NAIOP President and CEO Marc Selvitelli issued the following statement on the July 1 Senate passage of President Donald Trump’s budget reconciliation bill:

“NAIOP commends the U.S. Senate for provisions included in the tax reconciliation measure that recognize the importance of the commercial real estate industry to the nation’s economy and our communities. We urge the House of Representatives to act quickly and support the passage of the final language so that it can head to the president for signature.

Key priorities for NAIOP and the commercial real estate industry are included in the Senate’s bill. Of particular significance, the legislation would prevent tax increases resulting from expiration of provisions of the Tax Cuts and Jobs Act of 2017 and make permanent key tax policies for commercial real estate, including bonus depreciation, the current Section 199A deduction for pass-through businesses, enhanced provisions for the deductibility of business interest, the estate tax exemption, and community development programs such as the Opportunity Zones program, New Markets Tax Credits, and an enhanced Low-Income Housing Tax Credit.

Enactment of this legislation will provide the commercial real estate industry with the certainty and confidence needed to make long-term investment decisions.

NAIOP will continue to work with Congress and the administration on tax and economic policies important to a healthy and vibrant commercial real estate industry, contributing to the nation’s economic growth.”