Friday, June 25, 2010

Carried Interest Defeated in Senate

BOMA San Francisco Members:

On June 24, 2010, the Senate cloture vote to end debate on HR 4213-- American Jobs and Closing Tax Loopholes Act of 2010 or better known as the Extender Package, failed by a vote of 57-41. This is the Senate’s third unsuccessful attempt this month to limit debate and move to an up or down vote on a bill that includes the tax increase on Carried Interest as a revenue off-set. The Senate Leadership will likely set aside the legislation for now. Moving forward, it is unclear when it will revisit the Extenders Package or how they will address Carried Interest in the future.

BOMA International and its partners in the commercial real estate industry could not have won this battle without your help! Thanks to all who called and wrote their senators and representatives in this effort. However, while we may have won the battle, the war is not over. We expect Congress to address this issue once more before the year is over, and we will likely call on you to express your opposition to this ill-advised tax policy. In the meantime, the commercial real estate industry will continue working to educate policymakers on the broad, negative impact that such tax proposals would have on real estate, job creation and economic growth.

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