Federal tax policy should align with the economics of real estate development and investment, promote capital formation, and support job creation and economic development. Lower capital gains tax rates are a critical factor in ensuring sufficient investment for longer-term, productive real estate assets. Cost recovery and depreciation rules should reflect the useful economic life of structures and their component parts. Tax deferral for real estate like-kind exchanges should be maintained.

NAIOP supports increased funding and investment for our nation’s infrastructure and transportation systems. We favor funding flexibility through increased use of public-private partnerships (P3s), continued direct federal sources of funding for maintenance and repair, and direct federal support for projects of national importance. Infrastructure policy should promote a streamlined and transparent regulatory environment, fair tax treatment of local governmental contributions in aid of construction, and remove barriers to foreign investment in infrastructure projects.

Federal legislation advancing building code efficiency goals should be based on economic and technological feasibility. Incentive-based and voluntary approaches to advancing energy efficiency, such as EPA’s Energy Star Portfolio Manager, should continue. NAIOP supports commonsense reforms to the Endangered Species Act (ESA), which codify and incentivize voluntary conservation efforts, and curb abuse of the Act by reducing instances of false reporting.