and reinvest the proceeds in a property
or properties of like kind and equal or
The law also retained carried interest,
which similarly was under fire. Although
the new law requires a three-year holding period to qualify for long-term capital
gains treatment, member advocacy was
instrumental in preserving capital gains
treatment in the final legislation.
Two other high-priority issues for
IREM throughout 2018 have been the
ADA Education and Reform Act (H.R.
620), which would help end exploitive
drive-by lawsuits, and flood insurance.
Advocacy efforts and calls to action led
to reauthorization of the National Flood
Insurance Program (NFIP), with Congress voting to extend the program until
November 30, 2018. This was the seventh
such extension since September 2017, reinforcing the need for long-term reform.
MEMBER ENGAGEMENT IN
Success was also seen with increased
member participation in IREM’s federal advocacy efforts, both in members’
home districts and in Washington, D.C.
The In-District Meeting program, in
its second year, saw 70 meetings—a 50
percent increase over 2017—held with
members of Congress and their staffs,
A Year in Review
and a Look Ahead to 2019
By Andy Lomo
It’s been said that “If you aren’t telling your story,
then someone else is.” IREM Members made sure in 2018 that
they were the ones telling the real estate management story to their federal, state and local policy makers. As a result, it proved to be a productive year for IREM’s government affairs initiatives—thanks to the
many members whose efforts and passion created opportunities to advocate Congress and other government departments on issues important to
members’ businesses and the properties they manage.
The year started off with a big win for
commercial real estate with the signing
of the Tax Cuts and Jobs Act in late December 2017. The legislation represented
the first significant reform of the U.S. Internal Revenue Code since 1986. While
not without its controversies, the new legislation lined up favorably with IREM’s
Years of advocacy initiatives resulted
in the retaining of Section 1031 Like-Kind Exchanges for real property. Repeal of Section 1031 at one point was
on the table, and the exclusion of real
estate from repeal was a major success.
It reflected efforts by IREM Members
who had kept up the long-time fight to
preserve like-kind exchanges as a way
for owners to avoid paying capital gains
taxes when they sell investment property