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(Chicago, Jan. 26, 2009) – The Institute of Real Estate Management (IREM^®), strongly committed to legislative advocacy, claimed significant legislative victories in 2008 of benefit to its members, other commercial real estate professionals and allied interest groups.  Among the most notable of these victories, achieved in collaboration with the National Association Of Realtors^®, are these:

• Extension of Energy Efficiency Tax Credit for Commercial Buildings – On Oct. 3, in an effort to repair the struggling economy, President Bush signed into law the Emergency Economic Stabilization Act. of 2008. As part of the rescue package, Congress passed a number of tax “extenders” – provisions which extend the current law.  Within the provisions was a five-year extension to the end of 2013 of the expiring $1.80 per-square-foot energy efficiency tax deduction for commercial buildings.

• Alternative Minimum Tax (AMT) Relief – Also part of the Economic Stabilization Act rescue package is a one-year extension of the AMT temporary “patch” that would prevent an estimated 26 million Americans from having to pay more taxes.  The AMT was created in 1969 to prevent a small number of wealthy Americans from evading paying taxes. The tax has come to affect an increasing number of people each year because it is not indexed for inflation.

• Extension of Cost Recovery for Leasehold Improvements – Yet another provision of the Economic Stabilization Act is the extension of the 15-year cost recovery period for qualified leasehold improvements and qualified restaurant improvements through Jan. 1, 2010, for properties placed in service after Dec 31, 2007. The law also extends the 15-year recovery period for depreciation of certain improvements to retail space through Jan. 1, 2010 for property placed in service after Dec. 31, 2008.
  
  The benefits of lessening the cost-recovery period for leasehold improvements extend to property owners and communities at large. A realistic recovery period, such as 15 years, provides an incentive for building owners to upgrade and improve their buildings.  These tenant improvements and building upgrades generate jobs which, in turn, help to stimulate local economies.

ABOUT THE INSTITUTE OF REAL ESTATE MANAGEMENT
The Institute of Real Estate Management (IREM®) is celebrating its 75th anniversary in 2008.  Major sponsors of the year-long celebration areYardi Systems, a leading provider of high-performance software solutions for the real estate industry, and the REALTORS® Commercial Alliance (RCA), the collective commercial constituency within the National Association of REALTORS®.

For more than seven decades, IREM has been the source for education, resources, information, and membership for real estate management professionals. An affiliate of the National Association of Realtors®, IREM is the only professional real estate management association serving both the multi-family and commercial real estate sectors. With 80 U.S. chapters, eight international chapters, and several other partnerships around the globe, IREM is an international organization that also serves as an advocate on issues affecting the real estate management industry.

Membership includes more than 18,000 individual members and 500 corporate members. IREM promotes ethical real estate management practices through its credentialed membership programs, including the Certified Property Manager® (CPM®) designation, the Accredited Residential Manager® (ARM®) certification, the ACoMcertification, and the Accredited Management Organization® (AMO®) accreditation. These esteemed credentials certify competence and professionalism for those engaged in real estate management. In addition, IREM offers Associate, Student and Academic memberships.

Collectively, IREM CPM® Members in the United States manage over $1.5 trillion in real estate assets, including 8.4 million residential units and 8.4 billion net square feet of commercial space. An additional 977,400 residential units are managed by IREM ARM® Members. IREM Members are employed by some of the most prestigious real estate firms in the world and nearly 70% hold upper-level management positions. Due to their professionalism and vast experience, property owners and investors worldwide continually seek out the management services of IREM Members.

To learn more about the Institute of Real Estate Management and its chapter network, call (800) 837-0706, Ext. 4650 (outside the U.S. call (312) 329-6000) or visit www.irem.org.