Local IREM Members Lobby Congress on Real Estate Issues
One of the very powerful impacts of the Institute of Real Estate Management (“IREM”) is the commitment this organization to its members on Capitol Hill. Every April IREM holds its annual Leadership and Legislative Summit in Washington D.C. While the conference offers sessions, open to any IREM member and specific to Chapter Leadership, the primary focus of the initiative is to meet with state and local delegates to lobby real estate issues that IREM has investigated and researched and find to be critical to the real estate and property management industries.
The IREM representatives from the Northern and Southern Colorado Chapters visited the offices of Senator Michael Bennet, Senator Mark Udall, Representative Diana DeGette, Representative Scott Tipton, Representative Ed Perlmutter, Representative Doug Lamborn, Representative Jared Polis, and Representative Mike Coffman.
This year IREM was presenting six different issues and asking the delegates to consider positions that IREM finds will promote growth and sustainability in the real estate market. A summary of the voting recommendations are below. To read the full details around the legislation please go to www.iremdenver.org. Click on the “News” button.
Multifamily & Commercial Market Liquidity:
- Covered Bonds: IREM is asking all delegates to vote in favor of H.R. 940 and S. 1835 which will establish a covered bond market in the U.S.
- Credit Union Lending Cap: IREM is asking all delegates to vote in favor of H.R. 1418 and S. 2231 to raise the lending cap to 27.5% (this increase would only apply to those credit unions who meet the requirements mandated in the Bill).
Taxes & Real Estate:
- Carried Interest: IREM is asking all delegates to vote against any such push and to continue to tax carried interest for real estate partnerships at a 15% Capital Gains tax rate.
- Internet Sales Tax Fairness: VOTE: IREM asks that delegates support H.R. 3179 and S. 1832 which will allow states to enforce existing tax law to collect income they should already be receiving.
- Lease Accounting: IREM opposes this change and requests that all members of Congress sign the Congressional Letter to FASB requesting a cost-benefit analysis of the change before proceeding with it. Additionally, IREM requests that members of the House of Representatives co-sign H.R. 2308, the “SEC Regulatory Accountability Act” which requires the SEC to fully evaluate such a change and adopt it IF, and only IF, the benefits justify the costs.
IREM membership is an effective way to stay up-to-date on the issues being considered and to be represented at the state and federal level. In Denver, the Northern Colorado Chapter is fortunate to have an extremely involved Legislative Committee that consistently keeps its members abreast of impactful issues and often intervenes on the local level on behalf of IREM members.
For more information about IREM membership or how IREM supports and grows the real estate and property management industry, please go to www.iremdenver.org or email Tiffany L. Jackson, Northern Colorado Chapter President Elect at firstname.lastname@example.org.