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| Legislative News RECENT NEWS AND DOCUMENTS 2018-03-13 IREM endorsed letter addressed to Senator Mike Crapo (R-ID), Chairman of the Senate Banking, Housing, and Urban Affairs and to Senator Sherrod Brown (D-OH), Ranking Member of the Committee. The letter asks that the Committee support Senate Bill 2405 (S. 2405), Clarifying Commercial Real Estate Loans. The legislation would reform the Basel III High Volatility Commercial Real Estate (HVCRE) Rule by amending the Federal Deposit Insurance Act to clarify specific requirements for acquisition, development, or construction (ADC) loans. An identical measure had nearly unanimous bipartisan support in the House Financial Services Committee and passed the U.S. House of Representatives last November. The Coalition is asking the Senate Banking Committee to take the necessary steps to enact a similar measure. The current HVCRE Rule requires banks to hold higher capital levels against certain ADC loans. The bill would address key deficiencies in the regulations governing what is an HVCRE loan to ensure that they do not impede credit capacity or economic activity, while still promoting economically responsible commercial real estate lending. As such, the legislation would not eliminate FDIC’s authority to require banks to hold higher capital for HVCRE loans. Rather, the bill would provide the transparency that the banking agencies have yet to provide, including clarifying which types of loans should and should not be classified as HVCRE loans.2018-03-13 IREM endorsed letter addressed to House and Senate leaders asking them to extend the 179D tax provisions through 2018. On February 9, 2018, the Bipartisan Budget Act of 2018 (H.R. 1892) was signed into law. The law extends several expired tax provisions, including a one-year extension to the Section 179D tax deduction for energy efficient projects in commercial properties. The 179D deduction had expired December 31, 2016 but is now available retroactively through December 31, 2017. The letter asks Congressional leaders to extend the tax provisions through 2018. 2018-01-26 2018-01-25 | INDUSTRY PARTNERS |
