES) Act (Public Law 116-136), Section 2303: Modifications for net operating losses; and Section 2304: Modification of limitation on losses for taxpayers other than corporations. Draft legislative proposal to amend the Internal Revenue Code of 1986 to provide a special allowance for certain real property placed in service during the COVID-19 pandemic. Considered legislative proposal to provide charitable tax deduction for real estate owners providing housing to COVID-19 first responders. Considered legislative proposals regarding additional carryback of General Business Credit Depreciation Rules H.R. 5313, Multifamily Depreciation Parity Act of 2019, to amend the Internal Revenue Code of 1986 to allow for certain residential rental property to be depreciated over a 30-year period, all provisions. S. 2984, Multifamily Depreciation Parity Act of 2019, to amend the Internal Revenue Code of 1986 to allow for certain residential rental property to be depreciated over a 30-year period, all provisions. Infrastructure Development H.R. 2, The Moving Forward Act, Division M -- Revenue Provisions: Title IV -- Green Energy, Subtitle C -- Green Energy and Efficiency Incentives for Individuals, Section 90423: Energy efficient commercial buildings deduction and Section 90424: Extension, increase, and modifications of new energy efficient home credit; Title VI -- Housing, Subtitle A -- Low-income Housing Tax Credit Improvements, all provisions. H.R. 6175, Revitalizing Economies, Housing, and Businesses Act of 2020 or the REHAB Act of 2020, to amend the Internal Revenue Code of 1986 to modify the rehabilitation credit, all provisions. Supported infrastructure tax incentives to: expand the Low-Income Housing Tax Credit; enact the Middle-Income Housing Tax Credit; reduce the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes; repeal the Foreign Investment in Real Property Tax Act; extend the IRC Section 45L New Energy Efficient Home Credit; extending and modify the IRC Section 179D Energy Efficient Commercial Buildings Deduction to facilitate investments in improving the utility performance of existing properties; and provide a rehabilitation tax credit for rehabilitating multifamily housing near transit. Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit S. 4078, Emergency Affordable Housing Act, to amend the Internal Revenue Code of 1986 to improve the low-income housing credit and provide relief relating to the coronavirus emergency, and for other purposes, all provisions. H.R. 3077, Affordable Housing Credit Improvement Act of 2019, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. S. 1703, Affordable Housing Credit Improvement Act of 2019, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. S. 3365 (115th Congress), Middle-Income Housing Tax Credit Act of 2018, to provide a credit for middle-income housing, and for other purposes, all provisions. Energy We support extending the IRC Section 45L New Energy Efficient Home Credit and extending and modifying the IRC Section 179D Energy Efficient Commercial Buildings Deduction to facilitate investments in improving the utility performance of existing properties H.R. 4646, New Home Energy Efficiency Act, to amend the Internal Revenue Code of 1986 to extend and update the new energy efficient home credit, all provisions. S. 2595, New Home Energy Efficiency Act, to amend the Internal Revenue Code of 1986 to extend and update the new energy efficient home credit, all provisions. Draft legislation, Growing Renewable Energy and Efficiency Now Act of 2019, or the GREEN Act of 2019, to amend the Internal Revenue Code to promote green energy, Section 303: Energy efficient commercial buildings deduction and Section 304: Extension, increase, and modifications of new energy efficient home credit. Draft legislation, Energy Efficient Qualified Improvement Property Act of 2019, or the E-QuIP Act, to amend the Internal Revenue Code to allow 10-year straight line depreciation for energy efficient qualified improvement property, and for other purposes, all provisions. Like-Kind Exchanges Support maintaining current tax law relative to the tax treatment of 1031 Like-Kind Exchanges. Department of the Treasury and Internal Revenue Service, REG 117589-18, RIN 1545-BP02, 26 CFR Part 1, Statutory Limitations on Like-Kind Exchanges Foreign Investment in Real Property Tax Act (FIRPTA) H.R. 2210, Invest in America Act, to amend the Internal Revenue Code of 1986 to repeal certain provisions applicable to foreign investment in United States real property, all provisions.

Like kind exchanges (Sec. 1031) - no bill H.R. 1680/S.750 The New Market Tax Credits Extension Act - ALL H.R. 6175 REHAB Act - ALL H.R. 1735/S. 781 Carried Interest Fairness Act - ALL S. 1639 Ending the Carried Interest Loophole Act - ALL S. 2942 to provide that certain contributions by government entities are treated as contributions to capital H.R. 748 CARES Act tax provisions [see Sec 2301 Employee Retention Tax Credit Sec 2303 Modifications of NOLs Modification of REIT ownership rule IRC sec. 856(d)] S. 3814 RESTART ACT - ALL H.R. 7079 Clean Start Back to Work Act - ALL H.R. 6799 Keeping the Lights On Act - ALL

Client expense: $560,000 · Firm income: Not reported

Government targets: Federal Reserve System, HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of, White House Office

REHAB Act (H.R. 6175)

Client expense: Not reported · Firm income: $20,000

Government targets: HOUSE OF REPRESENTATIVES, Natl Economic Council (NEC), SENATE

REHAB Act (H.R. 6175)

Client expense: Not reported · Firm income: $10,000

Government targets: HOUSE OF REPRESENTATIVES, Natl Economic Council (NEC), SENATE

Infrastructure S2302 - America's Transportation Infrastructure Act of 2019 Discussions with the House and Senate on a comprehensive infrastructure package. Transportation and Housing HR4307 - Build More Housing Near Transit Act HR4351 - Yes In My Backyard Act HR6175 - REHAB Act of 2020 S1919 - Yes In My Backyard Act

Client expense: $13,641,000 · Firm income: Not reported

Depreciation Rules H.R. 5313, Multifamily Depreciation Parity Act of 2019, to amend the Internal Revenue Code of 1986 to allow for certain residential rental property to be depreciated over a 30-year period, all provisions. S. 2984, Multifamily Depreciation Parity Act of 2019, to amend the Internal Revenue Code of 1986 to allow for certain residential rental property to be depreciated over a 30-year period, all provisions. Business Interest Deductibility Department of Treasury and Internal Revenue Service, 26 CFR Part 1, REG-106089-18, RIN 1545-BO73, Limitation on Deduction for Business Interest Expense, issues pertaining to: (1) the interaction between the small business exception and the real estate trade or business election (as well as resulting impacts on the depreciation of multifamily buildings); and (2) the application of the REIT safe harbor to certain controlled partnerships. Opportunity Zones Opportunity Zones: No bill introduced but support legislative change to reduce the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone substantial improvement purposes. S. 2787, Opportunity Zone Reporting and Reform Act, to amend the Internal Revenue Code of 1986 to require reporting for qualified opportunity funds, to make modifications to opportunity zones, and for other purposes, all provisions. Low-Income Housing Tax Credit, Middle-Income Housing Tax Credit, and Incentives for Housing Affordability and Infrastructure Development H.R. 3077, Affordable Housing Credit Improvement Act of 2019, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. S. 1703, Affordable Housing Credit Improvement Act of 2019, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. S. 3365 (115th Congress), Middle-Income Housing Tax Credit Act of 2018, to provide a credit for middle-income housing, and for other purposes, all provisions. H.R. 6175, Revitalizing Economies, Housing, and Businesses Act of 2020 or the REHAB Act of 2020, to amend the Internal Revenue Code of 1986 to modify the rehabilitation credit, all provisions. Draft legislative proposal to amend the Internal Revenue Code of 1986 to provide a special allowance for certain real property placed in service during the COVID-19 pandemic. Support infrastructure bill including tax incentives to: expand the Low-Income Housing Tax Credit; enact the Middle-Income Housing Tax Credit; reduce the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes; repeal the Foreign Investment in Real Property Tax Act; extend the IRC Section 45L New Energy Efficient Home Credit; extending and modify the IRC Section 179D Energy Efficient Commercial Buildings Deduction to facilitate investments in improving the utility performance of existing properties; and provide a rehabilitation tax credit for rehabilitating multifamily housing near transit. Energy We support extending the IRC Section 45L New Energy Efficient Home Credit and extending and modifying the IRC Section 179D Energy Efficient Commercial Buildings Deduction to facilitate investments in improving the utility performance of existing properties H.R. 4506, Home Energy Savings Act, to amend the Internal Revenue Code of 1986 to extend and update the credit for nonbusiness energy property, all provisions. H.R. 4646, New Home Energy Efficiency Act, to amend the Internal Revenue Code of 1986 to extend and update the new energy efficient home credit, all provisions. S. 2588, Home Energy Savings Act, to amend the Internal Revenue Code of 1986 to extend and update the credit for nonbusiness energy property, all provisions. S. 2595, New Home Energy Efficiency Act, to amend the Internal Revenue Code of 1986 to extend and update the new energy efficient home credit, all provisions. Draft legislation, Growing Renewable Energy and Efficiency Now Act of 2019, or the GREEN Act of 2019, to amend the Internal Revenue Code to promote green energy, Section 303: Energy efficient commercial buildings deduction and Section 304: Extension, increase, and modifications of new energy efficient home credit. Draft legislation, Energy Efficient Qualified Improvement Property Act of 2019, or the E-QuIP Act, to amend the Internal Revenue Code to allow 10-year straight line depreciation for energy efficient qualified improvement property, and for other purposes, all provisions. Fire Sprinklers H.R. 4685, High Rise Fire Sprinkler Incentive Act of 2019, to amend the Internal Revenue Code of 1986 to classify certain automatic fire sprinkler system retrofits as 15-year property for purposes of depreciation, all provisions. Tax Treatment of Capital Income Proposal by Senate Finance Committee Ranking Member Ron Wyden, Treat Wealth Like Wages, A plan to fix our broken tax code, ensure the wealthy pay their fair share, and protect Social Security. Like-Kind Exchanges Support maintaining current tax law relative to the tax treatment of 1031 Like-Kind Exchanges. Letter to Treasury and Internal Revenue Service requesting that the deadlines to identify replacement property and / or complete like-kind exchanges be extended per the relief described in Rev. Proc. 2018-58 and authorized under Internal Revenue Code 7508A. Carried Interest H.R. 1735, Carried Interest Fairness Act of 2019, to amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-through entities, all provisions. S. 781, Carried Interest Fairness Act of 2019, to amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-through entities, all provisions. S. 1639, Ending the Carried Interest Loophole Act, to amend the Internal Revenue Code of 1986 to revise the treatment of partnership interests received in connection with the performance of services, and for other purposes, all provisions. Foreign Investment in Real Property Tax Act (FIRPTA) H.R. 2210, Invest in America Act, to amend the Internal Revenue Code of 1986 to repeal certain provisions applicable to foreign investment in United States real property, all provisions.

Implementation of tax reform, including pass-through deduction (Sec. 199A), interest limitation (Sec. 163(j)), contributions to capital (Sec. 118), like kind exchanges (Sec. 1031), Opportunity Zones (Sec. 1400 Z),venture capital and partnership issues. H.R. 2210 Foreign Investment in Real Property Act repeal - ALL H.R. 1680/S.750 The New Market Tax Credits Extension Act - ALL H.R. 6175 REHAB Act - ALL H.R. 1735/S. 781 Carried Interest Fairness Act - ALL S. 1639 Ending the Carried Interest Loophole Act - ALL H.R. 1869/S. 803 Restoring Investment in Improvements Act - ALL Tax Technical corrections S. 2942 to provide that certain contributions by government entities are treated as contributions to capital H.R. 748 CARES Act tax provisions [see Sec 2301 Employee Retention Tax Credit Sec 2303 Modifications of NOLs Sec 2307 Technical correction for QIP Modification of REIT ownership rule IRC sec. 856(d)]

Client expense: $320,000 · Firm income: Not reported

Implementation of tax reform, including pass-through deduction (Sec. 199A), interest limitation (Sec. 163(j)), contributions to capital (Sec. 118), like kind exchanges (Sec. 1031), Opportunity Zones (Sec. 1400 Z),venture capital and partnership issues. H.R. 2210 Foreign Investment in Real Property Act repeal - ALL H.R. 1680/S.750 The New Market Tax Credits Extension Act - ALL H.R. 6175 REHAB Act - ALL H.R. 1735/S. 781 Carried Interest Fairness Act - ALL S. 1639 Ending the Carried Interest Loophole Act - ALL H.R. 1869/S. 803 Restoring Investment in Improvements Act - ALL Tax Technical corrections S. 2942 to provide that certain contributions by government entities are treated as contributions to capital H.R. 748 CARES Act tax provisions [see Sec 2301 Employee Retention Tax Credit Sec 2303 Modifications of NOLs Sec 2307 Technical correction for QIP Modification of REIT ownership rule IRC sec. 856(d)]

Client expense: $320,000 · Firm income: Not reported

Depreciation Rules H.R. 5313, Multifamily Depreciation Parity Act of 2019, to amend the Internal Revenue Code of 1986 to allow for certain residential rental property to be depreciated over a 30-year period, all provisions. S. 2984, Multifamily Depreciation Parity Act of 2019, to amend the Internal Revenue Code of 1986 to allow for certain residential rental property to be depreciated over a 30-year period, all provisions. Business Interest Deductibility Department of Treasury and Internal Revenue Service, 26 CFR Part 1, REG-106089-18, RIN 1545-BO73, Limitation on Deduction for Business Interest Expense, issues pertaining to: (1) the interaction between the small business exception and the real estate trade or business election (as well as resulting impacts on the depreciation of multifamily buildings); and (2) the application of the REIT safe harbor to certain controlled partnerships. Opportunity Zones Opportunity Zones: No bill introduced but support legislative change to reduce the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone substantial improvement purposes. S. 2787, Opportunity Zone Reporting and Reform Act, to amend the Internal Revenue Code of 1986 to require reporting for qualified opportunity funds, to make modifications to opportunity zones, and for other purposes, all provisions. Low-Income Housing Tax Credit, Middle-Income Housing Tax Credit, and Incentives for Housing Affordability and Infrastructure Development H.R. 3077, Affordable Housing Credit Improvement Act of 2019, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. S. 1703, Affordable Housing Credit Improvement Act of 2019, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. S. 3365 (115th Congress), Middle-Income Housing Tax Credit Act of 2018, to provide a credit for middle-income housing, and for other purposes, all provisions. H.R. 6175, Revitalizing Economies, Housing, and Businesses Act of 2020 or the REHAB Act of 2020, to amend the Internal Revenue Code of 1986 to modify the rehabilitation credit, all provisions. Draft legislative proposal to amend the Internal Revenue Code of 1986 to provide a special allowance for certain real property placed in service during the COVID-19 pandemic. Support infrastructure bill including tax incentives to: expand the Low-Income Housing Tax Credit; enact the Middle-Income Housing Tax Credit; reduce the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes; repeal the Foreign Investment in Real Property Tax Act; extend the IRC Section 45L New Energy Efficient Home Credit; extending and modify the IRC Section 179D Energy Efficient Commercial Buildings Deduction to facilitate investments in improving the utility performance of existing properties; and provide a rehabilitation tax credit for rehabilitating multifamily housing near transit. Energy We support extending the IRC Section 45L New Energy Efficient Home Credit and extending and modifying the IRC Section 179D Energy Efficient Commercial Buildings Deduction to facilitate investments in improving the utility performance of existing properties H.R. 4506, Home Energy Savings Act, to amend the Internal Revenue Code of 1986 to extend and update the credit for nonbusiness energy property, all provisions. H.R. 4646, New Home Energy Efficiency Act, to amend the Internal Revenue Code of 1986 to extend and update the new energy efficient home credit, all provisions. S. 2588, Home Energy Savings Act, to amend the Internal Revenue Code of 1986 to extend and update the credit for nonbusiness energy property, all provisions. S. 2595, New Home Energy Efficiency Act, to amend the Internal Revenue Code of 1986 to extend and update the new energy efficient home credit, all provisions. Draft legislation, Growing Renewable Energy and Efficiency Now Act of 2019, or the GREEN Act of 2019, to amend the Internal Revenue Code to promote green energy, Section 303: Energy efficient commercial buildings deduction and Section 304: Extension, increase, and modifications of new energy efficient home credit. Draft legislation, Energy Efficient Qualified Improvement Property Act of 2019, or the E-QuIP Act, to amend the Internal Revenue Code to allow 10-year straight line depreciation for energy efficient qualified improvement property, and for other purposes, all provisions. Fire Sprinklers H.R. 4685, High Rise Fire Sprinkler Incentive Act of 2019, to amend the Internal Revenue Code of 1986 to classify certain automatic fire sprinkler system retrofits as 15-year property for purposes of depreciation, all provisions. Tax Treatment of Capital Income Proposal by Senate Finance Committee Ranking Member Ron Wyden, Treat Wealth Like Wages, A plan to fix our broken tax code, ensure the wealthy pay their fair share, and protect Social Security. Like-Kind Exchanges Support maintaining current tax law relative to the tax treatment of 1031 Like-Kind Exchanges. Letter to Treasury and Internal Revenue Service requesting that the deadlines to identify replacement property and / or complete like-kind exchanges be extended per the relief described in Rev. Proc. 2018-58 and authorized under Internal Revenue Code 7508A. Carried Interest H.R. 1735, Carried Interest Fairness Act of 2019, to amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-through entities, all provisions. S. 781, Carried Interest Fairness Act of 2019, to amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-through entities, all provisions. S. 1639, Ending the Carried Interest Loophole Act, to amend the Internal Revenue Code of 1986 to revise the treatment of partnership interests received in connection with the performance of services, and for other purposes, all provisions. Foreign Investment in Real Property Tax Act (FIRPTA) H.R. 2210, Invest in America Act, to amend the Internal Revenue Code of 1986 to repeal certain provisions applicable to foreign investment in United States real property, all provisions.