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Appraisal Institute, others support Leasehold Improvement legislation.

The Leasehold Improvement Depreciation Coalition, of which the Appraisal Institute is a member, sent a letter to the House in support of the American Jobs Creation Act of 2003, which the group says "combines an appropriate and much needed blend of international and domestic tax reform [and] will help the United States be the best place in the world to run a business and create good, high paying jobs."

Among other things, the bill, introduced by William Thomas, R Calif., Chairman, House Committee on Ways and Means, would extend the bonus depreciation through 2005 and lower from 39 years to 20 the depreciable life for leasehold improvements. The coalition said the 20-year term "more closely reflects their actual economic life" and that this will "better enable building owners to provide tenants with the most productive workspace possible. It will have the dual benefit of enhancing business output and increasing building owner capital expenditures-both job creators."

The coalition also praised other caveats of the bill for their job-creating potential, including replacing the FSC/ETI tax regime with international reforms, which will allow U.S. businesses to compete with foreign companies. "Expansion increases the demand for suitable and competitive building space in all sectors, office, retail, industrial, residential and lodging, and is the key component of a healthy real estate industry," the coalition said.

The complete letter can be found on the Appraisal Institute's Web site at /Sprt_ltr_Chrmn_Thomas_7-25-03.pdf
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Title Annotation:Industry And Institute News
Publication:Valuation Insights & Perspectives
Date:Jun 22, 2003
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