WASHINGTON, Nov. 12, 2014 /PRNewswire-USNewswire/ -- Real Estate Roundtable President and Chief Executive Officer Jeffrey D. DeBoer commented on the Lame Duck session of Congress, which begins today:
"During its Lame Duck session, we strongly urge Congress to take three very positive steps to advance investment, job creation and economic growth. Each policy action has strong bipartisan support. Together they would create jobs now and give a strong economic kick start to the New Year. Congress should:
-- Approve a multi-year extension of the Terrorism Risk Insurance Act (TRIA). The vast majority of Republicans and Democrats know that failure to act on this issue would put at risk financing for countless businesses and cost untold numbers of jobs.
-- Approve the Marketplace Fairness Act. Providing states with a mechanism to collect taxes already owed on Internet purchases would level the playing field with brick and mortar retailers and help stabilize state budgets. Matching this solution with an extension of the access tax moratorium would be wise.
-- Approve reform of the Foreign Investment in Real Property Tax Act (FIRPTA). Reforming the current discriminatory tax on foreign investment in US real property would help mobilize billions of dollars of private capital investment in our nation's infrastructure. This bipartisan solution should be added to the tax extender package.
These issues have been fully debated by Congress, have broad and deep support, and are now ripe for final action. There is no reason to wait any longer. The needs are urgent. The time to act is now."
[The Real Estate Roundtable brings together leaders of the nation's publicly-held and privately owned real estate ownership, development, lending and management firms with the leaders of national real estate trade associations to jointly address key national policy issues relating to real estate and the overall economy. Collectively, Roundtable members' portfolios contain over 12 billion square feet of office, retail and industrial properties valued at more than $1 trillion; over 1.5 million apartment units; and in excess of 2.5 million hotel rooms. Participating trade associations represent more than 1.5 million people involved in virtually every aspect of the real estate business.] www.rer.org
SOURCE Real Estate Roundtable