GOP Tax Package is Just the Beginning
Last week, House of Representatives Ways and Means Committee Chairman Jason Smith (R-MO) kicked off what is expected to be months-long congressional negotiations over tax legislation.
Last week, House of Representatives Ways and Means Committee Chairman Jason Smith (R-MO) kicked off what is expected to be months-long congressional negotiations over tax legislation.
California’s Title 24, the state’s energy code, has required solar for all low-rise multifamily projects since 2016, but new provisions have gone into effect this year, impacting any projects permitted since Jan. 1, 2023.
NAIOP chapters and members are advancing the interests of commercial real estate within state capitols across the country. Last week, members in North Carolina and Ohio traveled to their respective state capitols to engage lawmakers on solutions to the challenges facing the commercial real estate development industry.
On Monday, House Speaker Kevin McCarthy visited Wall Street to debut the latest House Republican proposal to raise the debt ceiling. In his speech, McCarthy stated that in the coming weeks, the House would approve a one-year increase in the debt limit that will include a reduction in discretionary spending to 2022 levels, while limiting future increases to 1% annually over the next 10 years.
The Canadian government enacted legislation on Jan. 1, 2023, that disrupted commercial and residential real estate development across the country. The Prohibition on the Purchase of Residential Property by Non-Canadian Act (the “Act”) was originally intended to be a demand-side solution to make housing more affordable for Canadians by prohibiting residential purchases by non-Canadians over the next two years. However, the regulations under the Act, released only a week before enactment, unintentionally halted commercial investment in current and future residential and mixed-use projects in major metro areas.
President Joe Biden submitted his proposed fiscal year 2024 federal budget to Congress on March 9. It contains numerous tax increases that repeatedly failed to clear the House of Representatives and Senate even when these chambers were controlled by Democrats. But the president’s budget submission makes sense if you acknowledge that its primary purpose is as a political messaging document, meant to provide a contrast between his administration and Republicans in advance of the 2024 presidential election.
Cities and counties are increasingly adopting local ordinances that are intended to spur the electrification of our transportation system in order to reduce greenhouse gas (GHG) emissions from fossil fuels. Local efforts to support the use of EVs by both the public and private sectors will require the development and expansion of a reliable and sustainable EV charging system.
Painting a picture of the current global economic climate is a complex venture, but Reva Goujon, director at Rhodium Group, leveraged her vast geopolitical expertise to do so at NAIOP’s Chapter Leadership and Legislative Retreat this week in Washington, D.C.
In less than two weeks, NAIOP members and chapter local executives will be headed to Capitol Hill to meet with their elected representatives, senators and congressional staff. In so doing, they will be taking the opportunity to establish relationships with newly elected members of Congress; renew and deepen existing ties with incumbents; and talk to their elected officials about issues important to the commercial real estate industry.
The spectacle put on by the new Republican majority in the House of Representatives in trying to choose a speaker this week clearly shows that nothing will be a sure thing in this Congress. Of course, we will continue advocating for the interests of the commercial real estate industry no matter what the political terrain may be in Congress.