Senators Introduce Legislation to Extend Popular Real Estate Tax Provisions

WASHINGTON, March 17 /U.S. Newswire/ — The Real Estate Roundtable today welcomed legislation (S. 621) introduced by Sens. Kent Conrad (D-N.D.) and Jon Kyl (R-Ariz.) to permanently extend the 15-year recovery period for the depreciation of leasehold improvements. The current 15-year depreciation provision, originally enacted into law as part of the American Jobs Creation Act of 2004, expires at the end of 2005. The measure enjoys broad, bipartisan support in both the Senate and House. The introduction of the bill came as the Senate Finance Committee holds hearings on the fate of over ninety expiring tax laws, including key real estate provisions.
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