NRC makes national policy recommendations for economy.

One of the nation's foremost public policy advocates for commercial real estate has released a new report, America's Real Estate: 1998 National Policy Outlook, a set of recommendations to Congress and the Clinton Administration on key U.S. tax, capital and credit, environmental and technology issues.

The National Realty Committee's (NRC) annual policy agenda also underscores real estate's significance to the U.S. economy an industry that creates nearly 9 million jobs, generates 12 percent of America's gross domestic product and produces 70 percent of the taxes raised by local governments for essential public services.

'When times are good, it's easy to overlook the important role that sound federal policies play in our nation's productivity and economic growth," said Jeffrey D. DeBoer, president and chief operating officer of the NRC. "But it's times like these that heighten the need for responsible public policies - those that encourage capital formation, sensible taxes, efficient financial markets and balance economic development with environmental protection. Decisions reached by Congress and the Administration this year on key tax, capital, environmental and technology policies could profoundly affect real estate's and our country's capacity lot continued growth and prosperity. Our recommendations on these issues - all grounded in real-world business realities are at the heart of NRC's 1998 National Policy Agenda."

Among NRC's recommendations for legislative or regulatory action in 1998 are:

Real Estate Investment Trusts (REITs): To ensure appropriate levels of liquidity in the nation's real estate markets, federal policies should reflect the significance of REITs as an investment vehicle, as well as their underlying importance in maintaining strong real estate asset values and the economy's overall vigor.

Tax Reform: Because comprehensive tax system reform would have far-ranging implications for real estate, particularly real estate asset values, any major shift from the current tax system to a new system must provide an adequate transition period that treats existing and new investments equitably.

Environmental Reform: Better federal policies that accommodate both economic growth and environmental protection are needed in areas such as brownfields redevelopment, endangered species protection, global warming, indoor air quality, storm-water runoff management and wetlands reform.

Technology Access: To meet the growing information needs of building owners and users, federal policy should allow the marketplace to generate solutions to the infrastructure issues inherent in making technological products and services available and accessible to users of commercial space.