BOMA International Advocacy Update - Significant Issues at Stake in Lame-Duck Congress

The U.S. Congress returned to Washington on November 12th  following a decisive mid-term election that saw a shift of control on Capitol Hill as Republicans gained a majority in the Senate and further strengthened their hold on the House for the upcoming 114th Congress. While the newly elected legislators will be sworn in this January, the current Congress must now turn to a significant amount of unfinished business in what is expected to be a fairly short lame-duck session to conclude the 113th Congress. 

Up for consideration will be the already-expired 15-year leasehold depreciation provision, which is included in a larger package of business tax extenders.  Also on the agenda is the Terrorism Risk Insurance Act (TRIA), which is set to expire at the end of 2014 if Congress fails to act on legislation to extend the federal backstop program. BOMA is continuing to work with its partners in the Coalition to Insure Against Terrorism (CIAT) to urge Congress to pass a multi-year reauthorization of the program immediately. The Senate already passed a seven-year extension of the program by an overwhelming 93-4 vote back in July.

We urge you to visit BOMA International’s Legislative Action Center today and write Congress to request renewal of both these important policies.